The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to permanently revoke the money-changing permit issued to Prasanna Money Exchange (Pvt) Ltd located in Wellawatte.

Issuing a statement, the CBSL stated that the decision was taken after conducting an inquiry into the non-compliances committed by the money-exchange company following the temporary suspension of its permit earlier this year.

Full statement:

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 the Foreign Exchange Act No. 12 of 2017 (the Act).

The public is hereby informed that Prasanna Money Exchange (Pvt) Ltd is no longer permitted to engage in money-changing activities as an Authorized Money Changer and buying, selling and exchanging foreign currency with Prasanna Money Exchange (Pvt) Ltd is considered a contravention of the provisions of the Act