international banking and foreign exchange

INTERNATIONAL
BANKING
&
FOREX
REGULATIONS

BUSINESS
A person or organization engaged in commerce with
the aim of achieving a profit.
INTERNATIONAL BUSINESS
Relates to any situation where the production or
distribution of goods or services crosses country
borders.
Encompasses a full range of cross-border exchanges
of goods, services, or resources between two or more
nations.

These exchanges can go beyond the exchange of
money for physical goods to include international
transfers of other resources, such as people,
intellectual property (e.g., patents, copyrights, brand
trademarks, and data), and contractual assets or
liabilities (e.g., the right to use some foreign asset,
provide some future service to foreign customers, or
execute a complex financial instrument).

STRATEGIC MANAGEMENT &
ENTREPRENEURSHIP
STRATEGY- The central, integrated, and externally
oriented concept of how an organization will achieve
its performance objectives.
STRATEGIC MANAGEMENT- The body of
knowledge that answers questions about the
development and implementation of good strategies;
mainly concerned with the determinants of firm
performance.

ENTREPRENEURSHIP- The recognition of
opportunities (needs, wants, problems, and challenges)
and the use or creation of resources to implement
innovative ideas for new, thoughtfully planned
ventures.
ENTREPRENEUR
A person who engages in entrepreneurship.
A person within an established business who takes
direct responsibility for turning an idea into a
profitable finished product through assertive risk
taking and innovation.

THE STAKEHOLDERS
An individual or organization whose interests may be
affected as the result of what another individual or
organization does.
STAKEHOLDER ANALYSIS
A technique used to identify and assess the importance
of key people, groups of people, or institutions that
may significantly influence the success of an activity,
project, or business.

INTERNATIONAL PART OF A FIRM’s
BUSINESS
Importer - A person or organization that sells
products and services that are sourced from other
countries.
Exporter - A person or organization that sells
products and services in foreign countries that are
sourced from the home country.

ORGANIZATIONS ESTABLISH THEIR SETUPS
IN OTHER COUNTRIES
Forms setups by transferring the level foreign
direct investments.
Foreign Direct Investment- The investment of
foreign assets into domestic structures, equipment, and
organizations.
ADVANTAGE OF CHOICE OF FOREIGN
LOCATION- Advantages due to choice of foreign
markets and can include better access to raw materials,
less costly labor, key suppliers, key customers, energy,
and natural resources.

GLOBALIZATION
Flat-world- A metaphor for viewing the world as a
level playing field in terms of commerce, where all
competitors have an equal opportunity.
Multi-domestic view- A metaphor for viewing the
world’s markets as being more different than similar,
such that the playing field differs in respective
markets.

We Live in a Multidomestic World, Not a Flat One!
If the world were flat, international business and
global strategy would be easy.
According to Ghemawat, it would be domestic
strategy applied to a bigger market. In the
semiglobalized world, however, global strategy begins
with noticing national differences. Pankaj Ghemawat,
“Distance Still Matters,”
Ghemawat’s research suggests that to study “barriers
to cross-border economic activity” you will use a
“CAGE” analysis.

CAGE framework-The analytical framework used to
understand country and regional differences along the
distance dimensions of culture, administration,
geography, and economics.
1- CULTURE
 People’s norms
Common beliefs and
Practices
Some products have a strong national identification,
like it is easier to sell genetically modified foods
(GMOs) corn in the United States but impossible to
sell in Germany.

2- ADMINISTRATION
Bilateral trade flows show that administratively
similar countries trade much more with each other.
Having similarity among the sorts of laws,
regulations, institutions, and policies.
Greater the administrative differences between
nations, difficult to build trading relationship

3- GEOGRAPHY
Market for a product in one country is separated from
the market for that same product in other country by
thousands of miles.
Distance goes up, trade goes down (transportation
cost)
Geographic differences also include time zones,
access to ocean ports, shared borders, topography, and
climate.

4- ECONOMICES
Refers to differences in demographic and
socioeconomic conditions.
Economic difference between countries is size (as
compared by gross domestic product, or GDP, per
capita income).
Distance is likely to have the greatest effect when
1) the nature of demand varies with income level,
2) economies of scale are limited,
3) cost differences are significant,
4) the distribution or business systems are different, or
5) organizations have to be highly responsive to their
customers’ concerns.

