Muscat: The Central Bank of Oman (CBO) on Sunday issued strict guidelines to money-exchange offices in Oman following the detention of some citizens for allegedly exchanging fake Indian currency.
The notice stated that the "lack of seriousness on the part of exchange companies is unacceptable and shall be viewed seriously."
The notice strongly advises exchange companies to take note of these recent incidents and to take all necessary remedial measures, including a review of existing systems and procedures for the purchase and sale of foreign currency and the adoption of appropriate safety and control measures.
It has also advised the companies to take the matter seriously and to make any necessary arrangements, sparing no effort in this regard on cost or any other considerations and keeping CBO and Royal Oman Police informed immediately of any untoward incidents. It also adds that failure to comply in this regard will invite stiff penalties from the CBO, at its discretion, and other such regulatory actions as may be deemed fit.