SBP withdraws licence of exchange firm

KARACHI: The State Bank of Pakistan (SBP) on Monday debarred Al-Qaim Money Exchange Company-B (Pvt) Limited, Quetta from undertaking any kind of business activity.SBP has with immediate effect withdrawn the authorisation/ licence issued on June 30, 2004 to Al-Qaim Money Exchange Company-B (Pvt) Limited, Quetta to deal in sale and purchase of foreign currency notes and coins till further orders on account of reported violations of rules and regulations. The company has been advised by the SBP not to carry out any transaction till further orders as it would attract more severe penal action under the rules. – Dailytimes