ETHICAL & INTERNATIONAL BUSINESS
The relationship between ethics and international
business is a deep, natural one.
Ethics and ethical behavior seem to have strong
historical and cultural roots that vary by country and
region.
Business Ethics- The branch of ethics that examines
various kinds of business activities and asks, “Is this
business conduct ethically right or wrong?”

INTERNATIONAL TRADE & FOREIGN
DIRECT INVESTMENT
WHAT IS INTERNATIONAL TRADE?
International trade theories are simply different
theories to explain international trade. Trade is the
concept of exchanging goods and services between
two people or entities.
International trade is then the concept of this
exchange between people or entities in two different
countries.
People or entities trade because they believe that they
benefit from the exchange.

SPOT RATES AND FORWARD RATES
RATES OF EXCHANGE AND HOW THEY ARE
QUOTED:
RATE OF EXCHANGE - A rate of is the price of
one currency in terms of another.
Bank dealers normally quote two rates of
exchange;
1- Buying rate
2- Selling rate

The bank’s profit is the difference between two rates,
if the rate quoted for US $ is Rs. 101.85 – Rs. 102.10
BUY HIGH : SELL LOW
The reason for this is quite logical. The bank wants to
receive as many dollars for each rupee as possible
when it buys and want to give out as few dollars as
possible when it sells
E.g; For Rs100,000 buy =$ 100,000/101.85 = $ 981.836
For Rs100,000 selling= $ 100,000/102.10 =$ 979.432

SPOT RATES OF EXCHANGE AND THE
EXCHANGE RISK:
A spot rate of exchange is a rate of exchange for a
foreign currency transaction which is to be settled
within two working days of agreeing the rate.
Currency price or rate for something which is delivered
immediately.
Exchange risk – The uncertainty as to exact ultimate
rupee receipt or payment is called the exchange risk.
The exchange risk runs from the moment a commercial
contract is entered into which involves receipt or payment of
foreign currency, and it lasts until the currency receipt /
payment has been converted into rupee.

FORWARD EXCHANGE RATES AND
FORWARD CONTRACTS
Forward Exchange Rate is a rate of exchange which
is fixed now for a deal which will take place at a fixed
date, or between two dates, in the future.
•Rate for purchase of foreign currency at a fixed price
for delivery at a later date.

Forward Contract- One-off agreement to buy foreign
currency or shares or commodities for delivery at a
later date at a certain price.
A forward exchange contract is a binding contract
between a bank and its customer for a purchase or sale
of a specified amount of a particular foreign currency
at an agreed future date, at a rate of exchange fixed at
the time the contract is made.

For forward contracts the most common periods are
of between 1week-12 months.
There are two types of forward contracts:
 - Fixed Forward Exchange Contract
 - Option Forward Exchange Contract
Fixed Forward Exchange Contract is the contract in
which the future date at which the transaction will take
place is a fixed date.
Option Forward Exchange Contract is the contract in
which the time at which the transaction will take place
is anytime within a specified future period.

The customer has the ‘option’ to choose which day
within the specified future period he will complete the
transaction, but apart from this particular aspect the
‘option’ contract is just as binding as is a fixed
contract.

Fixed Forward Exchange Contract
Problem 1: Calculate the banks three months forward
fixed buying and selling rates for US dollars ($).
Spot Rate 101.9483 102.2483
3 months 1.6746 pm 1.4746 pm
From Bankers Point of View:
Selling Rate Buying Rate
Spot (Sell Low) 102.2483 Spot (Buy High) 101.9483
Less: 1 month pm 1.4746 Less: 1 month pm 1.6746
100.7737 100.2737
Note: In case of selling, bank sells $992.32 (Rs. 100,000).
In case of buying, bank buys $997.27(Rs. 100,000).

From Customer’s Point of View:
Buying Rate Selling Rate
Spot (Sell Low) 101.9483 Spot (Buy High) 102.2483
Add: 1 month pm 1.6746 Add: 1 month pm 1.4746
103.6229 103.7229
Note: In case of buying, customer buys $965.0376 (Rs. 100,000).
In case of selling, customer sells $964.1072 (Rs. 100,000).

