Financial Times

GoldQuest operators fined Rs. 88.3 mln
The Central Bank has imposed fines of up to Rs. 88.3 million on six individuals for exchange control violations with their credit cards. The Sunday Times FT learns that the highest penalty imposed was Rs. 47.5 million, for a GoldQuest customer remitting over US$330,000 through credit card transactions. The other fines imposed on GoldQuest customers range from Rs. 30.5 million to one million rupees.

They have been fined under Exchange Control Act's clause 52, which stipulates the regulator can go up to three times the value of the transaction plus a Rs 2,000 fine. The Controller of Exchange, H.A.G. Hettiarachchi, said that the Central Bank has imposed fines of one and a half times the value of the offence plus Rs 2,000 each on the six people who have violated exchange control regulations. "There are 920 more (GoldQuest) customers who are being investigated," he said.

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