Business
Sri Lankan companies could reap multiple benefits by using INR in their biz with Indian counterparts – Indian H.C. Baglay
By Hiran H.Senewiratne
There would be multiple benefits for Sri Lankan companies and entrepreneurs by adopting the arrangement of paying in Indian rupees (INR) in transactions they conduct with their Indian counterparts, India’s High Commissioner to Sri Lanka Gopal Baglay said.
“This will also help towards growing bilateral trade between the two countries. This is the right time to look into this aspect and this can also lead to more investments from India, the Indian High Commissioner said at a panel discussion on INR- denominated trade settlements between India and Sri Lanka. The event which was organized by the High Commission of India was held at Hotel Taj Samudra on Thursday.
High Commissioner Baglay said that acceptance of INR in Sri Lanka will have a major advantage for tourism. “The fact that Indian tourists can pay in their own currency will make Sri Lanka a perfect destination for Indian tourists, he explained.
H.C. Baglay added: “Another aspect Sri Lanka should look at is to move more towards digitalization. Today India accounts for over 40% of global digital transactions, which clearly shows the shift by our country towards digitalization.”
Meanwhile, an Indian High Commission press release said: A team from RBI joined the discussion in the online format and indicated the possibility of settlement of current account transactions in goods as well as services in INR apart from the option of undertaking permitted capital account transactions. The RBI team referred to the close cooperation with CBSL and RBI’s commitment to further facilitate this process.
State Minister of Finance Shehan Semasinghe appreciated the close economic relationship between the two countries and the financial and humanitarian support extended by India over the past year including the strong financing assurances provided by India in context of the IMF support programme for Sri Lanka.
Governor, CBSL Dr. P. Nandalal Weerasinghe mentioned the strong desire among Indian and Sri Lankan business communities for enabling trade settlements in INR. He called for expanding this facility over a period of time to utilize it for the full range of capital and current account transactions. Governor CBSL also appreciated the wide-ranging participation from stakeholders in Sri Lanka and India which included more than 300 attendees in the physical format apart from those that joined online.
Participants from Sri Lanka included officials from CBSL, Government of Sri Lanka, representatives from business and industry including tourism sector, media personnel, bank representatives, economists and journalists. Participants from India that connected in the online format included representatives from RBI, Government of India, trade and industry associations and export promotion councils.
In a landmark move towards digital transformation within Sri Lanka’s legal system, the Supreme Court officially launched online payment acceptance via GovPay, at a ceremony held on 15th May 2025 at the Supreme Court Complex in Hulftsdorp, Colombo 12, under the patronage of Chief Justice Murdu Fernando, PC.
This digital initiative enables both legal professionals and general public to make real-time, secure online payments via any GovPay-enabled internet banking, mobile banking platforms and FinTech applications for a wide range of services offered by the Supreme Court including Brief Fees, Certified Copying Fees, Commercial High Court Appeal Filing Fees, Compensation, Cost, Enrollment Fees (Attorney-at-Law), Good Standing Certificate Fees, New Plaint Filing Fees, and Online Payments for Affidavits.
At the initial phase GovPay payments to Supreme Court has been enabled via several online banking platforms and FinTech apps including BOC Smart Pay Mobile App, Peoples Pay Mobile App, NSB Online Banking, Pan Asia Online Banking, Sampath Vishwa Online Banking, HNB PayFast, Seylan Bank Online Banking, DFCC Online Banking, NationsDirect Online Banking / NationsDirect Mobile App, ComBank Digital Online Banking and ComBank Digital Mobile App, NDB Neos Online Banking, Helakuru Mobile App, iPay Mobile App, FriMi Mobile App, Genie Mobile App. The integration with GovPay ensures secure, seamless, and transparent transactions, accessible from anywhere anytime, bringing a new level of convenience and efficiency to the legal community and the general public using courts. Moreover, the entire GovPay digital process, including the receipt which generated via the system are legally valid under the Electronic Transactions Act No. 19 of 2006 (as amended).
Speaking at the launch, Chief Justice Murdu Fernando PC emphasized the significance of this initiative in modernizing the judicial system, stating that “This marks an important milestone in our journey towards a more accessible and technology-enabled judiciary. By embracing digital platforms such as GovPay, we are not only improving efficiency and transparency, but also enhancing public trust and ease of access to all stakeholders of the judicial system” , the Chief Justice stated.
