KARACHI, April 29: The State Bank of Pakistan on Tuesday suspended the licences of Time Exchange Company-B (Pvt) Limited, Karachi and Union Exchange Company-B (Pvt) Limited, Lahore for a period of 30 days with immediate effect for violating its rules and regulations.

The exchange companies have been barred from undertaking any kind of business activity during the suspension period.

“These exchange companies have been directed by the State Bank not to carry out any transaction during the suspension period, otherwise it would attract more severe disciplinary action against them under the rules,” said a letter issued by the SBP.