The State Bank of Pakistan (SBP) has cancelled the authorization/license of M/s. Time Exchange Company (Pvt.) Limited with immediate effect due to serious violations of the central bank’s regulatory instructions.

According to the SBP, the action has been taken following the company's failure to comply with applicable regulatory requirements governing exchange companies and foreign exchange operations.

As a result of the cancellation, Time Exchange Company is no longer permitted to undertake any foreign exchange-related business activities. The restriction applies to the company’s head office as well as all of its branch operations across the country.

The SBP has directed that the company shall immediately cease all activities involving the purchase, sale, transfer, or exchange of foreign currencies and any other services requiring authorization from the central bank.

The move reflects the SBP’s ongoing efforts to strengthen regulatory compliance, improve transparency in the exchange company sector, and ensure adherence to foreign exchange regulations.

The central bank has consistently emphasized strict compliance with its regulatory framework and has taken enforcement actions against institutions found violating prudential and operational requirements.

With the cancellation now effective, Time Exchange Company and its constituent branches are prohibited from conducting foreign exchange business in any capacity unless otherwise authorized by the State Bank of Pakistan.