News
BOC enhances benefits for expatriate Lankans to support country’s foreign remittances inflows
by R.M.N. Jeewantha
DGM International, Treasury and Investment – Bank of Ceylon
Enhancing convenience for Sri Lankan expatriates with the assurance of highest possible benefit for the hard earned money from overseas assignments they are engaged with, the Bank of Ceylon offers an array of services and products seamlessly through its multi-faceted service channels.
Apart from its specially formulated accounts that offers best possible benefits to the account holder, the Bank has established a service channel that adds value o throughout the transaction process. Enabling expatriates to access the remitting facility seamlessly the bank has placed its representative network across the globe ensuring a secured, reliable, convenient and fast fund remittances service. BOC has deployed 26 Business Promotion Officers (BPO) in seven key foreign employment destinations for Sri Lankans, while providing the services in three countries, offsite.
With the help of the bank’s representative network customers can avail themselves to remit their funds through BOC Smart Remit facility which has been recognized as one of the fastest and most secured remittance transfer services and with the recent system upgrades, it provides real- time fund transfers for BOC customers across the world.
To assure customers that they receive the best attention they require at all times with regard to all their inquiries BOC has formed the “BOC Foreign Circle”, the international support service unit dedicated to response queries related to foreign remittances transactions and other services available for them. which includes instant account opening, obtaining ATM and other cards, loans and online banking services. BOC encourages the Sri Lankan expatriate community to avail themselves of these products and services by simply contacting the BOC Foreign Circle through WhatsApp, Viber or IMO through the following numbers for more information and assistance: 0707 203 203, 0707 204 204, 0707 205 205.
The BOC Personal Foreign Currency Account (PFCA) which is embedded with unique features remains a key product in the portfolio of BOC’s foreign exchange products. Any expatriate Sri Lankan and their family members living in Sri Lanka is eligible to open a PFCA with BOC. BOC Special Deposit Account (SDA) which offers attractive interest rates is another popular product among the expatriate community. While offering the best market interest rates, BOC foreign currency accounts come with a 100% guarantee on the deposit holders’ funds.
Encouraging inward remittance to come through proper channels that would enable the country to benefit largely, the bank introduced “BOC’s Pita Pita Rata Thegi” promotion which has become a successful initiative that rewards and incentivize expatriate Sri Lankans for their patriotism. The expatriates stand the opportunity to win back-to-back valuable gifts in daily, weekly and monthly draws including a grand price, a luxury villa worth Rs. 30 million in the latest Pita Pita Rata Thegi promotion.
Promoting the awareness of risks associated with such unofficial cross-border fund transfer channels and to convince to use secure banking channels, BOC initiated number of awareness programs and campaigns including hosting an exclusive TV programme ‘Ethera Methara’ on Rupvahaini and a radio programme titled ‘Ran Kahvanu’ on SLBC and has built a closer relationship with many respective customers.
Aligned with the Government’s recently announced special incentive scheme for the migrant workers a concession to import electric vehicles based on their level of foreign currency remittances through official banking channels, BOC is already underway to implement this scheme by initiating discussions with the Ministry of Labour and Foreign Employment to partner with the Government.
BOC also plays a major role in pre-departure loan facilities for foreign employment seekers who have registered with Sri Lanka Bureau of Foreign Employment (SLBFE). Recently the bank decided to extend pre-departure loan facilities for foreign employment candidates irrelevant of their destination. Further, to granting financial relief to foreign employment seekers amidst rising travel expenses, the Bank has decided to further reduce interest rates on pre-departure loans.
Bank of Ceylon overseas presence consists of foreign branches in Chennai, Male, Hulhu-Male, Seychelles and a banking subsidiary in London along with a strong affiliation with the international banking network developed over the years.
Over the past 83 years, Bank of Ceylon continues to cement its position as the No.01 Bank in the country while serving the national interest, as reflected by numerous global and local accolades. Bank of Ceylon was yet again recognized among the world’s top 1,000 banks by ‘’The Banker Magazine UK”. BOC operates 648 branches connected online and maintains 1,415 ATMs, CDMs, and CRMs altogether with more than 2,000 touch points spreaded across the nation.
Latest News
Sun directly overhead Kokkuvil, Nallur, Kodikamam and Nagar Kovil at about 12.11 noon today (28)
The sun is going to be directly over the latitudes of Sri Lanka during 28th of August to 07th of September due to its apparent southward relative motion.
The nearest places of Sri Lanka over which the sun is overhead today (28) are Kokkuvil, Nallur, Kodikamam and Nagar Kovil about 12.11 noon.
News
Eight politicians in drug kingpin probe
Police to arrest and question four former ministers, others over links to Basik
By Norman Palihawadane
Police are investigating alleged links between suspected major drug trafficker Shiran Basik and a number of prominent politicians, with eight of them due to be arrested and questioned as investigators widen their probe into his financial dealings and network of associates, police headquarters, according to a senior police officer.
Among those set to face questioning include a sitting MP, four former ministers, and at least one of them is a female. Police are also investigating allegations that Basik provided large sums of money to politicians during election campaigns and extended other financial and material benefits to political figures.
Investigators are also looking into claims that two politicians were provided with facilities to construct houses and hotels, while efforts are under way to establish the extent of political support and assistance allegedly provided to Basik.
