The Central Bank yesterday revoked the money changing permit issued to Prasanna Money Exchange, citing it has violated the foreign exchange law. 

“After conducting an inquiry into the non-compliances committed by Prasanna Money Exchange Ltd. upon the temporary suspension of the permit issued to the company, 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, in terms of section 11 (3) of the Foreign Exchange Act No. 12 of 2017 (the Act),” a statement issued by the Central Bank noted.

On 30 March, the Central Bank announced the suspension of the permit issued to Prasanna Money Exchange Ltd., following complaints received from general public that Prasanna Money Exchange is offering higher exchange rates and to purchase foreign currency from its customers at higher rates than the exchange rates offered to them by Licensed Banks and that they were in violation of the Directions issued to Authorised Money Changers under the Foreign Exchange Act No. 12 of 2017 (FEA).  

“The public is hereby informed that Prasanna Money Exchange 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 is considered as a contravention of the provisions of the Act,” the Central Bank said yesterday.

The company was engaged in the money changing business at its head office and branch located at No. 42A, Mudalige Mawatha, Colombo 01 as well as at No. 57, Galle Road, Colombo 06, respectively.

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