HomeNewsHarsha Proposes Regulations for 'Hawala' and 'Undial' Systems in Sri Lanka

Harsha Proposes Regulations for ‘Hawala’ and ‘Undial’ Systems in Sri Lanka

spot_img

Chairman of the Committee on Public Finance (COPF), MP Dr. Harsha de Silva, said that both the Undial and Hawala systems are not illegal in Sri Lanka, but remain unregulated.

Dr. de Silva made this comment while presenting several proposals in Parliament today (8). He further explained that although these systems are not considered illegal, there is no regulation governing them. As a result, the committee has proposed that individuals who conduct international transactions through these systems must register between June 2024 and May 2025.

He added that the committee had requested the Central Bank to conduct a thorough review and submit a report on the matter. Dr. de Silva confirmed that the proposal had been approved and officially submitted to Parliament.

spot_img

Latest articles

Manori Sallay Claims CID Acknowledged Strip Search of Suresh Sallay

The Criminal Investigation Department (CID) has admitted that former State Intelligence Service Director Major...

Easter Attacks: Court Defers Hearing of Gota’s Anti-Arrest Petition Until Tomorrow

Former President Gotabaya Rajapaksa's petition seeking an order preventing his arrest in connection with...

Kumara Jayakody Pleads Not Guilty as Corruption Trial Begins

The corruption trial filed by Sri Lanka’s bribery watchdog against former Energy Minister Kumara...

Royal Navy Training: Yoshitha Rajapaksa Arrested by Bribery Commission

Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, was arrested by the Commission to...

More like this

Manori Sallay Claims CID Acknowledged Strip Search of Suresh Sallay

The Criminal Investigation Department (CID) has admitted that former State Intelligence Service Director Major...

Easter Attacks: Court Defers Hearing of Gota’s Anti-Arrest Petition Until Tomorrow

Former President Gotabaya Rajapaksa's petition seeking an order preventing his arrest in connection with...

Kumara Jayakody Pleads Not Guilty as Corruption Trial Begins

The corruption trial filed by Sri Lanka’s bribery watchdog against former Energy Minister Kumara...