Leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies
Aim is to cater to the legitimate foreign exchange needs of general public.
Exchange Companies and their franchisees will be consolidated and transformed into a single category of Exchange Companies
In addition, the minimum capital requirement for Exchange Companies has been increased from Rs 200 million to Rs 500 million.
The Exchange Companies reforms
- ECs-B may graduate to Exchange Companies after meeting all regulatory requirements, within three months; otherwise, their license would be cancelled.
- Franchisees of Exchange Companies may either merge or sell operations to the concerned franchiser company, within three months after meeting all regulatory requirements
For the above purpose, the ECs-B and Franchises of Exchange Companies will submit their conversion plan and seek NOC from SBP within one month.
