KARACHI: State Bank of Pakistan (SBP) has said all the exchange companies are required to maintain record of each foreign currency transactions and keep the record for at least 10 years.
In the updated Exchange Companies Manual – 2017 updated recently, the SBP said all dealings between an exchange company and its customers shall be supported by official receipts. “Such receipts shall be prepared for every transaction in duplicate, one of which shall be provided to the customer,” according to the manual.
It further said that every receipt provided to the customer shall be sequentially numbered and also bear the name of the exchange company, date, nature of transaction i.e. sale/purchase/transfer, currency dealt in, exchange rate and initials of dealer/authorized employee.
“Exchange Companies must maintain all record of their business transactions including those related to remittances transactions (both Inward and Outward) for 10 years from the date of transaction or longer if so prescribed under other laws, rules & regulations,” the central bank said. Further all information/record should be maintained in such a manner that the same may be made readily available to State Bank or any other relevant Law Enforcement Agency as and when required as per related laws, it added.
Any information/record requisitioned by any law enforcement agency during their investigation/prosecution process should also be provided in timely manner as per the governing laws.
