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CB denies attempt to convert worker remittances into Lankan rupees

The Central Bank yesterday denied speculations that worker remittances will be forcibly converted into Sri Lankan rupees under the proposed Securitised Financing Arrangement (SFA) as being unfounded.
The bank, issuing a statement, said such rumours claimed SFA is aimed at converting all worker remittances into Sri Lankan rupees upon receipt by licensed banks.
“The Central Bank of Sri Lanka (CBSL) categorically states that there is no truth whatsoever in this allegation. Since 28 May 2021, licensed banks are expected to sell to the CBSL, 10% of voluntary conversions of worker remittances into Sri Lankan rupees on the strength of the additional Rs. 2 incentive provided by the Government on such conversions,” the bank said.
It said that while a request for proposal has now been launched to explore the possibility of securitising this already existing flow to the Central Bank, the SFA will have no impact on any worker remittance. These can continue to be freely retained in foreign currency accounts in Sri Lanka or converted into Sri Lankan rupees as done in the past.
“Accordingly, the general public is requested to remain vigilant and not to be misled by such false information. In the meantime, in collaboration with the Government, the CBSL will continue to facilitate the enhancement of worker remittances by incentivising funds remitted through formal channels, as previously announced,” the press release said.
Latest News
2024 Grade 5 Scholarship Examination cut-off marks released

The cut-off marks for the admission of students to Grade 06 of the schools based on the results of the 2024 Grade 5 Scholarship Examination have been released by the Ministry of Education and can be viewed by clicking on the following link.
https://g6application.moe.gov.lk/
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President focuses on streamlining, integrating and developing the manufacturing sector for greater efficiency

A meeting between President Anura Kumara Disanayake and officials of the Ministry of Industry and Entrepreneurship Development was held today (14) at the Presidential Secretariat.
Discussions focused on enhancing the efficiency, integration and development of the manufacturing sector to strengthen the national economy, as well as addressing the challenges associated with these efforts.
Key topics included government-led initial investments and proper regulation to empower small and medium-scale entrepreneurs, the establishment of local small-scale industries within investment zones and challenges related to business loans faced by small and medium-scale enterprises.
The President directed officials to expedite the release of lands allocated to the Ministry of Industry that have not been released so far.
Further discussions were held on maintaining and regulating import restrictions to strengthen local industries, prioritizing local suppliers in construction industry procurement and resolving issues in the gem and jewellery sector to ensure its full contribution to the national economy.
The President also instructed officials to swiftly implement tax exemptions for tourists to boost the gem and jewelry industry.
Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara and several other ministry officials attended the meeting.
[PMD]
News
Massive TN fishing fleet poaching in SL waters: Only India’s Central Govt. can halt it – Minister Chandrasekar

By Shamindra Ferdinando
Fisheries, Aquatic and Ocean Resources Minister Ramalingam Chandrasekar yesterday (13) emphasised that only the Central Government of India could prevent the Tamil Nadu fishing fleet from poaching in Sri Lankan waters.
The Minister said that the Central Government of India in consultation with Tamil Nadu should without further delay deploy the Indian Navy and Coast Guard to prevent large-scale organised crossing of the Indo-Lanka maritime boundary.
The JVPer said so when The Island asked him what he intended to do to curb poaching and the destructive fishing practice known as bottom trawling practised by the Tamil Nadu fishing fleet in our waters. “Our Navy and Coast Guard regularly conduct operations in the northern waters to deter the TN fishing fleet. But only India got the wherewithal to stop this menace,” Chandrasekar said.
Responding to another query, the lawmaker stressed that the NPP government would not hesitate to take a firm stand on the issue. “We believe that India should prevent TN fishing fleet from crossing the maritime boundary,” Minister Chandrasekar said, adding that during his interactions with relevant Indian authorities and diplomatic staff, including High Commissioner Santosh Jha, he had taken up the issue.
The Minister said that he had explained the difficulties experienced by the northern fishing community due to the Indian fishers stealing their catch, when Charles Callanan, Director, UNOPS South Asia paid a courtesy call on him recently. They may not intervene or comment on this matter but there was no harm in briefing them of the actual situation on the northern seas, the Minister said.
The people of the northern and eastern regions, too, overwhelmingly voted for the NPP, the lawmaker said, adding that therefore the problems faced by the northern and eastern fishers should be addressed.
Minister Chandrasekar said that President Anura Kumara Dissanayake had, during his three-day official visit to New Delhi in January, raised the issue at the highest level.
Asked whether he was aware of the protests that had been directed at Tamil National Alliance (TNA) leader S. Sritharan, MP, over his recent visit to see Tamil Nadu fishermen held at the Jaffna prison, Minister Chandrasekar said an NPP lawmaker too visited them. “We never sought media coverage for our visit to Jaffna prison,” Minister Chandrasekar said, adding that the government was determined to push for tangible solutions for recurring issues.
Acknowledging that various interested parties both here and in India sought political mileage at the expense of poaching by the Tamil Nadu fishing fleet, Minister Chandrasekar said that Sri Lanka had no option but to continue naval operations to deter encroachments.
Quoting northern fishers, Minister Chandrasekar alleged that at the rate Tamil Nadu fishing fleet stole Sri Lanka’s fisheries resources nothing would remain in 15 to 20 years’ time. The minister appreciated the efforts made by the navy to protect the interests of Sri Lankan fishermen.
Tamil Nadu poaching can be an issue at the forthcoming Local Government polls. There had been several incidents involving the navy and Tamil Nadu fishing vessels during the past couple of years. One incident claimed the life of a Special Boat Squadron man while two Indian fishers were shot and wounded in another. The second incident prompted India to summon Sri Lanka’s Acting HC in New Delhi to the Foreign Office where a warning was issued over the incident.
Minister Chandrasekar said that India should take meaningful measures to stop illegal fishing, thereby avoiding unnecessary incidents. The minister acknowledged that in spite of quite a number of arrests over the years, the Tamil Nadu fishing fleet seemed bent on continuing with the lucrative practice.
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