Unauthorised foreign exchange activities: SBP introduces whistle blowing forum

[ghazi52]

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Unauthorised foreign exchange activities: SBP introduces whistle blowing forum​

• Move aimed at promoting environment of accountability and integrity.

BR

The State Bank of Pakistan (SBP) on Friday introduced a dedicated email address in its bid to enable the public to report any unauthorised foreign exchange activity to the central bank.

In a statement, it said that people can report suspicious forex activities at [email protected] and added that the move is aimed at promoting an environment of accountability and integrity.

“This email may also be used to report any unauthorised activity carried out by an exchange company or where exchange company is not providing system generated receipt of the currency exchange transaction,” it said.

While reporting an unauthorized foreign exchange activity, the complainant is expected to provide facts and as much specific information and particulars as possible to examine the matter thoroughly, said the SBP.

They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations/accusations.

“The disclosure of identity for utilising this forum is voluntary, however, if shared, the identity will be kept confidential,” the SBP said. “The public at large is encouraged to be judicious in reporting incidents.”

Furthermore, if a person faces any issue in dealing with exchange companies, he/she may share the concerns at [email protected].

Examples of such issues may include but are not limited to sale/purchase of foreign currency notes by Exchange Companies issuing receipts which are not system generated, charging exorbitantly high exchange rate over those displayed on the notice board and denial of genuine requests of the customer for provision of foreign currencies, the SBP stressed.

“The Foreign Exchange business in Pakistan is regulated by State Bank of Pakistan (SBP) under Foreign Exchange Regulation Act, 1947,” the central bank said. “Under the aforesaid Act, SBP has authorized twenty six Exchange Companies of “A” category and twenty Exchange Companies of “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.”

The list of authorised outlets is available at SBP website, said the central bank.

Unauthorised foreign exchange activities: SBP introduces whistle blowing forum

Move aimed at promoting environment of accountability and integrity

www.brecorder.com

 

[Enigma SIG]

First one to get fracked would be N league, and PPP? Considering they are the money laundering experts in the country.

 

[FOOLS_NIGHTMARE]

SBP widens inquiry on exchange rate manipulation​

Rupee had depreciated by 13.3% in the last fiscal year and has lost 5.9% of its value so far this fiscal
SHAKEEL AHMEDabout 3 hours ago

Photo: SAMAA/file
State Bank of Pakistan (SBP) Governor Jameel Ahmad oon Friday stated that they are expanding the scope of an ongoing investigation in the alleged manipulation of the rupee-dollar exchange rate.
The investigation was launched after Federal Finance Minister Ishaq Dar stated that the true value of the rupee against the US dollar was below Rs200.
On Friday, SBP Governor Jameel Ahmed appeared before Senate Standing Committee on Finance and confirmed that their investigation into the role of commercial banks in the manipulation of the exchange rate had been expanded to include another bank.

As many as eight commercial banks were already under investigation for exchange rate manipulation.
He went on to say that additional information has been sought from commercial banks who apparently made billions of rupees as a result of possible manipulation.
As part of the inquiry, the central banking regulator is reviewing transactional records of commercial banks.
Ahmed said that last fiscal year, the rupee depreciated by 13.3% and so far this year, it has fallen by 5.9% this year.
The banks found to be engaged in this violation will be penalised once the inquiry is finalized, the SBP governor said.

SBP widens inquiry on exchange rate manipulation

Rupee had depreciated by 13.3% in the last fiscal year and has lost 5.9% of its value so far this fiscal

www.samaaenglish.tv

 

[ghazi52]

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Unauthorised foreign exchange activities: SBP introduces whistle blowing forum​

• Move aimed at promoting environment of accountability and integrity.

BR

The State Bank of Pakistan (SBP) on Friday introduced a dedicated email address in its bid to enable the public to report any unauthorised foreign exchange activity to the central bank.

In a statement, it said that people can report suspicious forex activities at [email protected] and added that the move is aimed at promoting an environment of accountability and integrity.

“This email may also be used to report any unauthorised activity carried out by an exchange company or where exchange company is not providing system generated receipt of the currency exchange transaction,” it said.

While reporting an unauthorized foreign exchange activity, the complainant is expected to provide facts and as much specific information and particulars as possible to examine the matter thoroughly, said the SBP.

They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations/accusations.

“The disclosure of identity for utilising this forum is voluntary, however, if shared, the identity will be kept confidential,” the SBP said. “The public at large is encouraged to be judicious in reporting incidents.”

Furthermore, if a person faces any issue in dealing with exchange companies, he/she may share the concerns at [email protected].

Examples of such issues may include but are not limited to sale/purchase of foreign currency notes by Exchange Companies issuing receipts which are not system generated, charging exorbitantly high exchange rate over those displayed on the notice board and denial of genuine requests of the customer for provision of foreign currencies, the SBP stressed.

“The Foreign Exchange business in Pakistan is regulated by State Bank of Pakistan (SBP) under Foreign Exchange Regulation Act, 1947,” the central bank said. “Under the aforesaid Act, SBP has authorized twenty six Exchange Companies of “A” category and twenty Exchange Companies of “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.”

The list of authorised outlets is available at SBP website, said the central bank.

Unauthorised foreign exchange activities: SBP introduces whistle blowing forum

Move aimed at promoting environment of accountability and integrity

www.brecorder.com

Good move to conserve scarce Foreign currency. However, additional measures are needed to earn foreign currency. Pakistan can't save itself out of this crisis.