This is sated in 2:282. Ghamidi sahib write in his note on this verse:

“The following aspects of the principle of bearing witness mentioned in this verse should remain clear:

Firstly, the verse has nothing to do with the bearing of witness over an incident. It explicitly relates to testifying over a document. It is very evident that in the second case witnesses are selected by an external agency, while in the first case the presence of a witness at the site of an incidence is an accidental affair. If we have written a document or signed an agreement, then the selection of witnesses rests upon our discretion, while in the case of adultery, theft, robbery and other similar crimes whoever is present at the site must be regarded as a witness. The difference between the two cases is so pronounced that no law about one can be deduced on the basis of the other.

Secondly, the context and style of the verse is such that it cannot relate to law or the judicial forums of a state. It is not that after addressing a court of law that it has been said that if such a law suit is presented before them by a claimant, then they should call in witnesses in this prescribed manner. On the contrary, this verse directly addresses people who borrow and lend money over a fixed period. It urges them that if they are involved in such dealings, then an agreement between the two parties must be written down, and to avoid disputes and financial losses only witnesses who are honest, reliable and morally sound should be appointed. At the same time, their personal involvement and occupations should be suited to fulfil this responsibility in a befitting manner. Precisely for this reason, Muslims are directed to primarily appoint two male witnesses and in their absence one male and two female witnesses so that if a lady used to the serene surroundings of her house finds herself overwhelmed in the hostile atmosphere of a court room, another lady is present alongside her to protect the evidence from doubt and ambiguity. The verse does not mean and should not be taken to mean that a law-suit will only stand proven in court if at least two men or one man and two women bear witness to it. It is merely guidance for the general masses in their social affairs and counsels them to abide by it so that any dispute can be avoided. It is for their own benefit and welfare that this procedure should be undertaken. In no way should this bearing of witness be taken to mean that it is a statutory count for a testimony which a court must follow. Consequently, about all similar directives the Almighty says that this procedure is nearer to justice, protects the testimony and safeguards people from doubts.”