The State Bank of Pakistan (SBP) revoked M/s. Noble Exchange International (Pvt.) Limited’s authorization/license on May 17, 2023.
Due to violations of applicable laws and regulations governing foreign exchange activities, the exchange company’s licence has been revoked.
M/s. Noble Exchange International, including its headquarters, branches, and franchises, is therefore prohibited from engaging in any form of foreign exchange activity.
The cancellation was a direct result of the violation of laws and regulations governing the foreign exchange sector by the exchange company. While the specifics of the violations were not disclosed, the central bank deemed them significant enough to warrant such action.
M/s. Noble Exchange International’s authorization revocation has immediate and far-reaching effects on the exchange company. As a consequence, the company, including its headquarters, branches, and franchises, is now prohibited from engaging in any business activities involving foreign exchange. This decision will affect the company’s operations and its capacity to service its customers.
Customers who previously relied on M/s. Noble Exchange International for their foreign exchange requirements are exhorted to seek out alternative service providers. The SBP suggests searching out authorised exchange companies that adhere to the laws and rules enforced by the central bank. Affected individuals and businesses must ensure that any new service provider they select is compliant and possesses the required licences to engage in foreign exchange activities legally.
The SBP’s decision to revoke M/s. Noble Exchange International’s authorization demonstrates the Pakistani central bank’s dedication to a transparent and secure financial system. By taking prompt action against violations of applicable laws and regulations, the SBP seeks to preserve stability and safeguard the interests of businesses and individuals engaged in foreign exchange transactions.
The cancellation of M/s. Noble Exchange International’s authorization/license by the State Bank of Pakistan due to violations of pertinent laws and regulations sends a clear message about the significance of compliance in the foreign exchange sector.
The decision prohibits M/s. Noble Exchange International, including its headquarters, branches, and franchises, from engaging in any commercial activities involving foreign exchange. Affected clients are encouraged to investigate alternative authorised exchange companies that adhere to the SBP’s regulations, thereby ensuring that all foreign exchange transactions are secure and legal.
