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SJB belatedly defends 2017 Foreign Exchange Act, rejects Justice Minister’s claim of funds ‘parked’ overseas
By Shamindra Ferdinando
Top SJB spokesman Dr. Harsha de Silva on Monday (20) dismissed Justice Minister Dr. Wijeyadasa Rajapakshe’s claim that well over USD 56.5 bn had been parked overseas by some exporters.
Dr. de Silva also contradicted claims made by rebel SLPP MPs Vasudeva Nanayakkara, Wimal Weerawansa and Gevindu Cumaratunga on the matter.
The Justice Minister and rebel SLPP MPs have declared that the enactment of Foreign Exchange Act No 12 of 2017 had led to the current situation.
Appearing on the live political programme Salakuna on Hiru, the Colombo District lawmaker said that such accusations were nothing but a joke. One-time Economic Reforms and Public Distribution State Minister de Silva declared that it was nothing but a made-up story.
The SJB lawmaker said so when Hiru anchor Chamuditha Samarawickrema asked whether the Yahapalana government contributed to the current crisis by doing away with the time-tested Exchange Control Act No 24 of 1953. Samarawickrema pressed for an answer pointing out that Harsha de Silva and SJB leader Sajith Premadasa were among 94 MPs who voted for the new law whereas 18 voted against.
A section of the UNP registered SJB as a political party, in early 2020, ahead of the general election held in Aug of the same year.
Governor of the Central Bank Dr. Nandalal Weerasinghe, too, has on several occasions raised concerns over the failure on the part of exporters to bring back proceeds.
Samarawickrema said that according to Minister Rajapakse the actual figure could be as much as USD 100 bn though official records were lower.
Dismissing the Justice Minister’s declarations, MP de Silva questioned the recent claim made by the former President of the Bar Association that export proceeds amounting to USD 8 bn hadn’t been repatriated last year. There was no basis for the Justice Minister’s claim on USD 8 bn as well as the previous declarations on over USD 50 bn being held overseas, MP de Silva said, adding that the total amount of exports were USD 12 bn last year.
Accusing some lawmakers of propagating lies, the former UNPer challenged them to reveal where even USD one bn was held.
Referring to leaked Panama Papers and Pandora Papers beginning April, 2016 and Oct 2021, respectively, MP de Silva said they disclosed the amounts parked overseas. “I won’t say funds hadn’t been parked. Thieves are everywhere. Some under invoice. Others over invoice. There are people who park money abroad. The funds mentioned in Panama Papers are part of the total amount of money stashed overseas.”
MP de Silva firmly denied that Sri Lanka engaged in large scale export business. There was absolutely no basis of claim regarding USD 56.5 bn, MP de Silva said.
Asked whether Justice Minister lied in this regard, MP de Silva insisted that this figure couldn’t be accepted under any circumstances.
Responding to Samarawickrema’s query whether the new law contributed to the bankruptcy, MP de Silva said that it was meant to pave the way for Sri Lankans to set up businesses abroad. The economist said that Sri Lankans should be allowed to invest overseas the way foreign companies did here. The former State Minister named several such investments made by Sri Lankans.
Dr. de Silva dismissed claims that the Capital Account hadn’t been opened. Utilization of funds had to be approved by the Central Bank on a case-by-case basis.
At the onset of the programme, Dr. de Silva said that the SJB accepted the general direction of President Ranil Wickremesinghe’s budget. One-time Wickremesinghe deputy on economic affairs?? during the yahapalana government, lawmaker de Silva said that SJB is comfortable with the budget in spite of concerns.
Latest News
ITS Giuseppe Garibaldi’ departs Colombo
The Italian Naval Vessel ‘ITS Giuseppe Garibaldi’ departed the Port of Colombo today, 12 September 2026, after completing a replenishment stop for logistics and services.
During the ship’s stay, the Commanding Officer of ITS Giuseppe Garibaldi, Captain Marco GUERRIERO, called on the Commander Western Naval Area, Rear Admiral Harsha De Silva, at the Western Naval Command Headquarters.
