SBP Suspends License of Exchange Company

The State Bank of Pakistan (SBP) canceled the authorization/license of Noble Exchange International (Pvt.) Limited on Wednesday on account of contraventions of the relevant laws and regulations.

In a statement, SBP said the aforesaid exchange company, including its head office, branches, and franchises can no longer undertake any kind of foreign exchange-related business activity.

The customers should avoid dealing in financial matters with the exchange, the central bank said in its statement.

The banking regulator has been very strict against the exchange companies which fail to comply with its regulations. The watchdog has stringent rules and regulations for exchange companies and has suspended the licenses of more than 10 exchange companies in less than 18 months.

  • Is it obligatory to allow foreign exvhange companies to function? If not there should be complete ban on rxchange companese because they are supporting under invoicing business as well smuggling in the countries. State bank should study the impact of restriction on exchange companese and go ahead. There should be zero tolerance against hudi business in the country.

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