State Bank suspends authorization of exchange companies

BusinessState Bank suspends authorization of exchange companies

KARACHI, Pakistan: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of following Exchange Companies till further orders on account of serious violation of State Bank’s regulations and instructions:

  1. M/s AA Exchange Company (Pvt.) Limited
  2. M/s Glaxy Exchange Company (Pvt.) Limited
  3. M/s Al-Hameed International Money Exchange (Pvt.) Limited

The State Bank said that all the aforementioned Exchange Companies, their head offices and all outlets have been debarred from undertaking any kind of business activity during the suspension period.

   

Earlier, the SBP also cancelled the authorization/license of M/s. PBS Exchange Company (Pvt.) Limited on account of contraventions of the relevant laws and regulations.

Therefore, the aforesaid exchange company including its head office and outlets can no longer undertake any kind of foreign exchange related business activity.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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