The State Bank of Pakistan (SBP), cancelled the license of an exchange company on breach of relevant laws and regulations and barred it to undertake any foreign exchange related business activity.
The SBP “ on December 09, 2024 has cancelled the authorization/license issued to M/s Al-Hameed International Money Exchange (Private) Limited under the Foreign Exchange Regulations Act, 1947 on account of contraventions of the applicable laws and SBP’s regulations.”
The central bank furthermore debarred the aforesaid exchange company, including its head office and outlets, form undertaking any kind of foreign exchange related business activity.
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