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The newly formed LankaClear (Pvt) Ltd, has taken another step in the payments and clearing systems in Sri Lanka by launching the US Dollar Cheque/Draft Clearing System yesterday in Colombo.

LankaClear (Pvt) Ltd., Chairman, R.B. Ekanayake said that the main objective of introducing the US Dollar Cheque/Draft Clearing is to expedite realisation and to eliminate the delays in obtaining credit by the depositors.

"Despite a cheque/draft being sent by courier abroad and value credited to the Bank's Account, the proceeds are withheld for a certain period of time for the cheque/draft to be dishonoured. Under the proposed arrangement, depositors are expected to obtain funds as early as the fourth working day thereby reducing the prevailing delay, which is more than three weeks," Ekanayake said.

He said the foreign bank charges that range from five to 25 US dollars per cheque/draft being handling charges are avoided and the benefit is passed on to the depositor.

"US$ cheques/drafts issued by commercial banks in Sri Lanka payable to Sri Lankan individuals and institutions and US$ cheques/drafts issued by banks or exchange houses abroad drawn on commercial banks in Sri Lanka will be handled through this clearing system. All commercial banks in Sri Lanka who are members of the Clearing House are eligible to be a participating Bank in the Colombo based US$ Clearing.

Sampath Bank has been appointed as the Settlement Bank for the US$ Clearing for a period of one year from September 1, and will handle the US$ Clearing settlements between the participating banks through the US$ accounts maintained by the participating banks with Sampath Bank," Ekanayake said.

The Sri Lanka Automated Clearing House (SLACH) which was a section of the Central Bank of Sri Lanka was taken over by LankaClear (Pvt) Ltd., on April 1. The shareholders of this new company are the Central Bank and all the commercial banks operating in Sri Lanka. Ekanayake said LankaClear was able to reduce the processing time of the Sri Lanka rupee cheque clearing by about six hours as a result. (CK)

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