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Central Bank to freeze bank accounts transferring money using unlawful methods

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Bank accounts of those who distribute and receive money through unlawful money transfer methods will be frozen with immediate effect, Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal said in a tweet on Thursday.

Accordingly, the Central Bank has urged all migrant Sri Lankans to use only legal channels to repatriate their earnings.

Earlier Thursday, it was announced that Sri Lankan migrant workers would receive an additional Rs. 10 for each US Dollar they convert into Rupees in December this year, through the Sri Lankan Banking System and other formal channels.

The Central Bank said this is an exclusive offer for Sri Lankan migrant workers during this festive season.

A statement issued by the Central Bank noted that this incentive is paid under the “Incentive Scheme on Inward Workers’ Remittances” when such funds are remitted through licensed banks and other internationally accepted formal channels and converted into Sri Lankan rupees during the month of December this year.

The additional incentive of Rs. 8.00 per US dollar for workers’ remittances, in addition to the existing incentive of Rs.2.00, provided by the Central Bank is expected to attract more workers’ remittances to the country through the formal banking channels, thereby improving the foreign currency liquidity in the domestic foreign exchange market.

At the same time, the Central Bank and law enforcement authorities are taking several measures to curtail informal fund transfer channels, which would, in turn, further encourage migrant workers to use formal channels to remit their hard-earned foreign exchange to the benefit of their dependents, the statement read further.



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Holy month of Ramadan begins for Muslims around the world

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A Palestinian girl cleans the stone floor of the compound known to Muslims as the Noble Sanctuary in front of the Dome of the Rock, as part of preparations for the holy month of Ramadan in Jerusalem's Old City (pic Aljazeera)

Aljazeera reported that the holy month of Ramadan began at sundown on Wednesday, as the faithful prepared for a month of dawn-to-dusk fasting intended to bring them closer to God and to remind them of the suffering of those less fortunate.

For the next 30 days, Muslims will refrain from eating or drinking anything from sunrise to sunset. Many will strictly observe prayers, read the Quran and donate to charity as they seek to draw closer to God. They are also encouraged to refrain from cursing, fighting, gossiping and road rage throughout the holy month.

Muslims believe God began revealing the Quran to the Prophet Muhammad during Ramadan more than 1,400 years ago.

Fasting is one of the five pillars of Islam and is required for all Muslims, though exceptions are made for young children and the sick, as well as women who are pregnant, breastfeeding or menstruating. Travelers are also exempt, including athletes attending tournaments away from home.

 

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Sri Lanka will have best anti-corruption law in South Asia soon – President

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President Ranil Wickremesinghe said during a discussion held at the Presidential Secretariat with the heads of media organization on Thursday (23),  that  necessary steps will be taken to pass the best anti-Corruption Act in South Asia in Parliament soon

The President revealed that cabinet approval for the Bill has already been granted and said that he will discuss it with the Opposition representatives in the future and present it to the Parliament.

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Public sector will stop engaging in business and open it to the private sector in the future – President

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President Ranil Wickremesinghe said that due to the public sector engaging in business activities, the money that was available for the construction of 100 projects similar to the Mahaweli during the past decades, has been lost and  noted that in the future, the public sector will stop engaging in business and open it to the private sector to create a free and productive economy.

President Wickremesinghe mentioned this at the 71st commemoration ceremony of the late Prime Minister D.S. Senanayake at Independence Square on Wednesday (22).

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