Members of the visiting crew also toured several tourist attractions across the Colombo area during their port call.
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Green Climate Fund (GCF) Regional Dialogue for East and South Asia will be held from 14 to 17 September 2026 at Cinnamon Life at City of Dreams Hotel, Colombo
The Green Climate Fund (GCF) Regional Dialogue for Eastern and Southern Asia is scheduled to be held from September 14 to 17, 2026, at Cinnamon Life at City of Dreams, Colombo.
The Dialogue is hosted by the Government of Sri Lanka. The Green Climate Fund is the world’s largest dedicated climate fund established under the United Nations Framework Convention on Climate Change to assist developing countries in responding to the challenges of climate change.
The Green Climate Fund aims to promote a paradigm shift towards low-emission and climate-resilient development
pathways by supporting developing countries in reducing their greenhouse gas emissions and adapting to the impacts of climate change.
The Ministry of Environment of Sri Lanka serves as the country’s National Designated Authority for the Green Climate Fund, playing a critical role in coordinating access to climate finance, nominating institutions for accreditation to the Green Climate Fund and approving funding proposals, and ensuring that activities supported by the Green Climate Fund are aligned with national development objectives.
More than 120 delegates from 10 countries are expected to participate. The participating countries are Bangladesh, Bhutan, China, India, the Maldives, Mongolia, Nepal, Pakistan, the Republic of Korea, and Sri Lanka.
Participants will include representatives of National Designated Authorities of the above countries, Direct Access Entities, Accredited Entities, civil society organizations, the private sector, development partners, and technical institutions across the region.
Sri Lanka’s delegation comprises Dr. Dammika Patabendi, Minister of Environment, Anton Jayakody, Deputy Minister of Environment, K.R. Uduwawala, Secretary, Ministry of Environment, and high-level government officials.
The Dialogue will provide a platform to:
Share challenges, experiences, and lessons learned from the implementation of climate change projects and programmes.
Strengthen regional cooperation and partnerships on climate finance.
Discuss the Green Climate Fund’s evolving strategies, policies, and approaches.
Identify opportunities to accelerate climate investments across East and South Asia.
Hosting the Regional Dialogue in Colombo will provide Sri Lanka with an important opportunity to engage with senior government officials, private-sector representatives, development partners, technical experts, and international climate finance institutions.
The event is expected to support Sri Lanka’s efforts to improve access to climate finance and international grants, showcase national climate action initiatives and achievements, and strengthen the country’s engagement with the global climate community.
The Dialogue will also offer a strategic platform for Sri Lankan institutions that have applied for direct accreditation to present their project concepts and engage directly with representatives of the Green Climate Fund. These engagements are expected to support the accreditation process and contribute to the expansion of Sri Lanka’s network of Direct Access Entities through stronger regional partnerships and increased cooperation on climate finance, the Regional Dialogue will
contribute to positioning Sri Lanka as a credible and reliable partner for climate investment.
Projects that Sri Lanka has received funding from this fund are:
• The main projects that Sri Lanka has received support from the Green Climate Fund at present include the Wevu Gam Pubuduwa Project (52.1 USD Million) and the GCF Knuckles Project (49 USD Million).
7.5 USD Million has been allocated from GCF for 5 National Designated Authority Readiness Projects (NDA Readiness Projects) and for the National Adaptation Plan Readiness Project (NAP Readiness Project).
Approval has also been obtained for 3 regional projects. (Cooling Facility Programme, Global Fund for Coral Reef Investment Window, PEEB COOL Programme)
Sri Lanka has also identified 5 project concepts as priority projects for the Green Climate Fund period 2024-2027 and has taken steps to submit those project concepts (Concept Notes) for
approval by the Green Climate Fund.
The “Climate-resilient Fisheries in Sri Lanka” project concept (USD 107.5 million) submitted by DFCC Bank has already received approval.
