Considering the complaints received from the general public that Prasanna Money Exchange (Pvt.) Ltd. is offering higher exchange rates, the Department of Foreign Exchange of the Central Bank of Sri Lanka (CBSL) conducted an on-site investigation at Prasanna Money Exchange (Pvt.) Ltd. on Wednesday (30 March).
As per the investigation, it was observed that Prasanna Money Exchange (Pvt.) Ltd. had offered higher exchange rates and thereby attempted to purchase foreign currency from its customers at higher rates than the exchange rates offered to them by licensed banks (LBs) and that they were in violation of the directions issued to authorised money changers under the Foreign Exchange Act No. 12 of 2017 (FEA).
Accordingly, the CBSL has decided to temporarily suspend the permit issued to Prasanna Money Exchange (Pvt.) Ltd under the provisions of the FEA, with effect from yesterday (31 March).
The public has therefore been informed that Prasanna Money Exchange (Pvt.) Ltd. is no longer permitted to engage in money changing activities as an authorised money changer with effect from yesterday. The public has also been informed that any transaction with Prasanna Money Exchange (Pvt.) Ltd. during the period of suspension is considered as a contravention with the provision of the FEA.
The CBSL has intensified its on-site investigations at authorised money changing outlets and will stand ready to suspend/revoke permits of authorised money changers who do not adhere to the directions issued under the FEA.
CBSL suspends permit issued to Prasanna Money Exchange
01 Apr 2022
CBSL suspends permit issued to Prasanna Money Exchange
01 Apr 2022