244 investigations carried under provisions of Exchange Control Act

COLOMBO (News 1st) - The Annual report of the Central Bank of Sri Lanka (CBSL) states two hundred and forty-four investigations had been carried out under the provisions of the Exchange Control Act. According to the CBSL annual report, after concluding 45 investigations, Rs. 82.33 million was transferred to the Consolidated Fund, being penalties imposed on relevant parties of such investigations. It notes the balance 199 investigations are expected to be completed before May 20, 2018, in terms of Section 30 (2) b of the Foreign Exchange Act. A Majority of these investigations had been on non-compliance of issuing and transferring of securities or shares, contravening the procedure set out in general permissions, unauthorised payments made by residents to non-residents, non-compliance by authorised dealers with directions and operating instructions issued by the Controller of Exchange, violation of conditions on permits issued to authorised money changers and unauthorised possession of foreign currency.