Problem: Calculate the banks three months forward
fixed buying & selling rates for United Kingdom (£).
Spot Rate 152.3056 152.4083
1 month 0.7010 0.7215
2 months 1.2625 1.4744
months 1.9746 2.1072

Option Forward Exchange Contract
Problem: On January 01 an importer enters into a
contract to buy goods costing a total of $1000000.
Payment has to be made when the goods are shipped
and the shipment is to be some time during March.
In case of Import:
Spot 101.9483 102.2558
2 months 1.0608 pm 1.0303 pm
3 months 1.5864 pm 1.4746 pm

From Bankers Point of View:
Selling Rate
Spot (Sell Low) 101.9483
Less: 2 months pm 1.0608
100.8875
Spot (Sell Low) 101.9483
100.3619
If the shipment is expected after March 01, then the
bank will choose Rs.100.3619. Since it is the most
fovourable selling rate for the option period.

Calculate its option buying rate for the proceeds of
export invoice in dollars ($).
Buying Rate
Spot (Buy High) 102.2558
101.2255
Spot (Buy High) 102.2558
100.7812
The bank will choose Rs.101.2255 because this is the
most favourable

THE TERMS ‘PREMIUM’, ‘DISCOUNT’AND
‘PAR’
PREMIUM- When a forward currency is more
valuable than the spot currency, the forward is said to
be ‘at a premium’.
Discount- When the forward currency is less valuable
than the spot rate, it is said to be ‘at a discount’.
Par- In connection with forward exchange, means that
the spot and forward currencies are of equal value,
hence the spot and the forward rates are identical.

FACTORS WHICH INFLUENCE SPOT RATES
AND FORWARD RATES
FACTORS WHICH AFFACT THE MOVEMENT OF
SPOT RATES
International Interest Rate Differentials
If one currency raises its interest rates this could lead
to increased short-term investment in the country,
which will strengthen that country’s home currency.

FACTORS WHICH AFFACT THE MOVEMENT OF SPOT RATES…....
Leads and Lags
Leads and Lags apply when any trader has receipts or
payments due in foreign currency which are not
covered by forward contacts, or by some other cover
against the exchange risk.
A business leads when it speeds up settlement of
foreign currency transactions and it lags when it
slows down settlements

Expected Regarding Action
Foreign Currency
Pak Importer Expects Foreign Currency Leads
to appreciate against rupee
Pak Exporter Expects Foreign Currency Lags
to appreciate against rupee
Pak Importer Expects Foreign Currency Lags
to depreciate against rupee
Pak Exporter Expects Foreign Currency Leads
to depreciate against rupee
Leads by Pak Importers and Lags by Pak exporters
will strengthen the foreign currency($)

FACTORS WHICH AFFACT THE MOVEMENT OF SPOT RATES…..
Political and Economic Trends
Balance of payments, money supply figures, forecast
change of Government, Government policy changes,
and industrial relation etc.
Affect the demand and supply for currency.
Lost of confidence.
Central Bank Actions
Central banks may purchase or sell a particular
currency, in the interest of maintaining the Exchange
Rate Mechanism.

Formal Arrangements
Government agrees that their currencies would not be
allowed to fluctuate outside certain defined
parameters.

THE FACTORS WHICH INFLUENCE FORWARD
RATES
A forward rate is not the bank’s best guess as the
likely spot rate on the date of maturity of the forward
contract.
The premium or discount is based mainly on the
differences on inter-bank interest rates obtainable on
the currencies involved.

Example: For an importer- One month forward
contract to sell US$10,000.
One method the bank could use to offset that risk
would be to:
a. Purchase US$10,000 on the foreign exchange
market at spot and place the dollars deposit for one
month.
b. Borrow the equivalent amount in rupee for one
month to pay for US$ purchase.
e.g;- Purchase US$10,000=Rs.1,021,000/-@102.10
- Borrow Rs.1,021,000/- for one month.

The one month Premium or discount is calculated on
the cost to the bank for borrowing rupee for one
month and interest received for placing US$ for one
month.
Example:
For an exporter- One month forward contract to buy
US$10,000.
Borrow US$10,000 for one month.
Sell US$10,000 for rupee on the foreign exchange
market at spot and place the rupee on deposit for one
month.
Sell US$10,000=Rs.1,018,500/-@101.85

In one month’s time, when the forward contract
matured the bank would:
Receive from the exporter US$10,000 & repay the
borrowing.
Pay the exporter the rupee previously held for one
month deposit.
The one month Premium or discount is calculated on
the cost to the bank for borrowing US dollars for one
month and interest received for placing rupee for one
month.

