June 02, 2006	Friday	Jumadi-ul-Awwal 5, 1427

KARACHI, June 1: In order to facilitate Hajis, the State Bank on Thursday decided to establish currency exchange booths and asked exchange companies to get NOC for setting up of these booths.

The booths would be established only at Haj camps during the Haj season and would be abolished after the season.

For setting up the booths an NOC will have to be obtained from the ministry of religious affairs prior to approaching the SBP for approval. Only fresh applications for the booths will be submitted for every Haj season and Haj camp.

The booth will be authorized to deal in only sale and purchase of foreign currency notes, coins and traveller cheques to and from Hajis only during the Haj season. The SBP said the related details and documents with record of transactions would be maintained by the exchange company which may be inspected by the central bank.

The SBP pointed out that a notice declaring exchange rates applicable for sale or purchase of currencies must be displayed at a prominent place at the booth and deals must be carried out at the displayed rates.

Transactions carried out through such booths will become an integral part of the overall transactions of the exchange company and would be reported to the SBP.