(7/9/2006)
Responding to numerous complaints from the public regarding fraudulent practices by Bali money-changers, a team of village and local community associations conducted surprise raids on three main streets in Legian on Friday, July 8, 2006. Those raids – affecting Jalan Melasti, Jalan Padma, and Jalan Legian - netted 55 money changers operating without the required permits.
According to data provided by the Association of Foreign Exchange Operators (APVA), only 29 exchange counters are formally registered as foreign exchange operators in Legian, a number far less than the 55 illegal operators discovered in the Friday raids.
Of the 55 illegal money changers uncovered in the raids most were found to be operating without any of the required permits with the remainder found to be operating with expired licenses.
Operating licenses for money changers are only issued by Bank Indonesia. Among the requirements imposed by Bank Indonesia for a legal money changer operation are:
• Possession of local operating permit (SITU/HO).
• A standardized sign to mark the location of an authorized money changer.
• A safe for the storage of funds.
• A detection device for discovering counterfeit funds.
• A calculator.
• Forms for recording exchange transactions.
• Well presented staff to work in the money changer.
• A minimum office size of 2 x 2 meters for the branch office of a money changer.
© Bali
Discovery Tours. Articles may be quoted and reproduced
if attributed to http://www.balidiscovery.com.
