Unauthorised foreign exchange activities: SBP introduces whistle blowing forum

The State Bank of Pakistan (SBP) on Friday introduced a dedicated email address in its bid to enable the public to report any unauthorised foreign exchange activity to the central bank.

In a statement, it said that people can report suspicious forex activities at [email protected] and added that the move is aimed at promoting an environment of accountability and integrity.

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“This email may also be used to report any unauthorised activity carried out by an exchange company or where exchange company is not providing system generated receipt of the currency exchange transaction,” it said.

While reporting an unauthorized foreign exchange activity, the complainant is expected to provide facts and as much specific information and particulars as possible to examine the matter thoroughly, said the SBP.

They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations/accusations.

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“The disclosure of identity for utilising this forum is voluntary, however, if shared, the identity will be kept confidential,” the SBP said. “The public at large is encouraged to be judicious in reporting incidents.”

Furthermore, if a person faces any issue in dealing with exchange companies, he/she may share the concerns at [email protected].

Examples of such issues may include but are not limited to sale/purchase of foreign currency notes by Exchange Companies issuing receipts which are not system generated, charging exorbitantly high exchange rate over those displayed on the notice board and denial of genuine requests of the customer for provision of foreign currencies, the SBP stressed.

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“The Foreign Exchange business in Pakistan is regulated by State Bank of Pakistan (SBP) under Foreign Exchange Regulation Act, 1947,” the central bank said. “Under the aforesaid Act, SBP has authorized twenty six Exchange Companies of “A” category and twenty Exchange Companies of “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.”

The list of authorised outlets is available at SBP website, said the central bank.