CBSL suspends permit for foreign exchange agent over higher rates
COLOMBO (Information 1st) The Central Lender of Sri Lanka has made the decision to briefly suspend the permit issued to the Prasanna Revenue Exchange (Pvt) Ltd under the provisions of the Overseas Trade Act right after thinking about the issues gained from basic community that Prasanna Money Trade (Pvt) Ltd is featuring larger exchange charges.
The Section of International Exchange of the Central Lender executed an on-web site investigation at the Prasanna Money Trade (Pvt) Ltd on 30.03.2022, the CBSL stated in a press release. And as for every the investigation, it was observed that the Prasanna Income Exchange (Pvt) Ltd experienced made available better trade rates and thus tried to purchase foreign forex from its prospects at bigger costs than the trade costs available to them by Certified Banks and that they have been in violation of the Directions issued to Licensed Money Changers less than the Foreign Trade Act No. 12 of 2017 (FEA).
Thus, the community has been knowledgeable that the Prasanna Funds Trade (Pvt) Ltd is no longer permitted to engage in dollars changing routines as an Approved Dollars Changer with impact from 31.03.2022, and also informed that any transaction with the Prasanna Revenue Exchange (Pvt) Ltd during the period of suspension is regarded as as a contravention with the provision of the FEA.
The Central Lender has intensified its on-website investigations at Approved Funds Modifying stores and will stand prepared to suspend/revoke permits of Licensed Money Changers who do not adhere to the Instructions issued beneath the International Exchange Act.
