Importance of Compliance cannot be overemphasized in Forex business and Exchange Companies. Faysal Islami Currency Exchange (FICEC) is committed to have a robust compliance regime.
The effective compliance helps build a Chinese wall to deter market manipulation, money launders and agents of gray market. It further, enhance the confidence of the genuine /good customers.
The Compliance regime of FICEC includes compliance of instruction issued from time to time by Govt. of Pakistan viz. Ministry of Foreign Affairs (MOFA), Financial Monitoring Unit (FMU ), the regulatory bodies viz. State Bank of Pakistan, Securities Exchange Commission of Pakistan (SECP ) and Industry Associations like Exchange Companies Association of Pakistan (ECAP).
All natural persons can buy /sell foreign currencies. Buying /selling FCY to legal persons/entities are beyond the mandate of exchange companies.
Yes, physical presence of the customer is mandatory. Transactions through nominee or 3rd person is not allowed.
Foreign Currency can be bought or sold for Travel or Bank Deposit
No, however depending upon the transaction amount there could be different documentary requirement depending upon the customer, amount of transaction etc.
Yes, there are different limits w.r.t
Individuals such as Adults, minor & Afghan Nationals
Purpose such as Travel
Mode such as Cash
Time period Such as per day & per year
Below are the details of limits
Limits for Travel:
Per visit USD 5,000 or Equivalent for Adults /above 18 Years
Per visit USD 2,500 or Equivalent for Minors/ below 18 Years
Maximum Travel Limit per person per calendar year is USD 30,000 for adults and USD 15,000 for minors
Per visit USD 1,000 for Afghan Nationals with per calendar limit of USD 6,000
Maximum Limit for Buying –Daily & Annual
Maximum limit per person per day for buying foreign currency from all Exchange Companies, is USD 10,000 (or equivalent in other foreign currencies).
Maximum limit per person per calendar year for buying foreign currency (for travel, FC Account or outward remittance) from all Exchange Companies, is USD 100,000 (or equivalent Please note that per calendar year limit of USD 100,000 includes all types of purchases by an individual.
There are different checks like Exchange Company’s system checks, Customer himself/herself indemnifies on each purchase of USD 1000 or equivalent. Further SBP also shares the list of individuals who have utilized the annual limit
It has been observed that substantial amounts of foreign currency (FCY) was being purchased for speculative gains. Such speculative transactions lead to excessive demand in the open market, which ultimately leads to appreciation in foreign currency rates and an increase in the interbank-Kerb premium. This adversely affects large number of people who need foreign currency to meet their genuine needs of travel, education, medical, etc.
There is no fee or commission on currency buying/selling.
Customer can pay for minor children from his/her account. However, for children who have become major, payment will have to be made from their account.
GEM facilitates customers for investment in Equity Market (shares / securities) through designated and registered TREC holders / Brokerage houses of Pakistan Stock Exchange, settlement of trades and custodial services.
