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Roundtable titled ‘INR-LKR Trade Settlement : Strengthening Bilateral Economic Ties’ held

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The High Commission of India organized a Roundtable titled ‘INR-LKR Trade Settlement: Strengthening Bilateral Economic Ties’ yesterday (Feb. 25) in Colombo.

The event brought together key stakeholders, including representatives from the Government of Sri Lanka, Sri Lankan and Indian banks, as well as members of various trade Chambers, media, and think tanks. Mr. Santosh Jha, High Commissioner of India to Sri Lanka and Dr P. Nandalal Weerasinghe, Governor of Central Bank of Sri Lanka graced the occasion.
The event commenced with welcome remarks delivered by the High Commissioner of India to Sri Lanka – Mr. Santosh Jha and was followed by a detailed presentation by Dr. Aditya Gaiha, Chief General Manager, Reserve Bank of India (RBI), on INR internationalization and the INR-LKR trade settlement. He also highlighted key policies of RBI which permit investments in INR in Sri Lanka. He further elaborated on RBI’s recent amendments to the Foreign Exchange Management Act (FEMA), aimed at enhancing the use of INR-LKR in cross-border transactions.

Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe provided valuable insights on the INR-LKR trade settlement framework. He underscored the importance of the mechanism and encouraged banks to engage with policy makers and central banks in both countries on streamlining the mechanism.

This initiative aligns with the commitment reaffirmed at the highest levels of leadership during the recent visit of President of Sri Lanka – Anura Kumara Disanayaka to India, where he met with Prime Minister Shri Narendra Modi. Among the key outcomes of their discussions was a renewed focus on enhancing INR-LKR trade settlements to deepen trade and investment ties between the two nations.

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Heavy rain expected again

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The Meteorology Department says showery conditions are expected to enhance in the southwestern part of the island from June 10th, with strong gusty winds expected over the island and in the sea areas around the island.

Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts today (June 07).

Showers or thundershowers may occur at a few places in the Northern and Uva provinces and in Ampara and Batticaloa districts during the afternoon or night.

Fairly strong winds of about 30-40 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central, North-western and Southern provinces and in Trincomalee district.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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National Poson Week begins

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The National Poson Festival is being held centered around the sacred cities of Anuradhapura, Mihintale, and Thanthirimale.

The National Poson Week begins today (June 07) and will continue until June 13.

Anuradhapura District Secretary K.P. Ranjith Wimalasooriya said that all necessary arrangements have been made for the convenience of devotees arriving for the National Poson Festival.

Meanwhile, a special mobile app created will provide necessary facilities to devotees during the Poson season while providing information on parking facilities, ‘Dansel’ locations, first aid centers, as well as areas prone to traffic.

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Muslims in Sri Lanka celebrating Hajj festival today

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Muslims in Sri Lanka are celebrating the Hajj festival today.

The festival commemorates the sacrifice of Prophet Ibrahim’s (Abraham) son as an act of respect to the divine.

Eid al-Adha, the second most significant festival for Muslims globally, coincides with the annual Hajj pilgrimage to Makkah in Saudi Arabia.

Hajj is a mandatory religious duty for Muslims and one of the five pillars of Islam. It must be performed at least once in a lifetime by every Muslim who is physically and financially capable of undertaking the journey to the holy city of Makkah.

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