Violation: Money exchange company’s licence withdrawn
License of Al-Qaim money changer in Quetta suspended on account of reported violations of rules and regulations.
KARACHI:
The State Bank of Pakistan (SBP) has said that it has barred Al-Qaim Money Exchange Company-B (Private) Limited, Quetta from undertaking any kind of business activity.
In an announcement on Monday, the SBP said it had withdrawn with immediate effect the licence issued on June 30, 2004 to Al-Qaim Money Exchange to deal in sale and purchase of foreign currency notes and coins, on account of reported violations of rules and regulations.
The company has been asked not to carry out any transaction till further orders as it will attract severe penal action under the rules.
Published in The Express Tribune, June 14th, 2011.
The State Bank of Pakistan (SBP) has said that it has barred Al-Qaim Money Exchange Company-B (Private) Limited, Quetta from undertaking any kind of business activity.
In an announcement on Monday, the SBP said it had withdrawn with immediate effect the licence issued on June 30, 2004 to Al-Qaim Money Exchange to deal in sale and purchase of foreign currency notes and coins, on account of reported violations of rules and regulations.
The company has been asked not to carry out any transaction till further orders as it will attract severe penal action under the rules.
Published in The Express Tribune, June 14th, 2011.