AJK Bank BoD meeting approves setting up of foreign exchange committee

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MUZAFFARABAD:   (Parliament Times)      The meeting of Board of Directors Azad Jammu and Kashmir Bank, presided by AJK chief secretary Mathar Niaz Rana was held here on Tuesday. The meeting gave approval to setting up of first foreign exchange committee of Azad Kashmir.

It was attended by President AJK Bank Imran Samad, directors – senior member board of revenue Fayyaz Ali Abbasi, secretary finance Fareed Ahmed Tarar, secretary industries Engineer Abid Hussain Awan, chartered accountant Ijaz Hussain Rathore and businessman Naveed Sadiq. Company secretary Maazullah Khan and chief financial officer Shahid Shahzad Mir were also present on the occasion.

The meeting was told that a large number of Kashmiris were working in different countries of the world and had been playing their role through foreign remittances. It was further told that two third Pakistanis working in UK belonged to AJK, majority of them being from Mirpur. AJK had 25% share in foreign remittances, it was informed. The meeting was told that AJK had no exchange company. However, it had more than 120 foreign exchange companies and booths out of which only 19, registered with State Bank of Pakistan, were functioning legally. The rest of 101 companies were working illegally. They are always feared to be involved in illegal activities including money laundering. Government had decided to put a stem to their illegal activities. After the ban on the activities of those companies a vacuum is likely to be created with regard to foreign exchange business in AJK. To benefit from the opportunity Bank of AJK proposed to set up a foreign exchange company. Its name would be Bank of Azad Jammu and Kashmir Foreign Exchange Company Ltd, the meeting was informed.

After careful deliberation, the board gave approval of setting up of Bank’s own company. It would be a registered and licensesed foreign exchange company which would deal in buying and selling of foreign currencies, business of home remittances, export of foreign currencies, collection of utility bills and installation of ATMs. It would also do other legal businesses with the permission of State Bank. Bank of AJK Foreign Exchange Company Ltd; would be bound to completely implement the rules and regulations issued from time to time by State Bank of Pakistan.