DFCC Bank launches initiative for Foreign Inward Remittances to support Nation
DFCC Bank, has recently launched a special marketing drive and scheme to attract Foreign Inward Remittances.
Looking to support the nation at this challenging time, DFCC Bank is offering an additional LKR 1 per US Dollar, for all individual foreign inward remittances received to a DFCC Bank account.
This special incentive is being provided in addition to the prevailing LKR 2 per US dollar offered by the Central Bank of Sri Lanka for worker remittances. The Bank believes that this additional benefit will help to assist the dependents of Sri Lankan expatriates to fulfil their needs and requirements amidst the present challenges.
This incentive will be paid out to any DFCC account of the recipient’s choice, and is applicable for inward remittances in all major foreign currencies and not limited to US Dollar remittances.
DFCC Bank Senior Vice President Offshore Banking, Remittance and Institute Business Development Anton Arumugam said, “At this crucial moment for Sri Lanka, and as a responsible licensed commercial bank, our main priority is to increase foreign remittances flowing into the country, through the formal banking system. This way is the safest, most transparent, and only legitimate way to send money to Sri Lanka. In fact, by doing so, there are many benefits that remitters and beneficiaries can enjoy such as tax and financial benefits. The government of Sri Lanka is looking at enhancing benefits to expatriates remitting money through the banking system and we are working together with the regulator to support this initiative.”
Many Sri Lankans have already fallen victim to the various rackets that are presently ongoing concerning informal methods of sending money. Thus, DFCC Bank wishes to draw the attention of the public to the fact that, the only safe and reliable way to send money to Sri Lanka is through the banking system.
Arumugam added, “Anyone who continues to use informal remittances, should keep in mind that many informal operators are involved in other illicit activities as well, which means that, should they come under law enforcement action, remitters’ funds too will be lost or confiscated, while the remitter may also end up being implicated in the illicit activities of the operator. Engaging in “Undiyal” or “Hawala” transactions, as the informal systems are commonly known, maybe a punishable offense under the Prevention of Money Laundering Act.”
To resolve its present crisis, Sri Lanka needs to increase the inflow of foreign currency through legitimate channels, to support imports, meet obligations and also strengthen its economy. Worker remittances are among the top sources of foreign exchange for Sri Lanka, along with exports, services, and tourism. However, in the recent past, remittances have fallen, though not as a result of fewer Sri Lankans working abroad.