The State Bank of Pakistan (SBP) has suspended the authorization of five Exchange Companies of B-category with immediate effect until further notice.
The suspended private exchange companies are as follows: International Exchange Company, World Wide Exchange Company, World Exchange Company, Universal Exchange Company, and United Exchange Company.
The central bank imposed these sanctions due to serious violations of SBP’s regulations and instructions aimed at ensuring compliance with financial regulations and preserving the integrity of the financial system. During the suspension period, all the aforementioned Exchange Companies-B Category, including their head offices and branches will not conduct any business activity.
While the SBP did not specify the nature of the violations committed by these exchange companies, it emphasized the gravity of the breaches that led to the immediate suspension of their authorization. This suspension follows a similar action taken by the central bank in September when it suspended the authorization of four other exchange companies.
Balochistan Sets Deadline to End Oil Smuggling, Tightens Security Measures
Meanwhile, Balochistan’s interim Minister of Information, Jan Achakzai, has announced a 10-day deadline for ending oil smuggling in the region. If smuggling does not cease within this period, the government intends to initiate actions against smuggler boats.
The government will implement increased security measures at the provincial border between Balochistan and Punjab, and it will also crack down on supplies destined for Karachi via the Indus Highway.
Achakzai also revealed that there are 8,500 students in 84 seminaries in Balochistan and Afghan citizens previously supervised them. Pakistani citizens will now be responsible for supervising them.
Achakzai attributed the province’s disturbances to India and asserted that non-state actors could not operate without external support. The Prime Minister has declared a commitment to confront non-state actors, and he emphasized that they would not receive any concessions.
The federal government has already issued an ultimatum to illegal Afghan refugees to leave the country or face deportation and asset seizure.
