State Bank Suspends Local Exchange Companies’ Licenses Over Regulatory Violations

In an official statement issued by the State Bank, it was stated that the local exchange companies, including their head offices, branches, and franchises, have been ordered to cease their activities due to violations of regulations. This move is part of the central bank’s efforts to enforce stringent compliance with the rules governing the exchange industry in Pakistan.

Legal Battle Over Pakistan’s Practice and Procedure Act: Parliament vs. Supreme Court Jurisdiction

In response to a case against the Practice and Procedure Act, Khawaja Tariq Rahim, the counsel for the petitioner Raja Aamir, submitted a reply in the Supreme Court. Rahim’s contention is that the division of powers regarding the Chief Justice’s authority should be declared void by the Supreme Court, and amendments cannot be made to the law governing the independence of the judiciary.