- Exchange firms have been directed not to carry any business activity when CCTV system is non-functional.
- Directions have been issued for; exchange firms, franchises of exchange firms, exchange firms of ‘B’ category.
- Amendments have been made to promote documentation and transparency in the foreign exchange transactions.
KARACHI: The State Bank of Pakistan (SBP) amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.
“In terms of revised regulations, it has been made mandatory to settle Pakistan rupee consideration of all foreign currency purchase/sale transactions conducted among themselves through their bank accounts,” the central bank said in a brief statement issued in this regard.
The directions have been issued for:
- Exchange companies
- Franchises of exchange companies
- Exchange companies in ‘B’ category
Moreover, the SBP also laid stress on ensuring that CCTV systems of exchange companies and exchange companies of the ‘B’ category should be functional at all times (i.e. 24 hours a day and seven days a week) as required under existing regulations.
“However, in order to ensure transparency, it has been advised that exchange companies and exchange companies of ‘B’ category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults until the functionality of the CCTV system is restored,” it stated.
It should also be noted that the minimum preservation period of video recording through the CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.
The central bank said that this would ensure the availability of CCTV recording for audit/inspection purposes.
