Sri Lanka Copyright © International Labour Organization 2020 First Published 2020

Total Page:16

File Type:pdf, Size:1020Kb

Sri Lanka Copyright © International Labour Organization 2020 First Published 2020 A comprehensive analysis of remittances Sri Lanka Copyright © International Labour Organization 2020 First published 2020 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Licensing), International Labour Office, CH- 1211 Geneva 22, Switzerland, or by email: [email protected]. The International Labour Office welcomes such applications. Libraries, institutions and other users registered with a reproduction rights organization may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country. ISBN: 9789220323335 (print) 9789220318102 (web pdf) The designations employed in ILO publications, which are in conformity with United Nations practice, and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the International Labour Office concerning the legal status of any country, area or territory or of its authorities, or concerning the delimitation of its frontiers. The responsibility for opinions expressed in signed articles, studies and other contributions rests solely with their authors, and publication does not constitute an endorsement by the International Labour Office of the opinions expressed in them. Reference to names of firms and commercial products and processes does not imply their endorsement by the International Labour Office, and any failure to mention a particular firm, commercial product or process is not a sign of disapproval. Information on ILO publications and digital products can be found at: www.ilo.org/publns. Printed in Sri Lanka A comprehensive analysis of remittances Sri Lanka Forward III Forward Remittances play an important role in the Sri study provides valuable insights for the financial Lankan economy. In 2018, the contribution sector in informing policy decisions, most of remittances through formal channels to notably on reducing the cost of remittances to Sri Lanka exceeded US Dollars 7.01 billion 3 percent of the remittance amount - a Target accounting for nearly 8 percent of the Gross under the Sustainable Development Goals that Domestic Product (GDP). Apart from this, one Sri Lanka is committed to meet by 2030. in every fourteen households in Sri Lanka are in receipt of foreign remittances playing a The ILO Country Office for Sri Lanka and significant role in lifting them from poverty. the Maldives wishes to thank the Ministry of However, research on remittances is limited. Telecommunications, Foreign Employment and This report attempts to address the gap in Sports for helping to coordinate data gathering remittance information by providing a body of from the migrant community in Sri Lanka; evidence on the many facets of remittances – the Centre for Human Rights and Community accessibility, use, cost, regulatory environment Development (CHRCD) in Kurunegala for and international best practices. facilitating Focus Groups Discussion in Kurunegala; and all respondents and key The Institute of Policy Studies (IPS), was informants who supported data gathering commissioned by the ILO Country Office in Colombo, Batticaloa and Kurunegala. for Sri Lanka to conduct this study with the The ILO Country Office also thanks the IPS aim of contributing to an evidence base on research team led by Dr. Bilesha Weeraratne remittances in Sri Lanka particularly focusing for conducting the research so ably. Finally, on remittances from labour migrants. The study thanks to Madushika Lansakkara of SDC, and was funded by the National Labour Migration ILO colleagues Swairee Rupasinghe, Namrata Policy Project (Phase III) which is supported by Raju and Nayana Godamunne for their valuable the Swiss Development Cooperation (SDC). inputs in finalizing the report. The findings of the study are most relevant for stakeholders in the foreign employment sector that includes the Ministry of Telecommunications, Foreign Employment Simrin Singh and Sports, the Sri Lanka Bureau of Foreign Director, Employment and civil society organizations ILO Country Office for Sri Lanka and the working on labour migration. Additionally, this Maldives A comprehensive analysis of remittances Sri Lanka IV Forward Contents 1 Background 13 2 Literature review 15 2.1 Accessibility of remittances 15 2.2 Remittance cost 16 2.3 Merits and demerits of formal vs. informal remittance channels 16 3 Context on remittances in Sri Lanka 19 3.1 Trends 19 3.2 Regulatory environment 21 4 Data and methodology 25 5 Findings 29 5.1 Profile of remitters 29 5.2 Remittances 32 5.3 Transfer cost 34 Box 1: Remittance cost–secondary data analysis 36 5.4 Remittance channels 37 5.4.1 Banking 39 5.4.2 MTO 40 5.4.3 Mobile money 41 Box 2: Banks, MTOs and mobile money: secondary data analysis 42 5.4.4 Informal channels 44 5.5 Beneficiary households 47 6 International good practices on reducing remittance cost 55 7 Concluding remarks 59 7.1 Main findings 59 7.2 Recommendations 60 References 