Malik Bostan who was on the SBP experts committee that has drawn rules for exchange companies claimed that the majority of money changers share his view.
"Hardly half a dozen money changers from Karachi - and up to 10 from all over Pakistan are capable of setting up a company with Rs100 million paid up capital.The remaining 460 cannot think of it - not even through mergers," he
would convene a meeting of money changers from across Pakistan next week to draw a strategy with regard to the paid up capital requirement and other issues relating to foreign exchange companies.He
said money changers also wanted to co-exist with exchange companies but the central bank has given them two years time to merge with these companies or pack up and quit."That is not fair." Ovais Kalia of Khanani & Kalia International said that being a member of Forex Association of Pakistan he too had favoured Rs50 million paid up capital for exchange companies "But since SBP has now finalized the regulations we have to follow them." He
said KKI that runs 8 outlets of currency brokering was quite keen on setting up a foreign exchange company adding that it had enough resources to meet the paid up capital requirement."But if some shortfall occurs we may ask others to join us."
Another leading money changer Haji Haroon said his
currency brokerage Dubai Exchange was also keen on setting up an exchange company."We have not obtained the application form as yet but we will fetch it tomorrow.We are definitely interested in setting up an exchange company."