KARACHI: Chairman, Pakistan Currency Exchange Companies and President, FOREX Association of Pakistan, Malik Muhammad Bostan has hailed government decision allowing commercial and micro finance banks to nominate A and B category exchange companies as their agents for branchless banking.
In a statement here on Friday, expressing his gratitude to Federal Minister for Finance, Ishaq Dar and Governor of SBP, Ashraf Wathra, the head of FOREX Association said acceptance of a long pending demand through circular number FE No. 4/2015 would facilitate the people in general.
Malik Muhammad Bostan said through the circular the A and B category money changers, with the approval of SBP, would help people get In-Bond/Domestic Money Transfer, on the pattern of Easy Paisa, across the country.
Moreover, payment of electricity, gas and telephone will also be facilitated as the identified money changers will be authorized to offer this specific services alongwith collection of installments of dues against loans procured from micro-finance companies.
He said the SBP circular would greatly benefit the business and income of the money changers that besides creating job opportunities for the youth would also add to the income tax collection by the national exchequer.
It would be pertinent to mention that under SBP circular FE No. 4/2015 an exchange company shall start providing these services on behalf of the authorized financial institution as and when the financial institution has been approved by the Banking Policy and Regulations Department, State Bank of Pakistan for appointing that exchange company as the agent.
Moreover, an exchange company shall not portray itself as banking company or authorized financial institution as defined in Branchless Banking Regulations and also that Exchange Companies shall intimate such arrangement and submit related agreement to Exchange Policy Department, State Bank of Pakistan, Karachi for required information.
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