New laws to thwart workers remitting money through illegal methods | Daily News

New laws to thwart workers remitting money through illegal methods

The Foreign Employment Ministry will bring in new laws to bar workers who use illegal methods to remit money from going abroad for employment again.

Foreign Employment Minister Manusha Nanayakkara said he is looking at the possibility of bringing in new laws which give powers to the Sri Lanka Bureau of Foreign Employment to reject requests by those who have worked overseas and want to go back again, if they have failed to remit money using official channels.

Sri Lankan’s going for overseas employment must register with the SLBFE before going abroad.

The Minister said in future the SLBFE will monitor remittances by workers who go for employment abroad after duly registering with the SLBFE.

The minister also said that he is working to get the necessary Cabinet approval for those engage in foreign employment to import electric vehicles with tax concessions depending on the amount of dollars sent to the country.

The minister went on to say that the tax concessions given to migrant workers for purchasing goods at the airport too will be increased, and that the concessions will also be given when constructing houses and for those want to start self-employment after returning home.

Speaking at a recent event Minister Nanayakkara said the monthly income from migrant workers has now dropped to US$ 230 million. There have been years when US$ 7-8 billion of workers’ remittances were sent to the country.

Sri Lanka’s foreign remittances have fallen 53.1 percent in the first five months of this year compared to the same period in 2021 to 1.34 billion US dollars as many expatriates are either keeping their foreign earnings with them in foreign currency or send via illegal methods such as Undiyal and Hawala due to higher rate compared to official bank rate.

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