Sri Lanka Entering Final Stage for PayPal Inward Remittances 📈

Sri Lanka is nearing the completion of a long-awaited initiative to enable inward remittances through PayPal, according to Digital Economy Ministry Secretary Waruna Sri Dhanapala. • Current Status: The project is in its concluding phase following successful collaboration between private banks, PayPal, and the Central Bank of Sri Lanka (CBSL). • Economic Impact: SMEs & Freelancers: The move specifically targets internet-based service providers and the ICT/BPM sector, allowing them to receive foreign income through a formal, regulated mechanism. Foreign Exchange: By providing a local address option, the framework aims to capture "lost" forex currently held in overseas or proxy accounts. Formalization: The government expects a shift from informal channels (like Undiyal) to official platforms, improving transparency and tax compliance. • Regulatory Oversight: All transactions will fall under CBSL supervision, ensuring a secure and transparent digital payment ecosystem to strengthen national foreign exchange inflows. _Source: Digital Economy Ministry (Provisional)_