The State Bank of Pakistan (SBP) said on Friday that it has taken decisive action, immediately revoking the license of M/s Glaxy Exchange (Private) Limited following the discovery of serious contraventions of the central bank”s regulations.
As a result of this regulatory enforcement, the currency exchange firm is now barred from conducting any form of foreign exchange business. This prohibition extends to all of its operations, encompassing its principal office and its entire network of outlets.
The central bank”s directive specified that the cancellation of Glaxy Exchange”s authorisation was a direct consequence of grave infringements of its regulatory mandates and instructions.