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CBSL warns public against misleading overseas property investment ads

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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.



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Sun directly overhead Moratuwa, Kesbewa, Handapangoda, Idalgashinna, Yudhaganawa, Kotiyagala and Panama about 12.08 noon today (05)

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The sun is going to be directly over the latitudes of Sri Lanka from 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 (05) are Moratuwa, Kesbewa, Handapangoda, Idalgashinna, Yudhaganawa, Kotiyagala and Panama about 12.08 noon

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Namal remanded until Sept. 18 over Airbus deal investigation

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Namal Rajapaksa being brought to the Colombo Chief Magistrate’s Court

Sri Lanka Podujana Peramuna (SLPP) National Organiser and Parliamentarian Namal Rajapaksa was yesterday remanded until September 18 by the Colombo Chief Magistrate’s Court following his arrest by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in connection with an investigation into the controversial SriLankan Airlines Airbus aircraft transaction.

Rajapaksa appeared before the CIABOC at around 9.15 am yesterday to record a statement after being summoned over the transaction. He was taken into custody following several hours of questioning and subsequently produced before the Colombo Chief Magistrate.

The investigation centres on allegations surrounding the acquisition of six Airbus A330 and eight A350 aircraft by SriLankan Airlines in 2013, in connection with an alleged USD 2 million bribe.

Former SriLankan Airlines Chief Executive Officer Kapila Chandrasena and his wife, Priyanka Niyomali Wijenayake, had previously been named in connection with the alleged bribery.

Chandrasena was arrested on March 12 as part of an investigation launched by the CIABOC under the Anti-Corruption Act and was subsequently released on bail. He was later found dead on May 8 while on bail, with police suspecting that his death was a suicide.

Open warrants have been issued for the arrest of Wijenayake, who is named as the second suspect, and Shamindra Rajapaksa, named as the third suspect, in the case pending before the Fort Magistrate’s Court in connection with the Airbus transaction.

The investigation has also received assistance from Airbus, with a delegation from the company’s parent group in France visiting Sri Lanka during the first week of August. The delegation provided statements and other assistance to the CIABOC as part of the ongoing inquiry.

Rajapaksa’s arrest and remand yesterday mark a further development in the widening investigation into the controversial aircraft deal.

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Dengue cases surpass 96,000 this year

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The number of dengue cases reported in Sri Lanka this year has risen to 96,040, with 72 deaths recorded so far, according to the National Dengue Control Unit.

The Unit said 10,155 cases were reported in August alone, highlighting the continuing spread of the disease across several parts of the country.

The Western Province has recorded the highest number of cases at 50,760, followed by the Southern Province with 13,931, the Central Province with 8,788 and the Sabaragamuwa Province with 7,910.

At district level, Gampaha has reported the highest number of cases at 20,444, followed by Colombo with 19,008.

Kandy has recorded 7,043 cases, while Kalutara and Matara have reported 6,181 and 6,154 cases,a respectively.

The National Dengue Control Unit said 50 Medical Officer of Health (MOH) areas across the country have been identified as high-risk areas for dengue.

Health authorities have continued to urge the public to take measures to prevent mosquito breeding, particularly in areas where a high incidence of dengue has been reported.

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