Permit issued to Prasanna Money Exchange cancelled

The Central Bank yesterday announced the permanent revocation of the money changing permit issued to Prasanna Money Exchange (Pvt.) Ltd, for the violation of the country’s foreign exchange laws. 

In April, the Central Bank suspended the permit issued to Prasanna Money Exchange (Pvt.) Ltd for offering higher exchange rates and thereby attempting to purchase foreign currency from its customers at higher rates than the exchange rates offered to them by the licensed banks.

According to the Central Bank, such action was in violation of the Directions issued to Authorised Money Changers, under Foreign Exchange Act No. 12 of 2017 (FEA). 

“After conducting an inquiry into the non-compliances committed by Prasanna Money Exchange (Pvt.) Ltd, upon the temporary suspension of the permit issued to the company to engage in the money changing business at its head office and branch located at No. 42A, Mudalige Mawatha, Colombo 01 and No. 57, Galle Road, Colombo 06, respectively, the Monetary Board of the Central Bank of Sri Lanka decided to permanently revoke the permit No. DFE/RD/0058 issued to Prasanna Money Exchange (Pvt.) Ltd, in terms of Section 11 (3) of Foreign Exchange Act No. 12 of 2017 (the act),” a Central Bank statement issued yesterday said. 

“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 and buying, selling and exchanging foreign currency with Prasanna Money Exchange (Pvt.) Ltd is considered as a contravention of the provisions of the act,” it added.