Harsha proposes new regulations for ‘Undial’ and ‘Hawala’ systems
January 8, 2025 10:59 am
The Chairman of the Committee on Public Finance, MP Dr. Harsha de Silva stated that both the Undial system and the Hawala system are not illegal in Sri Lanka.
He made this statement while presenting several proposals in Parliament today (08).
Further commenting on the matter, he added, “The Hawala and Undial systems are not illegal in our country, but they are not regulated in any way. Therefore, a proposal has been made requiring those who conduct international transactions through these systems to register within the 12-month period from June 2024 to May 2025.”
Dr. Harsha also stated that the committee had requested the Central Bank to carry out a thorough review and submit a report on the matter. He also mentioned that the proposal had been approved and submitted to Parliament.
