The State Bank of Pakistan (SBP) has canceled the authorization/license of M/s. Noble Exchange International (Pvt.) Limited on May 17, 2023.
The revocation comes as a result of the exchange company’s contraventions of relevant laws and regulations governing foreign exchange activities.
Consequently, M/s. Noble Exchange International, including its head office, branches, and franchises, is prohibited from conducting any form of foreign exchange business.
The cancellation was a direct consequence of the exchange company’s violations of the laws and regulations governing the foreign exchange sector. While the specific details of the contraventions were not disclosed, they were deemed significant enough to warrant such action from the central bank.
The revocation of M/s. Noble Exchange International’s authorization has immediate and far-reaching consequences for the exchange company. As a result, the company, including its head office, branches, and franchises, is now prohibited from engaging in any foreign exchange-related business activities. This decision will undoubtedly impact the company’s operations and its ability to serve its clients.
Customers who had previously relied on M/s. Noble Exchange International for their foreign exchange needs are urged to find alternative service providers. The SBP recommends seeking authorized exchange companies that comply with the laws and regulations enforced by the central bank. It is crucial for affected individuals and businesses to ensure that any new service provider they choose is compliant and possesses the necessary licenses to conduct foreign exchange activities lawfully.
The SBP’s decision to cancel M/s. Noble Exchange International’s authorization emphasizes the central bank’s commitment to maintaining a transparent and secure financial system in Pakistan. By taking swift action against violations of the relevant laws and regulations, the SBP aims to preserve stability and protect the interests of businesses and individuals involved in foreign exchange transactions.
The State Bank of Pakistan’s cancellation of M/s. Noble Exchange International’s authorization/license due to violations of relevant laws and regulations sends a clear message about the importance of compliance in the foreign exchange sector.
The decision prohibits M/s. Noble Exchange International, including its head office, branches, and franchises, from conducting any foreign exchange-related business activities. Affected customers are encouraged to explore alternative authorized exchange companies that adhere to the SBP’s regulations, ensuring a secure and lawful experience for all foreign exchange transactions.
