KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Firpo urged the State Bank of Pakistan (SBP) on Saturday to take strict action against exchange companies that are reluctant to accept the old-design $100 notes.

They are charging a fee of 3-4 per cent to exchange the old-design bills, he said in a statement. Mr Firpo said KCCI members are being forced to accept an exchange rate that is 3-4pc less than the current market rate in case they present the old-design notes. This is an unfair and illegal practice by exchange companies, he said.

Mr Firpo said local money-changers buy the old-design notes at a cheaper rate and exchange the same in Dubai at the regular rate, thus making a heavy profit.

The KCCI president said money-changers accuse banks of not accepting the old-design notes, although the banks deny the charge.

Published in Dawn, August 20th, 2017