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The Central Financial institution of Sri Lanka has determined to quickly droop the allow issued to the Prasanna Cash Change (Pvt) Ltd underneath the provisions of the International Change Act after contemplating the complaints obtained from most of the people that Prasanna Cash Change (Pvt) Ltd is providing increased change charges.
The Division of International Change of the Central Financial institution performed an on-site investigation on the Prasanna Cash Change (Pvt) Ltd on 30.03.2022, the CBSL acknowledged in a press launch. And as per the investigation, it was noticed that the Prasanna Cash Change (Pvt) Ltd had provided increased change charges and thereby tried to buy overseas forex from its clients at increased charges than the change charges provided to them by Licensed Banks and that they have been in violation of the Instructions issued to Approved Cash Changers underneath the International Change Act No. 12 of 2017 (FEA).
Subsequently, the general public has been knowledgeable that the Prasanna Cash Change (Pvt) Ltd is now not permitted to interact in cash altering actions as an Approved Cash Changer with impact from 31.03.2022, and in addition knowledgeable that any transaction with the Prasanna Cash Change (Pvt) Ltd in the course of the interval of suspension is taken into account as a violation with the supply of the FEA.
The Central Financial institution has intensified its on-site investigations at Approved Cash Altering shops and can stand able to droop/revoke permits of Approved Cash Changers who don’t adhere to the Instructions issued underneath the International Change Act.
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