CBSL suspends permit for foreign exchange agent over higher rates
2 min readCOLOMBO (Information 1st) The Central Lender of Sri Lanka has made the decision to temporarily suspend the permit issued to the Prasanna Money Trade (Pvt) Ltd underneath the provisions of the Foreign Exchange Act just after taking into consideration the complaints acquired from basic community that Prasanna Dollars Exchange (Pvt) Ltd is giving increased exchange prices.
The Section of Overseas Exchange of the Central Bank conducted an on-web page investigation at the Prasanna Dollars Exchange (Pvt) Ltd on 30.03.2022, the CBSL stated in a press release. And as for each the investigation, it was observed that the Prasanna Money Trade (Pvt) Ltd experienced available larger trade charges and thus tried to order overseas currency from its consumers at greater charges than the trade rates presented to them by Accredited Financial institutions and that they ended up in violation of the Directions issued to Authorized Revenue Changers beneath the Overseas Trade Act No. 12 of 2017 (FEA).
For that reason, the public has been educated that the Prasanna Funds Exchange (Pvt) Ltd is no lengthier permitted to have interaction in dollars modifying activities as an Approved Income Changer with effect from 31.03.2022, and also informed that any transaction with the Prasanna Dollars Exchange (Pvt) Ltd in the course of the interval of suspension is considered as a contravention with the provision of the FEA.
The Central Lender has intensified its on-web page investigations at Licensed Money Shifting outlets and will stand ready to suspend/revoke permits of Approved Dollars Changers who do not adhere to the Directions issued beneath the Foreign Exchange Act.