News
CBSL warns public against misleading overseas property investment ads
Central Bank clarifies rules, warns of legal action for unauthorised foreign exchange transactions
The Central Bank of Sri Lanka (CBSL) on Friday issued guidelines pertaining to overseas property investments, following an increase in advertisements promoting such ventures.The Central Bank said it has recently observed advertisements published in the print and social media that promote overseas investments in immovable properties (overseas property investments) among Sri Lankan resident individuals.
Issuing a statement, the Central Bank said that such advertisements also offer guidance on obtaining foreign financing for such investments.
As such, the CBSL has brought to the attention of the public the following, in terms of Regulations and Orders issued under the Foreign Exchange Act, No. 12 of 2017 (FEA):
Resident individuals are not permitted to make payments to acquire or invest in overseas properties except where payments for such investments are made from the Personal Foreign Currency Accounts (PFCAs) up to the limit of USD 20,000 or equivalent in any other designated foreign currency.
Payments for overseas property investments from Business Foreign Currency Accounts (BFCAs) maintained by resident entities/individuals are not permitted.
Further, resident individuals are not permitted to obtain foreign loans or raise financing from nonresidents for any purpose, including overseas property investments.
In the above circumstances, the Central Bank said it strongly advises the public not to be misled by such advertisements published in the print and social media, which promote overseas property investments, and also offer guidance on obtaining foreign financing for such purposes.
The Central Bank further warned that legal action shall be initiated under FEA against any person involved in or facilitating such unauthorised foreign exchange transactions.
A discussion with the Catholic Council was held on Thursday (21) afternoon at the Presidential Secretariat under the co-chairmanship of Minister of Science and Technology, Chrishantha Abeysena and Secretary to the President Dr. Nandika Sanath Kumanayake.
Discussions focused on administrative issues relating to Catholic schools taken over by the Government, the formulation of a structured teacher cadre system for Catholic religious education, the need to recruit Catholic nuns and priests into the teaching profession and the establishment of a mechanism to obtain the support of the Ministry of Education for the administration of Government-acquired Catholic schools.
It was also decided that discussions with the Catholic Council would be held three times annually, while Senior Additional Secretary to the President Roshan Gamage would serve as Secretary to the forum.
Expressing appreciation on behalf of the Catholic Council, His Eminence Malcolm Cardinal Ranjith thanked President Anura Kumara Dissanayake and the Government for facilitating the discussion.
His Eminence further stated that the expectation was to ensure every student, without discrimination, is given the opportunity to learn his or her own religion and stressed the importance of resolving the prevailing issues within the education sector.
Also present at the occasion were Most Rev. Bishop Harold Anthony Perera, Most Rev. Bishop Christy Noel Emmanuel, Most Rev. Bishop Anton Ranjith, Most Rev. Bishop Wimal Siri Jayasuriya, other clergy representing the Catholic Council, Secretary to the Ministry of Education, Nalaka Kaluwewa and senior officials of the Ministry of Education.
(PMD)
The International Cricket Council (ICC) has decided to broaden the Women’s Emerging Nations Trophy, which was launched last year. Unlike the inaugural edition held in November 2025 that featured eight Associate teams, the second edition will comprise 10 teams, including five Test-playing nations. The tournament is scheduled to be held in November this year.
Italian Navy’s ITS GIOVANNI DELLE BANDE NERE, which arrived in Colombo (21 May 2026) on a replenishment visit, departed the island today (22 May).
The Sri Lanka Navy bade a customary farewell to the departing ship in compliance with naval traditions at the port of Colombo.
During her brief stay in Colombo, the Commanding Officer of the ship, Commander Antonio BUFIS called on the Commander Western Naval Area at the Western Naval Command Headquarters.
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