Considering the complaints received from general public that Prasanna Money
Exchange (Pvt) Ltd is offering higher exchange rates, the Department of Foreign
Exchange of the Central Bank conducted an on-site investigation at the Prasanna
Money Exchange (Pvt) Ltd on 30.03.2022. As per the investigation, it was
observed that the Prasanna Money Exchange (Pvt) Ltd had offered higher
exchange rates and thereby attempted 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 Authorized
Money Changers under the Foreign Exchange Act No. 12 of 2017 (FEA).
Accordingly, the Central Bank has decided to temporarily suspend the permit
issued to the Prasanna Money Exchange (Pvt) Ltd under the provisions of the
FEA, with effect from 31.03.2022.
The public is hereby informed that the Prasanna Money Exchange (Pvt) Ltd is
no longer permitted to engage in money changing activities as an Authorized
Money Changer with effect from 31.03.2022. The public is also informed that
any transaction with the 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 Authorized Money
Changing outlets and will stand ready to suspend/revoke permits of Authorized
Money Changers who do not adhere to the Directions issued under the Foreign
Exchange Act.
