ISLAMABAD: The State Bank of Pakistan in an amendment in the rule has decided that the minimum paid-up capital of all new exchange companies will be Rs. 200 million.
"Further, all existing exchange companies that do not meet the minimum capital requirements must fulfill the same as per the timeline given to them to avoid regulatory action", says a statement issued by the Central Bank on Monday.
SBP while inviting the attention of Exchange Companies to Annexure-II, Rule No. 3 of F.E. Circular No. 9 of 2002 in terms of which the minimum paid-up capital for new exchange companies would be Rs. 100 million said has now been increased to Rs. 200 million within three years from the date of incorporation.
The SBP said that it has now been decided that the minimum paid-up capital of all new exchange companies will be Rs. 200 million. Further, all existing exchange companies that do not meet the minimum capital requirements must fulfill the same as per the timeline given to them to avoid regulatory action.
It added that all other instructions on the subject shall remain unchanged.
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