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EXCHANGE POLICY DEPARTMENT - 2006 |
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| EPD Circular letter No. 07/ ECs-24(1) Misc-2006 |
June 01, 2006 |
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| Establishment of Temporary Currency Exchange Booths at Hajj Camps during Hajj Seasons |
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In order to facilitate Hajj Pilgrims, it has been decided to allow the Exchange Companies established under F.E. Circular No.09 dated July 30, 2002 to setup their own currency exchange booths at Hajj Camps during Hajj Seasons, subject to the following terms and conditions:
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- For establishing the said booths at Hajj Camps an NOC will have to be obtained from Ministry of Religious Affairs prior to approaching SBP for approval.
- The booths will be setup temporarily during Hajj Season only. Fresh applications for the same will be submitted for every Hajj Season and the Hajj Camp.
- The booths may consist of glass or wooden cabin of an appropriate size (minimum 4*6 feet) displaying the name of exchange company clearly/prominently.
- The booth will be authorized to deal in only sale and purchase of foreign currency notes, coins and travellers cheques to/from Hajjis only during Hajj Season for which related details/documents and record of transactions will be maintained by the exchange company which may be inspected by SBP as and when required.
- No business other than specified above will be undertaken at the said booths.
- A notice declaring exchange rates applicable for sale/purchase of currencies must be displayed at a prominent place in the booth and the deals must be carried out at the displayed rates.
- Transactions carried out through such booths will become an integral part of the overall transactions of the Exchange Company and would be reported to SBP in related returns accordingly.
- Any violation of related rules and regulations by the booth will attract appropriate penal action against the concerned Exchange Company.
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