The Parliamentary Committee on Public Finance (COPF) has 3 Regulations out of the 4 taken into consideration and an Order post-consideration.

According to a Parliament statement, the Regulations and Orders were discussed and considered at the Committee meeting held on Tuesday (Jan 07) under the Chairmanship of MP Harsha de Silva.

The Regulations approved by COPF are; 

Regulations under the Imports and Exports (Control) Act, No. 1 of 1969:

The Committee instructed the officials to provide a report with regard to the issues pertaining to the standards of imported items. Moreover, the Committee also instructed officials to provide a report on the procedure of ensuring that the imported goods are well up to standard prior to releasing them to the market. 

Regulations under the Payment and Settlement Systems Act, No. 28 of 2005:

The Committee inquired the officials present if there is adequate information on Undial and Hawala operators and if this process has been formalized to avoid any potential repercussions. 

Officials stated that operators of Undial and Hawala have been requested to register with the Central Bank and if anyone wishes to operate afresh, such persons must register prior to conducting operations. Whilst approving the Regulations, the Committee instructed officials to submit a report about potential risks and advantages of the said.

The Order under the Ports and Airports Development Levy Act, No. 18 of 2011:

It was the view of the Committee to consider the Regulation on a future date as requested by the members of the Committee to further look into the legislation prior to approval. The regulation is part of the five-year plan to phase out para-tariffs, as agreed with the World Bank, and the implementation of the undertaking of the Singapore-Sri Lanka Free Trade Agreement. 

Regulations under the Casino Business (Regulation) Act No. 17 of 2010:

Whilst approving the regulation, the Committee expressed its displeasure as there has been no action taken throughout the past 2 years to establish a Casino Regulator body.  

The Order under the Foreign Exchange Act No. 12 of 2017 and Regulations under the Colombo Port City Economic Commission Act, No. 11 of 2021 post consideration:

This order enables any listed company to invest outside Sri Lanka up to USD 500,000 and unlisted company of USD 150,000. (Newswire)

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Chairman of the Parliamentary Committee on Public Finance (COPF) MP Harsha de Silva says the Undial and Hawala money transferring systems are not illegal in Sri Lanka.

Addressing the Parliament today, he said, however, the systems are not being regulated in any way in Sri Lanka, as well.

He further said that as such, it has been proposed for those engaging in international transactions through these systems to register within 12 months, from June 2024 to May 2025.

MP Harsha de Silva also revealed that COPF had requested the Central Bank of Sri Lanka to conduct a thorough inquiry into the matter and submit a report.

He added that the proposal related to the Undial and Hawala systems has been approved and presented to the Parliament. (Newswire)

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