ISLAMABAD: Senate Standing Committee on Finance approved amendment in Foreign Exchange Regulation Bill. After this amendment State Bank will be able to impose penalty on exchange companies who will violate rulges and regulations
Sources told Customs Today that State Bank of Pakistan will authorise to impose penalty of Rs0.5million on such comanies. Sources said that SBP officials recommended penalty of Rs1 million on such companies but the representatives of exchange companies appealed to committee members to fix at at Rs0.5million.
Prior to this State Bank of Pakistan was authoritised to cancel or suspend the license of any company who violates rules and regulation. Now after this amendment SBP will impose penalty on foreign exchange companies. SBP authorities will also approves some new laws but that will be keep as secret. SBP also informed Senate Standing Committee about this decision.
