Government of Pakistan

State of Bank Pakistan

July 03, 2004

F.E. Circular No. 11 of 2004

Head Offices/Principal Offices of all

Authorised Dealers in Foreign Exchange

Dear Sirs/Madam

Amendments in Foreign Exchange Manual

Consequent upon the expiry of Authorised Money Changers licences on June 30, 2004 and in continuation of FE Circular Letter No. 01 dated February 12, 2004 and FE Circular No. 06 dated June 7, 2004, the following amendments have been made in the Foreign Exchange Manual (Eighth Edition – 2002):

Chapter I: The term “Authorised Money Changers” is deleted from line 8, para 2.

Chapter II: Para Nos. 5, 6 and 7 are deleted in entirety.

Chapter XI: The term “Money Changers” is deleted from the heading of para 1. Moreover, sub para (ii) of para 1 is amended to be read as under:

“Besides Authorised Dealers, the State Bank has granted licences/authorisations to resident Pakistani entities/companies to purchase and sell foreign currency notes and coins. They are required to follow the code of conduct prescribed for them from time to time.”

Similarly, the words “and Money Changers” are deleted from the heading of para 3 as well as from line no. 2 of para 3.

Further, line no. 6 of para 4 i.e. “Such … customers.” stands deleted.

In addition, the words “AMC” or “Authorised Money Changer/s” stand deleted wherever appearing in the Manual.

Please bring the above to the notice of your constituents and others concerned

Yours faithfully,

(Azhar Kureshi)

Director