OPTIONS
A contract giving the owner the right , but not the
obligation, to buy or sell a given quantity of an asset at
a specified price at some date in future.
CALL OPTION
An option to buy to “buy” an underlying asset at a
specified price. Importers normally require call option.
In the money, out the money----
PUT OPTION
An option to sell an underlying asset at a pre-specified
price. Exporter normally require put option.

Writer or Grantor - Is the bank (or any organization)
which in exchange for a fee know as the ‘option
premium’ grants the right but not obligation for a
purchaser to buy or sell the currency at the agreed rate
during a specific period.
American Option- holder can notify the writer of his
intention to exercise the option on any business day,
between the granting of the option and expiry date.
European Option- there is a single expiry date and a
single settlement date.
Option premium for American option is higher
because of the greater flexibility.

If goods are exporter from Pakistan to USA, the
invoice will be generated in US$:
Base or Counter Currency - would be Pak Rupee
Underlying Currency - would US dollars
Strike Price - Rate of exchange applied if the
currency option is exercised.

Problem 1: Jawad is a speculator who buys British pound call option
with a strike price of $1.4870 and June 16, 2015 settlement date. The
current spot price as of date is $1.4780. Jawad pays premium of $0.0143
per unit for the call option. Assume there no brokerage fees. Jawad
before the expiration date, the spot rate of the British pound reaches
$1.4995. At this time, Jawad exercise the call option and then
immediately sells the pounds at spot rate to a bank. Calculate either the
Jawad is loser or gainer after excising the option.
Solution:
Given: Spot Rate= $1.4780, Strike Price= $1.4870,
Premium=$0.0143,
Spot Rate at the time of option exercise =$1.4995
Per Unit
Selling price of £ $1.4995
-Purchase price of £ - 1.4780
-Premium paid for option - 0.0143
Net Profit/(Loss) $0.0072

METHODS OF INTERNATIONAL
SETTLEMENT THROUGH BANKS
NOSTRO AND VOSTRO ACCOUNTS
The nostro means our and vostro means your.
NOSTRO
NOSTRO ACCOUNT- Account which a bank has
with a correspondent bank in another country.
From the point of view of Pak Bank, a nostro account
is our bank’s account in the books of an overseas
bank, denomination in foreign currency.

From the point of view of Pak Bank, a nostro account is our
bank’s account in the books of an overseas bank,
denomination in foreign currency.
An example would be an account in the name of Muslim
Bank, in the books of Chemical Bank New York, denominated
in US $. Muslim Bank is a customer of Chemical Bank.
VOSTRO ACCOUNT- Account held by a correspondent
bank for a foreign bank.
From the point of view of Pak bank, a vostro account is your
bank’s account with us, denominated in rupee.

An example of a vostro account would be an account
in the name of Chemical Bank maintained in the
books of Muslim Bank. The account would be
denominated in rupee and Chemical Bank would be a
customer of Muslim Bank.
When funds are remitted from Pakistan:
Nostro accounts are used if the payment is
denominated in foreign currency.
Vostro accounts are used if payment is denominated
in rupee.

Bank treat their nostro accounts in the same way as
any other customer would treat his bank account.
The bank will maintain its own record of nostro
account, known as a mirror account.
For accuracy, the bank tries to value date all
transactions.

BOOK-KEEPING FOR TRANSFERS OF FUNDS
When a Pak bank customer wishes to transfer funds
denominated in rupee to the bank of a beneficiary
abroad, the book-keeping is as follow:
A-Debit-Pak customer with the rupee + charges
Credit-The rupee account of the overseas bank.
B-On the receipt of advice, the overseas bank will
withdraw the rupee from vestro account, convert it to
currency($)
Then Credit the beneficiary with the currency
equivalent, less its charges.

If the transfer is denominated in foreign currency, the
book-keeping is:
i)-Debit-Customer with the rupee equivalent +
charges, of the required currency A/C.
Credit-the currency to the nostro account.
(If the Pak customer maintains a foreign currency
account, then the appropriate currency amount can be
debited to that account, and there will be no need to
arrange for conversion into rupee)

ii)-Advise the overseas bank that it can debit the
nostro account with requisite amount of currency and
credit the funds to the account of the beneficiary.

