Central Bank said it 'erred' on controversial gazette on inward remittances

Sri Lanka's Central Bank (CB) on Thursday said it had 'erred in good faith" over a gazette notification, exclusively published in the Sunday Times, which had said that any inbound remittances above Rs. 200,000 would be scrutinised.

“We erred in good faith and this (gazette and amounts) will be reviewed,” Central Bank Governor Arjuna Mahendran told reporters at a late evening media briefing. His response came when reporters asked about the denial by the Finance Minister Ravi Karunanayake that such a gazette has been issued.

The Sunday Times in its February 14 edition has reported the gazette notification dated January 27, 2016 under Financial Transactions Reporting Act No 6 of 2006 which said that all those receiving inward remittances would be asked to inform the respective banks how the funds had arrived, if they exceeded Rs. 200,000.

The story saw Finance Minister Karunanayake hurriedly summon a news conference on the same Sunday evening, accusing the Sunday Times of blocking his efforts to bring in much needed foreign exchange to the country. “Waving a copy of the Sunday Times, he declared that no restrictions had been placed on money coming from abroad – a claim which was not made in the news report,” the report said. (Duruthu)

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