The State Bank of Pakistan has suspended, with immediate effect, the authorization of an Exchange Company, namely, M/s Money Link Exchange Company (Private) Limited for a period of three months on account of a serious violation of the State Bank’s regulations and instructions.
The Exchange Company, its Head Office, and all nine (09) outlets have been banned from undertaking any kind of business activity during the suspension period.
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 which must be complied with on priority.
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Strict means if you not pay, action will be taken otherwise sbp officers keep silence.
The so call banking regulator as well as the Government of Pakistan are tight lipped on continued free slide of national currency without taking any consequent emergent curative measures to check and stabilise the same are guilty of criminal negligence and working against the interests of state.