SBP introduces whistle blowing forum to discourage unauthorised Forex activities

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KARACHI, Nov 11 (APP): State Bank of Pakistan (SBP) introduced, on Friday, a ‘Whistle Blowing Forum’ for identification of unauthorised foreign exchange activities for promoting an environment of accountability and integrity.

Public, at large, may use the dedicated email address- [email protected] to report to SBP any unauthorised foreign exchange activity, said a statement issued here. The email may also be used to report if any exchange company refrained from providing system generated receipt of the currency exchange transaction.

The central bank urged the public to be judicious in reporting any unauthorised foreign exchange activity and provide facts and as much specific information and particulars as possible to examine the matter thoroughly.

“They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations or accusations,” the SBP spokesperson said adding that identity of the complainant would be kept confidential however the disclosure of identity for utilising the forum was voluntary.

The SBP also introduced another email address, [email protected], to receive public concerns if any person faced any issue in dealing with exchange companies including sale/purchase of foreign currency notes by ECs, issuing receipts which are not system generated, charging exorbitantly high exchange rate over those displayed on the notice board, denial of genuine requests of the customer for provision of foreign currencies, etc.
The SBP regulates foreign exchange business in the country under Foreign Exchange Regulation Act, 1947 and under the Act central bank has authorised 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.