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Message: <blockquote data-quote="topkollek" data-source="post: 30918071" data-attributes="member: 510150">ඒකනෙ මම කිව්වෙ. රට සල්ලි වොලට් වලට එකතු කරන්න / ඒ වොලට් එකෙන්ම පිටරට වියදම් කරන්න මහා බැංකුව ඉඩ දෙන්නෙ නෑ.ඕක වෙනස් කරන්න ලංකාවේ විනිමය පාලන පනත වෙනස් කරන්න ඕන. මේ ආණ්ඩුවවත් ඕක කරයි කියල මම හිතන්නෙ නෑ.Impact on PayPal's Money-Receiving FacilityThe Foreign Exchange Act creates several challenges for PayPal to offer a full-fledged money-receiving facility in Sri Lanka:<ol> <li data-xf-list-type="ol">Requirement to Work Through Authorized Dealers:<ul> <li data-xf-list-type="ul">PayPal, as a third-party online payment platform, would need to operate as an authorized dealer or restricted dealer under the Act to facilitate inward remittances. This requires approval from the CBSL and compliance with its terms, which may include partnering with a local bank (,). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.srilankalaw.lk%2Frevised-statutes%2Falphabetical-list-of-statutes%2F1611-foreign-exchange-act.html&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 34px" /> <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.themorning.lk%2Farticles%2F112917&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /></li> <li data-xf-list-type="ul">The Act’s insistence on transactions being routed through authorized dealers complicates PayPal’s typical model, which operates independently of local banking systems in many countries.</li> </ul></li> <li data-xf-list-type="ol">Regulatory and Compliance Hurdles:<ul> <li data-xf-list-type="ul">The CBSL has been in discussions with PayPal for over eight years (since at least 2014) to enable inward remittances, but no significant progress has been made. This is partly due to PayPal’s concerns about low transaction volumes and complexities in Sri Lanka’s foreign exchange regulations, previously described as “draconian” by the Information and Communication Technology Agency (ICTA) (,). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.themorning.lk%2Farticles%2F112917&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /> <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Feconomynext.com%2Fsri-lanka-pushing-paypal-to-do-inward-payments-for-over-8-years-cb-official-78045%2F&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 31px" /></li> <li data-xf-list-type="ul">PayPal would need to ensure that all inward remittances comply with the Act’s documentation and reporting requirements to prevent money laundering and ensure financial stability, which may be logistically challenging (,). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.srilankalaw.lk%2Frevised-statutes%2Falphabetical-list-of-statutes%2F1611-foreign-exchange-act.html&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 28px" /> <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=http%3A%2F%2Fwww.lankataxclub.lk%2Fwp-content%2Fuploads%2F2017%2F07%2FAlert-on-new-Foreign-Exchange-Act.pdf&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 42px" /></li> </ul></li> <li data-xf-list-type="ol">Repatriation and Conversion Requirements:<ul> <li data-xf-list-type="ul">The Act’s requirement to convert foreign currency to LKR or deposit it into a BFCA within a short period (7 or 90 days, depending on the source) could conflict with PayPal’s model, where funds are often held in a PayPal account for extended periods before withdrawal (). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.dfe.lk%2Fweb%2Findex.php%3Foption%3Dcom_content%26view%3Dcategory%26id%3D81%26lang%3Den&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /></li> <li data-xf-list-type="ul">This restriction may deter PayPal from offering a receiving facility, as it could limit user flexibility and increase operational complexity.</li> </ul></li> <li data-xf-list-type="ol">Historical Context and Efforts:<ul> <li data-xf-list-type="ul">The CBSL has been working to revise the Foreign Exchange Act to facilitate third-party payment platforms like PayPal. A new Foreign Exchange Management Act has been in development to simplify regulations and enable such services, but as of the latest updates, it has not been passed by Parliament (). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.ft.lk%2Ffinancial-services%2Fentry-of-paypal-only-after-new-foreign-exchange-management-act-cb%2F42-523226&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 25px" /></li> <li data-xf-list-type="ul">PayPal has shown interest in Sri Lanka but has been hesitant due to regulatory complexities and potentially low transaction volumes. Discussions have involved PayPal’s regional offices in India and Singapore, but no concrete timeline for implementation has been confirmed (,). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.themorning.lk%2Farticles%2F112917&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /> <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Feconomynext.com%2Fsri-lanka-pushing-paypal-to-do-inward-payments-for-over-8-years-cb-official-78045%2F&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="width: 42px" /></li> <li data-xf-list-type="ul">In 2020, the CBSL noted that PayPal officials were assessing opportunities, but as of 2021, no progress was reported, and alternative platforms like PayHere, DirectPay, and Payoneer were suggested as substitutes (). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.themorning.lk%2Farticles%2F112917&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /></li> </ul></li> <li data-xf-list-type="ol">Current Workarounds:<ul> <li data-xf-list-type="ul">Many Sri Lankans use third-party services or foreign bank accounts linked to PayPal to receive payments, which is neither secure nor sustainable and deprives Sri Lanka of foreign exchange inflows. This practice highlights the demand for a direct PayPal receiving facility but also underscores the regulatory barriers preventing its implementation (). <img src="https://t3.gstatic.com/faviconV2?client=SOCIAL&type=FAVICON&fallback_opts=TYPE,SIZE,URL&url=https%3A%2F%2Fwww.lankaenews.com%2Fnews%2F4029%2Fen&size=256" alt="" class="fr-fic fr-dii fr-draggable " style="" /></li> </ul></li> </ol></blockquote>

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