Integration with GovPay aims to reduce the reliance on physical cash transactions, long queues, and administrative difficulties that have historically burdened court users as well as legal professionals. It also aligns with the national agenda of leveraging digital infrastructure to improve public service delivery.
The Supreme Court’s adoption of technology-based payments is expected to serve as a model for similar implementations across other courts of law throughout Sri Lanka. Several high-ranking legal professionals, officials from LankaPay, ICTA and representatives of the legal and banking sectors were present to witness this historic occasion.
This transformation is the result of collaboration between the Supreme Court Registrar, the Registry Staff, the Ministry of Justice, Ministry of Digital Economy and key financial and technological institutions committed to enhancing digital inclusion within public institutions with the support of the Central Bank of Sri Lanka.
As the legal landscape evolves, digital platforms, such as GovPay, will play a critical role in ensuring the justice system remains adaptive, inclusive, and future-ready. The Supreme Court’s forward-thinking initiative is expected to pave the way for comprehensive judicial digitalization nationwide.
Fortude has announced a strategic partnership with Ettos, a leading supply chain traceability platform aimed at enabling fashion businesses to maintain more transparent processes and allowing customers to understand how their products are made. This collaboration will integrate traceability, compliance, and Digital Product Passports (DPPs) into a unified solution, helping fashion brands streamline their supply chains and enhance transparency.
Ettos’ platform simplifies the tracking of raw materials and the verification of sustainability claims. It offers a B2B web platform for managing traceability and compliance, along with a B2C web app that delivers DPPs to consumers via QR codes. Through this partnership, Fortude and Ettos will jointly expand their capabilities in the fashion sector, supporting clients from raw material sourcing to final product delivery.
Adriana Batty, Co-founder of Ettos, said, “We are happy to partner with Fortude, whose expertise in digital solutions and deep roots in the fashion industry align with our vision of creating a transparent global supply chain. Together, we will empower brands and consumers with verifiable sustainability insights.”
With over a decade of experience delivering digital solutions to global fashion brands, Fortude shares Ettos’ commitment to transforming supply chain transparency. Daniel Rodrigo, Senior Vice President Global Technical Consulting at Fortude added, “Our partnership with Ettos reinforces our mission to provide digital solutions that matter. For over a decade, we have been an Infor partner, delivering ERP solutions to numerous global fashion brands. As we broaden our vision to drive digital transformation, this partnership is a significant step toward driving meaningful change for fashion brands seeking enhanced transparency and compliance.”
This partnership marks a significant step forward in meeting the fashion industry’s growing demand for sustainability and transparency. Fortude and Ettos are dedicated to helping brands navigate complex supply chains with confidence, fostering a more sustainable future for fashion.
Turyaa Chennai, a premier five-star deluxe classified hotel under the Aitken Spence Hotels portfolio, celebrates a decade of redefining hospitality in one of South India’s most dynamic urban corridors.
Conceived by the visionary entrepreneur and Late Chairman of Aitken Spence PLC, Deshamanya D.H.S. Jayawardena, Turyaa Chennai was built on the belief that Aitken Spence warmth and world-class hospitality could find a meaningful home in India. Ten years on, his legacy continues—alive in every guest experience, every team member’s dedication, and every milestone the hotel celebrates.
Since its opening in 2015, Turyaa Chennai has become a trusted name in Chennai—offering warm service and contemporary comfort. Strategically located along Chennai’s IT expressway, the hotel has grown into a hospitality landmark for business travellers, international travellers, and local tastemakers. Its vibrant dining concepts, spacious rooms and suites, rooftop leisure areas, and exceptional service standards have made it a preferred address in the city.
To mark its 10th anniversary on 15th of May 2025, Turyaa Chennai is hosting a month-long series of celebrations in honour of its legacy and the people who helped shape it. These include religious blessings, a celebratory dinner for loyal guests and partners, an awards ceremony for team members, and culinary showcases that nod to the hotel’s South Indian and Sri Lankan heritage.
Turyaa Chennai (Aitken Spence Hotels) donates wheelchairs to Tamil Nadu Railways in collaboration with Geo India Foundation.
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