KARACHI - The State Bank of Pakistan (SBP) has decided to amends its instructions relating to renewal of licences of Exchange Companies (ECs), here on Friday.

The request for renewal of the licence must reach State Bank of Pakistan at least 60 days before expiry of the said licence, says FE Circular No. 02 of April 20, 2012 issued to the Chief Executives of all Exchange Companies.

It may be pointed out that as per the previous instructions; the licences of all the Exchange Companies (ECs) were renewed by SBP for a period of three years. Further, ECs were required to approach Exchange Policy Department (EPD) of the State Bank for renewal of licences within a period of not less than three months before the expiry of licence.