64 Annexure 67 A comprehensive analysis of remittances Sri Lanka VI List of tables and List of figures List of tables Table 1 Workers remittances by regional corridors (%) 21 Table 2 Sample details 25 Table 3 Average monthly remittances sent (from current migration cycle) by district 34 Table 4 Cost of remitting to Sri Lanka 37 Table 5 Top priorities in choice of remittance service provider 38 Table 6 Remittances handled by commercial banks in Sri Lanka 2017 42 Table 7 Cost of remitting US Dollars 200 to Sri Lanka (as percent of amount sent) 44 Matrix of advantages and disadvantages in formal and informal remittance Table 8 45 systems in Sri Lanka Table 9 Frequency of remittance receipts 49 Table 10 Understanding, dependency, awareness & control of remittance spending 50 Table 11 Household income spending decision (values in percent) 51 List of figures Figure 1 Remittances to Sri Lanka 19 Departures from Sri Lanka for foreign employment by gender and occupational Figure 2 20 group Figure 3 Demographic characteristics of migrant workers 29 Figure 4 Top 10 occupations of migrant workers (percent of total in sample) 31 Figure 5 Number of years worked overseas (percent of total in sample) 31 Figure 6 Country of destination (percent of total in sample) 31 Figure 7 Salary from main occupation and remittance from counry of desiination 32 Figure 8 Proportion of main salary remitted per month (%) 32 Figure 9 Monthly remittance and proportion of salary remitted, by gender 33 Figure 10 Absolute transfer cost of remittances 35 Figure 11 Relative transfer cost of remittances 35 Figure 12 Transfer cost incurred for remitting average monthly amount by district (in LKR) 35 Figure 13 Sending remittances from counry of desiination to Sri Lanka 38 Figure 14 Introduction to remittance channel 39 Figure 15 Banks used for collecting remittances 40 Figure 16 Remittances and household income 48 Figure 17 Self-reported impact of remittances on welfare (values in percentage) 52 A comprehensive analysis of remittances Sri Lanka Executive summary VII Executive summary The overall goal of this study was to develop an average cost of sending remittances to Sri evidence base on remittances to Sri Lanka for Lanka is 5.9 percent, while in the banking and the foreign employment and financial sectors. Money Transfer Organization (MTO) channels It is intended that this body of evidence it is 5.4 percent and 3.7 percent, respectively. would contribute to policy development on In the case of mobile money, the remittance reducing the cost of remittances in line with cost is 2.9 percent. These findings indicate that the Sustainable Development Goal (SDG) 10.c Sri Lanka’s average cost of remittances is close to reduce the cost of remittances to 3 percent to the existing estimates for South Asia (5.2 of the amount remitted. To this effect, the percent) and lower than the global estimate specific objectives of the study are to better (7 percent). Similarly, the estimates from this understand remittances in the areas of study for banking, MTO and mobile money accessibility, use, and cost of remittances. In channels are lower than the corresponding addition, it hopes to contribute to improving global estimates of 10.5 percent, 6 percent, the regulatory environment on remittance and 3.3 percent, respectively. receipts in Sri Lanka. The study further explores the merits and demerits of formal For banks, factors that contribute to increasing and informal channels, and regional initiatives cost of remittances over MTOs are; the lack of and good practices on remittances sending transparency in determining the formula for and receiving. remittance charges imposed on banks, and MTOs compelling banks to maintain parallel The study uses a mixed methods approach operating systems and exerting a degree of consisting of both qualitative and quantitative unfair balance of power over banks. In the primary data supplemented by secondary case of mobile money, regulator restrictions information. Quantitative data was collected on capping the maximum remittance at LKR, via a sample survey of 602 migrant households 25,000 per transaction, and the low level of from three purposively selected districts in trust associated with mobile money inhibits Sri Lanka, namely Colombo, Kurunegala and its growth potential and ability to capitalize on Batticaloa. In addition, the study also collected its advantage as a low-cost channel. qualitative data via different approaches. In terms of Key Informant Interviews (KIIs), The impact of remittances on education and the study involves 28 KIIs in Sri Lanka with employment outcomes for family members stakeholders involved in the migration and/ left behind has mixed results. This is possibly or remittances sectors. Two Focus Group due to the higher value that these families Discussions (FGDs) were also conducted in Sri place on leisure compared to time spent Lanka with migrant workers and Civil Society on employment or on activities related to Organizations (CSOs).
