Prasanna Money Exchange licence suspended

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By Sulochana Ramiah Mohan

Based on an investigation into offering higher exchange rates, the Central Bank of Sri Lanka (CBSL) suspended the money changing permit of Prasanna Money Exchange on Wednesday (30 March).

Following complaints that Prasanna Money Exchange (Pvt) Ltd is offering higher exchange rates, the Central Bank’s Department of Foreign Exchange conducted an on-site investigation.

It was found that they had violated the directions issued to Authorised Money Changers under the Foreign Exchange Act No. 12 of 2017 (FEA).

Thus, the Central Bank has decided to suspend the permit issued to Prasanna Money Exchange (Pvt) Ltd under the provisions of the FEA, with effect from yesterday (31).

The public is hereby 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 31 March 2022. The public is also 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 Central Bank 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 Foreign Exchange Act.