Exchange company license may be revoked on false information

KARACHI: The banking company of Pakistan (SBP) has same it will revoke the license of any exchange company just in case the financial institution has been supplied with false, deceptive or inaccurate info by or on behalf of the exchange company.

According to Exchange Company Manual, the SBP has the proper to revoke a license of AN exchange company at any time.

Before a license is revoked, the Exchange Company shall be served with a notice mentioning in that the explanations for such revocation and directions for the corporate to elucidate its position in writing inside thirty days from the date of issue of notice.

The SBP same that license of AN Exchange Company is revoked by the financial institution if:

(a) The banking company is supplied with false, deceptive or inaccurate info by or on behalf of the Exchange Company.

(b) It seems to the banking company that the Exchange Company has profaned these or the other regulation, instruction or circular issued by the banking company or if any of the conditions of license has not been consummated or is incapable of fulfilment.

(c) The interests of the shoppers of Exchange Company area unit in any method vulnerable, whether or not by the style during which the corporate is conducting or intends to conduct its affairs or for the other reason.

(d) The Exchange Company failed to begin its exchange business inside 3 months from the date of issue of license by the banking company.

(e) Deliberate obstruction of the banking company review team within the performance of their duties, by Exchange firms or officers of its network.

(f) the other reason that within the opinion of the banking company disqualifies the Exchange Company to carry the license.