Recommended publications
  • Money and Banking
    MONEY AND BANKING Money Supply A considerable acceleration in the rate of growth of money sxpply, mainly resulting from a substantial expansion in domestic credit, was the salient feature of monetary developments in 1988. The annual rate of growth of narrow money supply (M,), consisting of currency and demand deposits held by the public, which stood at 18 per cent as at the end of 1987, increased to 29 per cent by the end of 1988. In absolute terms, the narrow money supply rose substantially by Rs. 7,296 million in 1988, ; compared with an increase of Rs. 3,904 million in the previous year. Meanwhile, the time and savings deposits of the public held with commercial banks (quasi-money) increased at a slower rate of 7 per cent in 1988, compared with a 12 per cent growth in 1987. Consequently, the broad money supply (MJ, defined to include M, plus quasi-money, grew by Rs. 9,611 million or 16 per cent in 1988, compared with a growth of Rs. 7,475 million or 15 per cent in the preceding year. The substantial growth in M] during 1988 was mainly reflected in the currency holdings of the public, which rose by Rs. 4,992 million or 37 per cent. The corres­ ponding increase in 1987 was Rs, 1,925 million or 17 per cent. Consequently, the share of the currency component in M, rose from 54 per cent in 1987 to 57 per cent in 1988, largely reflecting the public's preference for liquid assets to meet unforeseen emergencies arising from the sporadic civil disturbances in the country.
    [Show full text]
  • Financial Reforms in Sri Lanka and Their Influence on the Banking Industry”
    “Financial reforms in Sri Lanka and their influence on the banking industry” AUTHORS Lalith Seelanatha Guneratne B Wickremasinghe Lalith Seelanatha and Guneratne B Wickremasinghe (2009). Financial reforms in ARTICLE INFO Sri Lanka and their influence on the banking industry. Banks and Bank Systems, 4(4) RELEASED ON Wednesday, 16 December 2009 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 4, Issue 4, 2009 Lalith Seelanatha (Australia), Guneratne B. Wickremasinghe (Australia) Financial reforms in Sri Lanka and their influence on the banking industry Abstract Financial reforms in Sri Lanka began in 1977 with the introduction of open economic policies. The aim of this paper is to summarize the major reforms and evaluate their influence on the banking industry in Sri Lanka. The analytical discussions presented in this paper demonstrate that market structure and scope in the banking industry have drastically changed after the reforms. Further, the analysis found that the depth of the banking industry has improved significantly as a result of the reforms. Keywords: banking industry, Sri Lanka, financial reforms, unit trusts, superannuation funds. JEL Classifications: E44, E58, G21. Introduction © reforms in Sri Lanka. The third section analyzes the impact of financial sector reforms on the banking In the late 1970s, most developed and developing industry in Sri Lanka. The last section presents policy countries began to introduce financial deregulation implications and conclusions of the paper.
