ISLAMABAD: State Bank of Pakistan (SBP) has notified amendments in rules and regulations of exchange companies saying that a non-refundable application processing fee of Rs. 1,000,000/- shall be charged for forming a new Exchange Company.
According to a circular of the Central Bank issued on Monday said that its has issued a circular in this regard,in order to improve compliance level and ensure rationalized expansion of Exchange Companies sector.
Following instructions shall be applicable with immediate effect: The SBP further said that a non-refundable processing fee of Rs. 50,000/- per new outlet shall be charged from an Exchange Company at the time of submission of Annual Network Expansion Plan (ANEP) for in-principle approval.
Similarly a License renewal fee shall be charged at the rate of Rs. 500,000/- from Exchange Companies and Rs. 250,000/- from Exchange Companies of `B’ category at the time of submission of their request for renewal of license.
The SBP further said that a non-refundable outlet relocation fee of Rs. 25,000/- per outlet currently applicable to Exchange Companies shall also be applicable to Exchange Companies of `B’ category.
It added that a non-refundable processing fee of Rs. 25,000/- per outlet shall be charged on account of substitution of a location of an outlet in ANEP.
However, the SBP said that all other instructions on the subject shall remain unchanged.
