09/23/2022 | Press release | Distributed by Public on 09/23/2022 08:44
The Chief Executives, Exchange Companies; and Exchange Companies of 'B' Category Dear Sirs/Madam, |
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Purchase of FCY from Exchange Companies - Use of Banking Channels | |
The attention of Exchange Companies and Exchange Companies of 'B' Category is invited to instructions contained in Para 9 (i)(g) and Para 9 (iii)(g) of Chapter 3; and Para 12(i)(d) of Chapter 8 of the Exchange Companies Manual. 2. In order to further strengthen the regulatory regime for Exchange Companies, and encourage customers to use banking channels for purchase of foreign exchange from Exchange Companies, the existing regulations prescribing the scope of business of Exchange Companies have been amended, which will be effective immediately:
Para 9(i)(g) Chapter 3 of Exchange Companies Manual
Para 9(iii)(g) Chapter 3 of Exchange Companies Manual
Para 12(i)(d) Chapter 8 of Exchange Companies Manual 3. All other terms and conditions on the subject shall remain unchanged.
4. Failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947. |
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