KARACHI: The State Bank of Pakistan (SBP), on the request of Federal Board of Revenue (FBR) has cancelled the license of M/s East West Exchange Company-B (Private) Limited with immediate effect.
According to details, the FBR the SBP to cancel the license of M/s East-West Exchange Company due to its alleged involvement in exchanging a huge amount of remittances to foreign countries.
As per further details, the FBR has acquired a complete detail of the remittances from the exchange company and subsequently, requested the SBP to cancel its license due to dubious transactions.
Furthermore, the M/s East-West Exchange Company-B was requested for voluntary liquidation. Therefore, the State Bank of Pakistan (SBP) has cancelled, with immediate effect, the license of M/s East West Exchange Company-B (Pvt.) Limited.
According to SBP spokesman, the said exchange company, its head office and branches have been debarred from undertaking any kind of foreign exchange business.
