Pakistan Currency Exchange (Pvt) Ltd. was incorporated under Companies Ordinance
1984 on 20th June 2003, in Karachi, Pakistan.
In 70's Hundred of thousands of Pakistani Nationals left for Middle East, Europe,
and USA for better prospect and to earn livelihood. After about two years, inward
Foreign Exchange remittances increased manifold and during next decade, it become
necessary to have Money Exchange business regularized, Therefore, the Money Changing
business was granted legal status and State Bank of Pakistan authorized Money Changers
to conduct Money Changing business in year 1991. Since then M/S. Bostan International,
was incorporated on 30th Dec, 1992 and has been doing business of Money Changing.
M/S. Bostan International being a reputed Money Changer having good market reputation
and Position. During the period of Economic Sanctions imposed by World community
on the eve of Nuclear Detonation on May 28th 1998, Key member of Forex Association
of Pakistan (Representative body of Authorized Money Changers) M/S. Bostan International
was the highest Tax Payer among Authorized Money Changers. Outstanding tax liability
up to 30-06-2003 (Assessment year 2003-04) is nil.
After the sad mishap of 11th September 2001 in New York, USA. Every Government started
emphasizing on documentation on any intra country deals, bank transactions, etc.
Responding to the call of day and changing global environment, State Bank of Pakistan
played important role in the documentation procedure in Financial Institutions including
the Foreign Exchange dealers like, Authorized Money Changers. Formulation of Currency
Exchange Companies was a first step towards strict documentation procedures.
Under the directive of State Bank of Pakistan, (F. E. Circular No.9 Dated 30th July,2002
Promulgation of Ordinance No. XXX of 2002 for the amendments in Foreign Exchange
Regulation Act. 1947) for establishment of Exchange Companies, which were required
to replace the existing system of Authorized Money Changers, last date mentioned
as 30th July, 2004.
In the light of above fact, M/S PAKISTAN CURRENCY EXCHANGE COMPANY (PVT) Ltd., was
incorporated under the Companies Ordinance 1984 in Karachi, Pakistan to cop with
the present working environment. SECURITIES & EXCHANGE COMMISSION OF PAKISTAN, Vide
Company Registration No issued certificate of Incorporation: K-09411 of 2002-2003
Furthermore, State Bank of Pakistan has also issued Exchange Company License No:
13, under state Bank of Pakistan Letter No: EPD/9180/24(31) EC-/2003 dated 14th
Nov, 2004 and renewable after three years.