The State Bank on Tuesday allowed 3-, 4- and 5-star hotels to deal in foreign currencies with their customers but restricted them to purchasing or encashment of foreign currency notes, coins and traveller cheques (TCs) for hotel customers only.
"It has been decided to issue the following new terms and conditions for grant of Restricted Authorisation to 3-, 4- & 5-Star Hotels only," said release issued by the SBP.
Hotels would surrender, within a period of one-week, the currency notes, coins, TCs received by them, to an Authorised Dealer, against which proper encashment receipts and records would be maintained.
Hotels shall not be allowed to remit such foreign currencies or use the same for their own settlement purposes.
All hotels holding Restricted Authorisation will also submit a monthly statement of the purchase of foreign exchange by 10th of subsequent month to the Director, EPD, State Bank of Pakistan, Karachi.
'Restricted Authorisation' will initially be granted for the period of three years, which may be renewed for a further period of three years on request. The fee required to be deposited in this regard shall be Rs 20,000 per location for initial or subsequent renewals, which should be submitted through pay order/draft in favour of State Bank.
Encashment of foreign currency/payments of bills etc by the customers should be supported by receipts/vouchers for all transactions. Every receipt provided to the customer shall bear the name of hotel in printed form, date, nature of payment ie currency dealt, exchange rate and signature of the recipient. The hotels shall prominently display a sign advising customers of the necessity of obtaining receipts for all such payments in foreign currencies.
Hotels shall display, at a prominent place over the payment counter, rates of foreign currencies applicable to purchase, daily in the format of Exchange Rate Chart (App.V-I of FE Manual- 2002), and all deals must be carried out at the rates specified in the Rate Chart.
The counters of the hotels should be equipped with Electronic Cash Register or any other suitable electronic device for issuing serially numbered receipts against purchase of foreign currencies from the customers.
Hotels shall be bound by the rules and regulations prescribed by the State Bank from time to time. Any deviation/violation of such rules may result in penalty, suspension or cancellation of authorisation.
All foreign currency purchases by the hotels will be at their own risk and responsibility.
Hotels shall maintain proper books of accounts and, upon State Bank directive, provide all data, information, books of accounts and all related record of their foreign exchange transactions.
The State Bank shall have the powers to visit the premises, inspect the records/ books of accounts of the hotels.
Application for renewal of 'Restricted Authorisation' should be made to the Director, EPD, State Bank of Pakistan, Karachi, through PHA, at least one month before the expiry, enclosing original authorisation.
Any change in the authorised hotel's constitution, its ownership or directors will immediately be intimated to the Director, EPD, State Bank of Pakistan, Karachi.
State Bank reserves the right to grant or refuse to grant the Restricted Authorisation or renewal thereof. The authorisation granted to the hotel may be withdrawn, if it: fails to submit monthly statements of purchases of foreign currencies, or fails to surrender foreign currencies purchased/accepted to an Authorised Dealer within stipulated time as stated at Para 2(II) above.
Application for grant of Restricted Authorisation by the intending 3-, 4- & 5-Star Hotels should be made to the Director, Exchange Policy Department (EPD), State Bank of Pakistan, Karachi through Pakistan Hotels Association (PHA), who would ascertain the status of the hotel and forward the application to EPD.
The application should contain full particulars like name and address of the hotel showing its status, name and address of the proprietor/partners/directors etc, said the SBP.
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