Licence, relocation: SBP amends ECs Manual

The State Bank of Pakistan (SBP) has amended the Exchange Companies Manual to bring clarity in the instructions related to license renewal time period and documents required for relocations of outlets.

The SBP has replaced a number of Paras of Exchange Companies Manual 2018 for Exchange Companies and Exchange Companies of 'B' Category.

As per the amendment, license of Exchange Companies will be renewed up to five years from the date of expiry of the license. While, licenses of Exchange Company of "B" Category will be renewed up to three years from the date of expiry of the license.

However, before commencement of operations at the new location, prior approval of the State Bank will be required for which the company shall submit the related documents.

According to Para 15 (i), Chapter 8 of Exchange Companies Manual 2018, the premises should preferably be located at an easily accessible location and shall be relocated only after obtaining prior approval from the State Bank and submitting the related documents as mentioned by SBP.

All other terms and conditions on the subject will remain unchanged, the central bank said.