The Colombo Central Crime Investigation Bureau (CCIB) is expected to question the politicians based on information reportedly disclosed by Basik during interrogation. Two electoral organisers are also expected to be taken into custody as part of the ongoing investigation, according to police sources.
Meanwhile, statements are being recorded from managers and employees of several businesses allegedly linked to Basik, while investigators continue to examine information and records recovered from his mobile phone.
Basik, 48, was brought back to Sri Lanka on August 14 after being arrested in Dubai and deported. He was taken into custody by officers of the Criminal Investigation Department’s Airport Unit at Bandaranaike International Airport and subsequently handed over to the CCIB for further investigation.
Police initially obtained a 72-hour detention order to question Basik before securing approval to detain him for 90 days.
Basik, a resident of Dehiwala, is facing investigations over alleged large-scale drug trafficking as well as firearms, and unlawful assembly of weapons-related offences. Police are also examining whether he had any involvement in recent prison-related incidents and have said information has emerged linking him to the 2012 Welikada Prison riot.
The investigation has also expanded to Basik’s alleged assets and business interests in Sri Lanka and overseas.
Police have said information uncovered during questioning indicates that Basik had claimed ownership of five hotels along Colombo’s Marine Drive. Investigators have also identified two houses and two mobile phone shops in Boralesgamuwa allegedly linked to him.
A court has ordered a comprehensive examination of bank accounts linked to Basik, with the Financial Intelligence Unit of the Central Bank of Sri Lanka to conduct a review of his financial accounts. A separate investigation into his wealth and properties is being conducted by the Illegal Assets Investigation Division.
Investigators are also examining claims that Basik owns properties, including hotels and vehicles, in several European countries, as well as a high-value vehicle in Dubai. These claims remain subject to further investigation.
Basik had left Sri Lanka for Dubai in 2018, where police said he lived a lavish lifestyle while operating businesses. He was arrested by UAE authorities before being deported to Sri Lanka.
During initial questioning, Basik told investigators that Dubai police had stopped and searched him at a shopping mall and examined his mobile phone. He claimed that footage relating to Iranian missile and drone attacks was found on the device and that he was subsequently questioned over alleged links to Iran.
Police are continuing to examine the circumstances surrounding his arrest and deportation, as well as the information contained in his mobile phone and other evidence gathered during the investigation.
The ongoing probe is being conducted under the supervision of Senior DIG Ranmal Kodituwakku and SSP Kamal Ariyawansa.The allegations against Basik and the politicians named in connection with the investigation have not been established in court, and the investigations remain ongoing.
News
CJ first SC judge to benefit from 22A, if enacted: BASL
The Bar Association of Sri Lanka (BASL) has opposed the proposed “Twenty-Second Amendment to the Constitution”, saying it raises serious concerns over judicial independence and the rights and interests of the public.
In a statement signed by BASL President Rajeev Amarasuriya and Secretary Nalin De Silva, the association said it had challenged the constitutionality of the proposed amendment before the Supreme Court.
The BASL noted that the Chief Justice would be the first Supreme Court judge to benefit from the proposed amendment if it becomes law. It also referred to widespread speculation that the amendment was being expedited to facilitate an extension of the incumbent Chief Justice’s tenure, which is due to end on December 1, 2026.
Full text of the statement:
“The Bar Association of Sri Lanka (BASL) has taken a principled position opposing the Bill titled the “Twenty-Second Amendment to the Constitution” on the basis that it raises serious concerns regarding the independence of the Judiciary and the rights and interests of the people. Accordingly, the BASL has challenged the constitutionality of the proposed amendment before the Supreme Court.
“It is observed that it will be the Honourable Chief Justice who will be the first Judge of the Supreme Court who will benefit from the 22nd Amendment, if this Bill is enacted into Law.
There is widespread belief that this amendment is being rushed to facilitate the extension of the tenure of the Honourable Chief Justice which would otherwise complete on 1st December 2026. In this backdrop, in the recent past, we have witnessed allegations being made in Parliamentary Proceedings as well as on Social Media concerning the Judiciary including the incumbent Chief Justice.
“During this period, the BASL has also been subjected to unfounded attacks on social media and other platforms.
“The Judiciary, like every other institution exercising public power, must remain subject to legitimate scrutiny and accountability. Judgments, judicial conduct and the administration of justice may properly be subjected to fair, informed and responsible criticism. Where credible concerns or allegations arise regarding any member of the Judiciary, including the Chief Justice, they should be examined objectively and addressed through the appropriate constitutional and parliamentary processes which are in place, with due regard to fairness and due process.
“At the same time, everyone must exercise responsibility when making allegations concerning individual judges, lawyers and others. Personal attacks based upon unsubstantiated allegations can undermine public confidence in the administration of justice and affect the independence and integrity of the judicial process and the system of justice
“Judicial independence is not intended to shield any individual from legitimate scrutiny or accountability. It is a safeguard for the people, ensuring that disputes are determined impartially and that individual rights, the Rule of Law and the constitutional order are protected.
“The BASL therefore calls upon all organs of the State, all parties concerned and the media to respect the role of the Judiciary and the system of administration of justice, while ensuring that any genuine concerns are addressed fairly, responsibly and through the procedures established by the Constitution and the law.”
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