SBP suspends exchange company
KARACHI: The State Bank of Pakistan (SBP) has suspended the authorisation of an exchange company namely M/s Noble Exchange International (Pvt) Limited with immediate effect.
According to an SBP announcement made on Friday, the authorisation of the exchange company would remain suspended till further orders for violation of SBP rules and regulations.
The exchange company, its head office, branches, franchises have been debarred from undertaking any kind of business activity during the suspension period.
Federal Investigation Agency (FIA) had raided the office of the company in Lahore last month for violation of rules and regulations. During the course of investigation, Abdul Majid Munnawar, father of arrested person in connection with the raid of the company office wrote a letter to FIA, showing reservations over the investigations.
Upon the application of father of an accused, the FIA recommended to transfer the case from Lahore Punjab Zone-I to another zone to conduct fair investigations.
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