The Central Bank will soon watch transactions carried out by Authorized Money Changers (AMCs) through closed circuit television cameras.
The Exchange Control Department has sent out a circular to ‘all places of business of authorized money changers’ asking them to instal Closed Circuit Television (CCTV) systems before August 31.
The circular states, “Having considered the findings of onsite and offsite supervision conducted by the
Exchange Control Department (ECD) of the Central Bank and complaints received from the general public, it has been decided to monitor such activities through a CCTV installed at the places.”
Apart from a CCTV monitoring system, authorized money changers should also obtain ADSL internet service to ensure monitoring from remote locations and internet facility should be available 24 hours with unlimited data transferring facility.
The circular states that the paid up capital of Rs.10 million of the company may be used to meet expenses of the installation of the CCTV monitoring system.
Central Bank sources said the move would help monitor the transactions by the Central Bank and ensure that the foreign currency exchanged was deposited with the Central Bank.