    [Show full text]
  • Evaluating Security Provisions in Banking Software Systems
    Evaluating Security Provisions in Banking Software Systems Lakmal Chaminda Senanayake A thesis submitted to the graduate faculty of design and creative technologies Auckland University of Technology in fulfilment of the requirements for the degree of Master of Philosophy School of Engineering, Computer and Mathematical Sciences Auckland, New Zealand 2019 i Declaration I hereby declare that this submission is the result of my own work and that, to the best of my knowledge, contains no material previously published or written by another person. Due acknowledgement is given where references have been made. .......................................... Lakmal Chaminda Senanayake ii Acknowledgements This thesis was completed at the Auckland University of Technology, School of Engineering, Computing and Mathematical Sciences; Faculty of Design and Creative Technology. I would like to thank my family, friends and colleagues for their continued encouragement to push boundaries to attain a higher level of education and skills. I am most grateful to my supervisor Professor Brian Cusack Senior Lecturer, School of Engineering, Computing and Mathematical Sciences Faculty of Design and Creative Technology, Auckland University of Technology, for valuable guidance, useful suggestions and support in compiling this Research Report. This research would not have been possible without him. Also, thanks to my colleagues who took time out of their busy schedules to encourage me in this research. I also would like to thank to the Auckland University of Technology for giving me the opportunity of do this Master of Philosophy course and to the Faculty of Design and Creative Technology for providing me with all the materials and resources needed to accomplish it.
    [Show full text]
  • Factors Contributing to the Adoption of Mobile Banking in Sri Lanka: Special Reference to Sampath Bank in Ampara District
    International Journal of Latest Engineering and Management Research (IJLEMR) ISSN: 2455-4847 www.ijlemr.com || Volume 03 - Issue 08 || August 2018 || PP. 47-57 Factors contributing to the adoption of Mobile Banking in Sri Lanka: Special reference to Sampath Bank in Ampara District ALM. Ayoobkhan Department of Accountancy and Finance, Faculty of Management and Commerce South Eastern University of Sri Lanka Abstract: The banking system in recent decades is moving fast towards capitalizing on new technologies and offering better customer services. Banks are moving out of the traditional brick-and-mortal operating style, extending their reach to the customers by M-commerce. This transition increases efficiency of banks financial transactions, removing geographical and time limitations. Despite the latest developments in information and communication technology, the demand for Internet banking in Sri Lanka is limited. This research study examines the factors that affect Mobile banking adoption in Sri Lankan context and the relationship between these factors. 275 self-administrative questionnaires were distributed among the respondents of Sampath banks in Ampara district and 189 have been identified as Mobile banking users. Descriptive analysis, Correlation analysis and Regression analysis have been used to analyze,how Perceive Usefulness (PU), Perceived Easy to Use (PEU), Cost (CT), Trust (TR) and Perceive Risk (PR) are influencing in Mobile Banking adoption. The study revealed that the key determinants are having positive and significant influencein the adoption of Mobile Banking. The R squared value of the model was 0.631. It illustrates that the dependent variable is described by 63% through independent variables. The findings of this study would assist to the stakeholders with a better understanding of customer perceptions of Mobile banking services.
    [Show full text]
  • 11082/Sampath Eng. Final
    Where technology and tradition meet The world may be spinning at a dizzying rate with technology setting a breathtaking pace. But Sampath Bank understands that technology without the wisdom of tradition can slow everything down. Our approach to business is a confluence. A healthy borrowing of the two worlds. A merger that ultimately enriches our world, our life. Where Technology & Tradition meet.. In 1932, Wilhelm Geiger, a German Indologist wrote thus: We have been trailblazers – spearheading a path of ‘It is a well known fact that for hardly any part of the pioneering banking technology to Sri Lanka, presenting continent of India is there such an uninterrupted historical the future while creating history. We are constantly tradition as for the island of Ceylon’. So it was then, as scouring the world, looking for innovative technologies recorded in the ancient literary works of the Mahavamsa that would give our people an edge in this competitive and Chulavamsa, that Sri Lanka has always been regarded world. But, we do not use technology as it is. No – we as the bulwark of civilisation, drawing from traditions and customize the technology of the world to suit our more history to create a race of people revered as technologically diverse needs. Being a local bank, we serve a genre of advanced from eras gone by. customers from the elite residing in the chic echelons of Colombo to the farmer who toils in the rural outback. We Stone working technologies impacted us as far back as transform and adapt technology so that this eclectic mix of 5,000 BC.
