• Illegal money-dealers be reported at whistleblowing.FX@sbp.org.pk.
• Complaints be sent to SBP at facilitation.fx@sbp.org.pk.
• Public at large asked to refrain from making false allegations.

KARACHI: The State Bank of Pakistan (SBP) has launched a whistle-blowing forum for the identification of foreign exchange companies operating illegally in the country to ensure accountability and integrity, it said in a statement.

“The public, at large, may use the dedicated email address: WhistleBlowing.FX@sbp.org.pk- to report to SBP any unauthorised foreign exchange activity, said a statement issued here,” the central bank announced.

“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 said adding that the identity of the complainant would be kept confidential however the disclosure of identity for utilising the forum was voluntary.

The SBP has also introduced another email address, facilitation.fx@sbp.org.pk, to receive public concerns if any person faced any issue in dealing with exchange companies including the sale/purchase of foreign currency notes by the money-changers, 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 the 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 the “A” category and twenty exchange companies of the “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.

Meanwhile, Minister of State for Finance Dr Ayesha Ghous Pasha on Friday warned the commercial bank of exemplary punishment for overcharging on Letters of Credit (LCs) payments.

Briefing the Senate Standing Committee on Finance and Revenue the minister of state said that the banks involved in such activities would be fined heavily.

The meeting of the committee was held under the chairmanship of Senator Saleem Mandviwalla.

Speaking on the occasion, Governor State Bank of Pakistan (SBP) Jameel Ahmed said that when the commercial banks faced a shortage of dollars they started charging extra dollars on payments of LCs.

He said that the central bank had thoroughly investigated the matter.