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

Gardiner Group Acquires The Pickle Island Aiming to Exapand into Sri Lanka’s Leisure Sector

Gardiner Group has acquired Sri Lankan pickleball venture The Pickle Island, marking its entry...

LAUGFS Gas Ordered to Address Supply Shortage as Court Questions Solution for Consumers

Colombo Additional Magistrate Darshimana Premaratne questioned LAUGFS Gas and the Consumer Affairs Authority (CAA)...

Simplified and Unified Business Name Registration (BNR) Pilot Project Launched

A pilot project aimed at simplifying, streamlining and improving the efficiency of business name...

Aviation company executive remanded over Rs. 10 million cheque fraud

A former Air Force officer who served as the head of Blue Skies Aviation,...

More like this

Gardiner Group Acquires The Pickle Island Aiming to Exapand into Sri Lanka’s Leisure Sector

Gardiner Group has acquired Sri Lankan pickleball venture The Pickle Island, marking its entry...

LAUGFS Gas Ordered to Address Supply Shortage as Court Questions Solution for Consumers

Colombo Additional Magistrate Darshimana Premaratne questioned LAUGFS Gas and the Consumer Affairs Authority (CAA)...

Simplified and Unified Business Name Registration (BNR) Pilot Project Launched

A pilot project aimed at simplifying, streamlining and improving the efficiency of business name...