News
Prof. Pieris says Buddha Dhamma recognised as source of law under Constitution
Former Minister and People’s Joint Opposition Convener Prof. G.L. Peiris has challenged the assertion that the Supreme Court’s determination on the 22nd Amendment to the Constitution would be based solely on law and not Buddhist teachings, arguing that such a position is inconsistent with Article 9 of the Constitution and established judicial precedent.
In a special statement, titled “Buddhist Doctrine as a Source of Law in Sri Lanka”, Prof. Peiris has said the issue had arisen during the 22nd Amendment determination proceedings when Ven. Balangoda Kassapa referred to the Buddha Dhamma in his submissions.
According to Prof. Peiris, the Chief Justice responded that the determination would be made on the basis of the law and not Buddhist teachings.
Describing this as a “cavalier dismissal” of the Buddha Dhamma. Prof. Peiris has said it is contrary to Article 9, which gives Buddhism the foremost place and requires the State to protect and foster the Buddha Sasana.
Full text of the statement: In the 22nd Amendment determination proceedings, Venerable Balangoda Kassapa, in his submissions, made reference to the Buddha Dhamma. His Lordship the Chief Justice, in reply, made the strong assertion that the determination would be made on the basis of the law and not Buddhist teachings. This cavalier dismissal of the Buddha Dhamma is totally inconsistent with Article 9 of the Constitution and its authoritative interpretation in judicial decisions.
I. Authoritative Sri Lankan Judicial Authority A few examples may be cited.
In the Antiquities Amendment Bill, the Supreme Court, in its determination, observed: “The expression Buddha Sasana is wider than Buddhism and includes the entire establishment, together with objects and places of religious practices and worship of Buddhists”.
In Re the Thirteenth Amendment to the Constitution and the Provincial Councils Bill, 1987 2 Sri Lanka LR 312, Wanasundera J, referring to the term Buddha Sasana, said that it was “a compendious term encompassing all ancient, historic and sacred objects and places which have from ancient times been associated with the religious practices and worship of Sinhala Buddhists”.
It is clear that the Buddha Sasana is not confined to matters of ritual or practice, but includes the substance of Buddhist teachings. This is borne out clearly in other judgments of the Supreme Court.
An explicit example is the determination of the Supreme Court in the Ayurveda Amendment Bill, SCSD, numbers 22-35/2023, where the Court declared: “We hold that Buddha Sasana in Article 9 of the Constitution includes the dhamma, principles and teachings of Buddhism, including in particular recognized and undisputed codifications of the teachings of Lord Buddha”.
There are several other passages in the judgment which offer strong authority on the point.
The Court declared: “We determine that the word Buddha Sasana in Article 9 is a compendious term and includes the entire establishment of Buddhism as defined above. We conclude that the Tripitaka, consisting of the Vinaya Pitaka, the Sutta Pitaka and the Abhidhamma Pitaka, falls within the word Buddha Sasana. Hence the State has a duty inter alia to protect and foster the Tripitaka”.
The Court was uncompromising in its declaration that “While retaining the word Buddhism to denote the religion to which foremost place has been accorded in the Republic, the word Buddha Sasana was used to impose a duty on the State to protect and foster the entire establishment of Buddhism”.
The Court’s approach is very clear from the following passage: “We must proceed to interpret Article 9 of the Constitution on the basis that this change was intentional on the part of the legislature. It was meant to cover an area wider than Buddhism”.
II. International Judicial Authority
There is valuable material in the jurisprudence of the International Court of Justice at The Hague.
Judge C. G. Weeramantry, in his dissenting opinion in the ICJ’s 1996 advisory opinion on the legality of the threat or use of nuclear weapons, said that Buddhism could provide an important humanitarian perspective when considering the legality of nuclear weapons. The judge cited as his source the work by Walpola Rahula, entitled What the Buddha Taught, 1959.
Similarly, Judge Weeramantry, in his separate opinion in the maritime delimitation in the area between Greenland and Jan Mayen case, 1993, commented on the international legal concept of equity. In this connection, he referred to “the elaborately researched concept of fairness and justice in Buddhism”.
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