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| Tuesday, 02 November 2004 |
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People's Bank foreign exchange remittance draw to boost forex by Irangika Range The People's Bank yesterday launched a special foreign exchange remittance reward scheme called "Rata Salli Vasana Foreign Remittance Lucky Draw" to boost the inflow of foreign exchange into the country. "Rata Salli Vasana", the first foreign remittance reward scheme in Sri Lanka will offer over Rs. 6 million in prizes annually and it will encourage and motivate Sri Lankans to remit money through official channels which would boost the foreign exchange reserves in the country. The Assistant General Manager of the People's Bank Overseas Customer Service, Vasantha de Silva said all foreign money transfers and drafts drawn on People's Bank travellers cheques and foreign currency notes which are deposited to a rupee account with the People's Bank or encashed at any People's Bank branch will be eligible for the "Rata Salli Vasana" foreign remittance lucky draw to be held tri-monthly. Drafts /cheques in foreign currency drawn on banks outside Sri Lanka and US Dollar drafts drawn on banks in Sri Lanka are also eligible for the "Rata Salli Vasana" foreign remittance draw. Ten prizes of Rs. 50,000 will be awarded to the winners in the tri-monthly draws while the lucky winners of the year-end grand draw will receive a prize of Rs. 2.5 million. The second and third prize winner of the grand draw will receive Rs. 1 million and Rs. 500,000. In addition 47 consolation prizes of Rs. 50,000 will also be awarded to the winners of the grand draw," Silva said. He said in 2003, remittances through banking channels were around Rs. 136 billion, but it is believed that at least another Rs. 27 billion is being sent through unofficial channels into the country. "With the Rata Salli Vasana, we are confident that we can attract more foreign exchange into Sri Lanka through official channels. Currently the bank maintained a 20 percent market share in the foreign remittances market. With the Rata Salli Vasana, the bank is expected a further growth in the market share," he said. |
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