Exchange Companies Association of Pakistan (ECAP) Chairman Muhammad Bostan and President Haji Haroon, along with an eight-member delegation, held a meeting with State Bank of Pakistan (SBP) Governor Shahid Hafiz Kardar on Friday. The delegation members thanked the governor for giving nod to export pounds, euro and dirham, and told him that the rupee had gained strength. Before this, dollar rate was at Rs 86.30 on the open market, while now it has come down to Rs 84.90.
The delegation told the Governor that due to his decision the dollar was available at rate lower than interbank market rates for the first time in the history of Pakistan, which is a record. They further said that during the 11 months of the current fiscal year the dollar is being traded at 84.90 rupees on the interbank for the first time. The delegation presented following demands and problems to the SBP Governor:
1. The ECAP delegation asked for permission to receive payment of utility bills. The governor said the SBP has no objection if utility bills departments grant permission to them to receive the payments.
2. A meeting with the presidents of commercial banks should be arranged so that exchange problems could be resolved at the earliest. The governor promised to call the meeting of banks and exchange companies soon.
3. The banks are deducting 0.003 percent withholding tax from exchange companies due to which the cost of dollar is increasing. They said SBP governor should ask FBR to issue instructions to all banks for not charging withholding tax from the exchange companies.
4. SBP permission was sought that the family members of overseas Pakistani workers may receive payments from their currency booths at the airports.
5. The companies, which are not allowed to open L/C in banks, should be granted permission for commercial TT through exchange companies.
6. They also sought permission for transferring in country Pakistani currency from one city to another.
7. The Governor also gave approval to setting up a committee comprising two members each from ECAP and SBP, which will ensure enforcement of anti-money-laundering law and the rules and regulation of SBP.
8. If the incentives being given to PRI banks to bring more remittances are given to exchange companies, they would increase the reserves for Pakistan by bringing five to six billion dollars into the country.-PR
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