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CHAPTER III
AUTHORISED RATES OF FOREIGN EXCHANGE
Revised Chapter
Ref. F.E Cir.. No.
27 Dated 27th October 1999
Ref. F.E. Cir. No. 25 Dated 15th October 1999
Ref F.E. Cir. No. 8 of 1999
Ref F.E. Cir. No. 10 of 1999
Ref F.E. Cir No. 10 of 1998
Ref F.E. Cir. No. 8 of 1998
Ref F.E. Cir No. 5 of 1998
1. Rates for Authorised Dealers :-
Section 4(2) of the Act lays down that, except with the general or special permission
of the State bank, all transactions in foreign exchange shall be done at rates authorised
by the State Bank. For the purposes of this Section of the Act. US dollar rates as fixed
by the State Bank and the rates for other currencies calculated in accordance with the
formulae approved by the State Bank and as published daily by the Foreign Exchange Rates
Committee in Karachi, are the rates authorised by the State Bank. All foreign exchange
transactions providing for conversion of Rupees into foreign currencies or vice-versa
shall be conducted by Authorised Dealers at these rates. Head Offices of Authorised
Dealers should make arrangements to ensure that daily rates published by the Foreign
Exchange Rates Committee are received on the same day by all their branches authorised to
deal in foreign exchange.
2. Currencies not quoted on Rates Sheet :-
The Foreign Exchange Rates Committee quotes rates for all major currencies. If any
transaction is in a currency which is not quoted on the daily rates sheet published by the
Rates Committee, the Authorised Dealer should contact the Rates Committee for the rate of
that specific currency and put through the transaction at the rate advised by it.
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