Harsha proposes new regulations for ‘Undial’ and ‘Hawala’ systems

Thursday, 9 January 2025 03:07 - - {{hitsCtrl.values.hits}}

CoPF Chairman MP Dr. Harsha de Silva

The Committee of Public Finance (CoPF) Chairman MP Dr. Harsha de Silva yesterday stated that both the Undial system and the Hawala system are not illegal in Sri Lanka.

“The Hawala and Undial systems are not illegal in our country, but they are not regulated in any way. Therefore, a proposal has been made requiring those who conduct international transactions through these systems to register within the 12-month period from June 2024 to May 2025,” Dr. de Silva said. He also stated that the Committee had requested the Central Bank to carry out a thorough review and submit a report on the matter.

He also mentioned that the proposal had been approved and submitted to Parliament.