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“Multiple benefits by switching over to INR”

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There would be multiple benefits for Sri Lankan companies and entrepreneurs by moving in paying for financial transactions in Indian rupees,(INR) Indian High Commissioner in Sri Lanka Gopal Baglay told a gathering at Taj Samudra yesterday.

This will also help towards growing bilateral trade between the two countries. “This is the right time to look in to this aspect and this can also lead to more investments from India.”

He also said by accepting INR in Sri Lanka it will have a major advantage for tourism. “The fact that Indian tourists can pay in their own currency will make Sri Lanka a perfect destination for Indian tourists.”

The high commissioner also said that another aspect Sri Lanka should look at is to move more towards digitalisation. “Today India accounts for over 40% of global digital transactions which clearly shows the shift by our country towards digitalisation.” State Minister of Finance Shehan Semasinghe said that use of INR will open a new beginning for trade. “ We also like this to be spread to the services sector as well.”

Governor Central Bank Dr. Nandalal Weerasinghe said that they are progressing with this proposal and they are already in talks with the Reserve Bank of India. Deputy General Manager Reserve Bank of India Satheesh Kumar said that by accepting INR it would have multiple benefits for trade with India.

“Firstly the exchange margins when using USD will be reduced and this would be a bid advantage.”

In addition the transactions can be done in one time line and also exchange losses too can be saved “ Already the Indian Bank has received regulatory approval to hold special Vostro accounts of three banks from Sri Lanka.”

Friday, March 3, 2023 – 01:00

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