INTERNATIONAL BANKING SERVICES
BEYOND BORDERS
Customers global connectivity is as important as their
global access to funds.
Travelling overseas, settling in a new country or
investing overseas, customer require services to meet
it’s financial needs, onshore and offshore.
Banks allow customers to enjoy the same recognition,
whether they are living at home or overseas.

Designated International Banking Centres
Worldwide
On presenting Banking cards at designated centres
across Asia, Africa and the Middle East the customer
enjoy:
Local and offshore banking information upon
request
Preferential foreign currency exchange rates

Pre-Arrival Account Opening
Banks provide the services of Pre-Arrival Account
Opening service to their customers in other countries.
Global Link – One Click Access To Your
Worldwide Accounts
Global Link online banking feature instantly allows
customers to have a consolidated view of all their
Bank accounts as well as transfer funds in different
currencies, even if customer accounts are in different
countries.

Free International Fund Transfers
provide complimentary international inter bank fund
transfers facility and online transferring money
internationally between their bank accounts.
Free Worldwide ATM/Debit Card Network
ATM/Debit Card can be used to make cash
withdrawals free of charge at their international
branches and Visa/Plus/Cirrus ATMs is accepted
worldwide.

International Financial Solutions – Local And
Offshore
Banks facilitate their customer at their home, investing
overseas or even relocating to other countries.
Providing comprehensive solutions to meet their
international financial needs, both onshore and
offshore.

Emergency Cash Services
Banks globally provide facility to their privilege
customer at their step in case of emergency like lost of
wallet on a simple call through their designated
Priority Banking centres and Travelex outlets.
Foreign Exchange Discounts At Travelex
Worldwide
Priority Banking cards holders receive special
discounts on foreign exchange at Travelex outlets
across glob.

Money Laundering
Legitimization (washing) of illegally obtained money
to hide its true nature or source (typically the drug
trade or terrorist activities).
Laundering allows criminals to transform illegally obt
ained gain into seemingly legitimate funds.
It is a world wide problem, with
approximately $300 billion going through the process
annually in the United States. The sale of illegal narcot
ics accounts for much of this money.

Example of Money Laundering
Wirken withdrew money from his law firm’s trust account,
which was being held for the benefit of a client, and deposited
the funds into his law firm’s operating account. Wirken wrote
six checks between December 2009 and Jan. 13, 2010, totaling
$116,730 and used the funds for his personal benefit. All of the
transactions were conducted without the client’s consent.
Wirken’s law firm was engaged in a long-term, unethical
Ponzi-type business model that spanned over many years. As
early as 2007, Wirken began improperly borrowing substantial
amounts of money from clients, and then he refused to pay his
clients back. Wirken borrowed over $800,000 from at least
seven clients from 2007 to 2012.
On Dec. 3, 2014, in Kansas City, Missouri, James C. Wirken,
of Kansas City, was sentenced to 13 months in prison and
ordered to pay a $4,000 fine.

Trade Based Money Laundering
TBML schemes include:
Under and over-invoicing,
Phantom shipments and
other falsification of the value or quantity of a
shipment including multiple invoicing of goods in
order to justify the transfer of value from one
jurisdiction to another.
CASE STUDIES

FOREIGN COMPANY REGISTRATION IN
PAKISTAN
A company incorporated or formed outside Pakistan,
wishing to establish its place of business in Pakistan
needs to comply with following procedures:
A. OBTAIN PERMISSION FROM BOARD OF
INVESTMENT (BOI)
1- Required to obtain a permission from the BOI,
2- GOP specific validity period for opening and
maintaining of place of business in Pakistan.
3- Copy of such permission letter is required to be
furnished with the documents meant for registration.

Approval of the ministries may be require before
incorporation of such companies:
AUTHORITYCOMPANIES
Ministry of Finance/State Bank
of Pakistan.
(1) Banking Company
Ministry of Commerce.(2) Insurance Company
(i) Ministry of Finance.
(ii) State Bank of Pakistan.
(3) Investment Finance Company
(Investment-Bank)
SECP(4) Leasing Company
SECP(5) Venture Capital Company
SECP(6) Asset Management Company

PROCEDURE
Step 1: Send application in prescribed form and send along
with six sets of following documents:
1. Application Form (duly filled in and signed with stamp)
2. Copy of registration of the foreign company duly attested
by respective Pakistani Embassy;
3. Copy of Articles and Memorandum of Association duly
attested by Respective Pakistan Mission;
4. Copy of Resolution / Authority letter of the company to
establish Branch / Liaison Office in Pakistan;
5. Copy of contract / agreement (in case of Branch Office
Only)
6. Company Profile; and
7. Designated person authorized to act on behalf of the
company
Opening of Branch Office processing fee

Step 2:
On receipt of complete documents, BOI examines the
documents and circulate the request to all concerned
quarters for their views / comments.
Step-3:
Having received clearances from all concerned
quarters / agencies, BOI grants permission to foreign
company to open their Branch / Liaison office in
Pakistan.

