CBSL to freeze bank accounts transferring money using unlawful methods

CBSL to freeze bank accounts transferring money using unlawful methods

December 1, 2021   11:06 pm

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 today.

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

Earlier today, 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.


Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

LIVE🔴Ada Derana Late Night News Bulletin 10.00 pm

LIVE🔴Ada Derana Late Night News Bulletin 10.00 pm

Widow of Priyantha Kumara receives $100,000 collected by Sialkot business community

None of these are natural crises, they were created by present administration - Anura Kumara

Will ex-IGP be released?

Farmers say paddy harvest has dropped by 60% in Anuradhapura District

'Sirimathipaya' declared open by President Rajapaksa

Suspect confesses reason for planting hand grenade inside church in Borella

Inland revenue trade unions issue warning over proposed new bill