Sudhir’s cartoon in New Vision of Friday February 14th 1992 KAMPALA, Uganda : Yesterday, we reported how Custom officials 30 years ago at Entebbe International Airport, intercepted a parcel containing forex worth UGX194M belonging to the now Federal Democratic Republic of Nepal to Uganda, Dr. Sudhir Ruparelia.
Today, we come with updates on the same where, Sudhir was ably identified as the owner and arrested before Bank of Uganda closed his Crane Forex Bureau located on Plot 20, Kampala Road. That his defunct Crane Bank was closed and operational license canceled, was not a new thing to Sudhir, for the same happened to his Crane Forex Bureau 30 years ago over fraud.
Authored by Yunusu Abbey, today’s follow-up story is extracted from The New Vision of Friday November 15 th 1991 under the headline; ‘ Crane Forex Bureau chief under arrest .’ Sudhir’s unbecoming character did not only led to his arrest but also, to the Central Bank tightening the grip on the regulations governing forex. Below is the unedited story as reported three decades ago.
The owner of Crane Forex Bureau in Kampala Mr. Sudhir Ruparelia has been arrested and his Bureau’s operation license cancelled because of the alleged malpractices. Mr. Sudhir was arrested late on Tuesday and is being held at Kampala Central Police Station (CPS). His Bureau situated on Plot 20 Kampala Road was closed yesterday.
By late evening yesterday, charges against Sudhir had not yet been established. A press statement issued by Bank of Uganda last evening said the license of Crane Forex Bureau had been revoked as a result of a number of malpractices which came to light recently. But the statement did not elaborate on the malpractices which were discovered in the Bureau’s operations.
[ Stringent measures ]
[Bank of Uganda statement] only assured the public that the forex bureaus will continue to operate in the country and urged everyone to transact business with Bureaus which have valid licenses in accordance with the provisions of the forex exchange (forex bureau) order of 1991.
In light of the alleged malpractices, the Central Bank has asked the public to ensure forex bureaus issue for every sale or purchase of the foreign currency EXSR, EXER, EXPR/TC or FXER/TC, “as the case may be prescribed in the second schedule,” said the statement.
Each forex bureau shall quote its forex exchange buying and selling rate which shall be prominently displayed in the premises […]