Chandra expresses concerns over “no questions asked” policy

Civil society activist Chandra Jayaratne in an open letter has raised concerns on the government’s “no questions asked” criteria for foreign deposits. 

Jayaratne, a former Chairman of the country’s premier business chamber, Ceylon Chamber of Commerce, said the Finance Minister and the Central Bank Governor were accountable for the open public call for deposits on a “no questions asked” basis.

Jayaratne questioned whether the announced scheme would bring monetary instability and how such a scheme would affect the existing reporting standards in the country. 

He also questioned whether such a scheme could place Sri Lanka and Sri Lankan banks in violation of international conventions and commitments the country has entered into. 

Jayaratne further sought assurance that the moneys flowing into the country under this scheme were not originating from criminal acts and those receive interest on the deposits should not have any criminal backgrounds.