B. SEEK AVAILABILITY OF COMPANY NAME
A foreign company is required to seek “Availability of Name”
of proposed company from Securities and Exchange
Commission of Pakistan (SECP). The proposed name should
not be:
• Inappropriate
• Deceptive.
• Designed to exploit or offend the religious susceptibilities of
the people.
• Identical or having close resemblance with already existing
company.
• Suggesting connection with any Government or its
organization or any international organization.

C. DOCUMENTATION
After seeking company name availability, next step is
documentation. A foreign company is required to file the
following documents, within thirty days of establishing a place
of business in Pakistan, to the registrar concerned:
I. Forms (38-43) as prescribed under the Rules
• Form 38: Certified copy of the charter, statute or Memorandum and Articles of the
company.
• Form 39: Address of registered office or principal office of the company.
• Form 40: Particulars of directors, Chief Executive and Secretary, if any, of the
company.
• Form 41: Particulars of principal officer of the company in Pakistan.
• Form 42: Particulars of person(s) resident in Pakistan authorized to accept service on
behalf of the foreign company along with the certified copy of the appointment order,
authority letter of board of directors’ resolution and consent of the principle officer.
• Form 43: Address of principal place(s) of business in Pakistan of the foreign company.
II. Authority letter in the name of authorized representative of the foreign company.
III. Fee Challan to be filed to SECP

ESTABLISHMENT OF BRANCH OFFICE AND
LIAISON OFFICE
BY FOREIGN COMPANIES IN PAKSITAN
Board of Investment (BOI) grants permission to foreign
companies to open their Branch Office and Liaison Office in
Pakistan.
BOI (Islamabad & Karachi Offices) have issued 551
permissions during 2007-2010 in respect of opening/extension
of Branch and Liaison Offices in Pakistan.

Branch Office:
Branch Office is established by a foreign company to
fulfill its contractual obligations with the public or
private sector in Pakistan.
Liaison Office:
Liaison Office is established by a foreign company for
promotion of products(s), provision of technical
advice & assistance, exploring the possibility of Joint
Collaboration and export promotion.

Guidelines for Opening of a Commercial Bank in
Pakistan
Proposed bank should be a public limited company
and listed on the stock exchange(s) in Pakistan. If not
listed, the listing should be completed within a
maximum period of two years from the date of
commencement of business.
A minimum of 50% shares have to be offered to
general public.
A minimum paid up capital (free of losses) of Rs. 10
billion or any other amount as prescribed by SBP from
time to time.

Foreign banks desirous to conduct banking business
in branch mode should have a minimum paid up
capital (free of losses) of Rs 3 billion or any other
amount as prescribed by SBP from time to time.
The foreign bank holds paid up capital(free of losses)
of at least equivalent to US$ 300 million and have a
CAR of at least 8% or minimum prescribed by their
home regulator, whichever is higher
The bank will operate with a branch network of 5
branches; in case the bank intends to commence
business with more than 5 branches or expands its
operations in future,

MCR would be as follows;
MCRBRANCH NETWORK
Rs 6 billion or any other amount as
prescribed by SBP from time to
time.
From 6 to 50 branches
Rs 10 billion or any other amount
as prescribed by SBP from time to
time.
More than 50 Branches
*MCR- MINIMUM CAPITAL REQUIREMENT

Exchange Companies
Procedure for establishing the Exchange
Companies:
1. Applicants interested in formation of Exchange Companies
would, in the first instance apply on prescribed form to
State Bank for obtaining a NOC.
2. On the receipt of this NOC from the SBP, the applicant
will submit an application to SECP for incorporation under
the Companies Ordinance.
3. After the Exchange Company is registered by SECP, the
applicant would apply to SBP for issuance of licence for
commencement of operations.
Annexure can be viewed from http://www.sbp.org.pk/epd/2002/FE9.htm

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