    [Show full text]
  • Programme Guide
    PROGRAMME PROGRAMME 12TH INTERNATIONAL RESEARCH CONFERENCE CHALLENGES TO HUMANKIND IN THE FACE OF NEW TECHNOLOGIES th 12 INTERNATIONAL RESEARCH CONFERENCE - GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY - 1 PROGRAMME th 2 - 12 INTERNATIONAL RESEARCH CONFERENCE - GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY PROGRAMME PROGRAMME GUIDE Day 1 : 11th September 2019 0730 - 0845 hrs Registration 0845 - 0850 hrs Arrival of the Chief Guest 0850 - 1020 hrs Inaugural Session 1020 - 1035 hrs Refreshments 1045 - 1230 hrs Plenary Session Defence and Strategic Studies I 1230 - 1400 hrs Lunch 1400 - 1600 hrs Plenary Sessions Defence and Strategic Studies II Engineering Built Environment and Spatial Sciences Computing Medicine Basic and Applied Sciences Allied Health Sciences Law Management, Social Sciences and Humanities 1600 - 1630 hrs Refreshments 1630 - 1800 hrs Evaluation of Poster Presentation 1900 - 2100 hrs Cocktail and Networking Session th 12 INTERNATIONAL RESEARCH CONFERENCE - GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY - 3 PROGRAMME PROGRAMME GUIDE Day 2 : 12th September 2019 Oral Presentation Sessions Defence and Strategic Studies Engineering Built Environment and Spatial Sciences Computing Medicine Basic and Applied Sciences Allied Health Sciences Law Management, Social Sciences and Humanities 0830 - 1000 hrs Session 1 1000 - 1030 hrs Refreshments 1030 - 1200 hrs Session 2 1200 - 1300 hrs Lunch 1300 - 1430 hrs Session 3 1430 - 1500 hrs Refreshments 1500 - 1630 hrs Session 4 1630 - 1645 hrs Announcement of Best Paper (Oral/Poster) Awards
    [Show full text]
  • Wh 100. Buddhism in Sri Lanka
    Buddhism in Sri Lanka A Short History By H. R. Perera Buddhist Publication Society Kandy • Sri Lanka Wheel Publication No: 100 Copyright © Kandy; Buddhist Publication Society First published: 1966 Reprinted:1988 BPS Online Edition © (2008) Digital Transcription Source: BPS Transcription Project For free distribution. This work may be republished, reformatted, reprinted and redistributed in any medium. 2 However, any such republication and redistribution is to be made available to the public on a free and unrestricted basis, and translations and other derivative works are to be clearly marked as such. 3 Preface The present treatise, Buddhism in Sri Lanka: A Short History deals with the history of Buddhism in this island from the time of its introduction in 250 BCE in the reign of King Devānampiyatissa, up to the present time (1966). The work is the outcome of an attempt to revise Dr. W. A. de Silva’s monograph entitled “History of Buddhism in Ceylon” appearing in Buddhistic Studies of Dr. B. C. Law (Calcutta, 1931). It should be mentioned, with due respect to the great scholar and national leader, that several of the chapters of his monograph have been reproduced here while many have been revised and enlarged. A few new chapters too have been added where it was deemed necessary. The author’s and the publishers’ thanks are due to Messrs. Thacker, Spink & Co., Calcutta, the publishers of Buddhistic Studies, for their kind permission to make use of Dr. W. A. de Silva’s article. The writer of the present work has made use of a large number of other works, both ancient and modern, in its compilation.
    [Show full text]
  • Second Quarter 2017
    Second Quarter 2017 Payments and Settlements Department Central Bank of Sri Lanka Payments Bulletin - Second Quarter 201 7 Page 1 Contents Topic Page 1 Currency in Circulation 3 2 Non-Cash Payments 4 2.1 Real Time Gross Settlement (RTGS) System 5 2.2 Cheques 8 2.3 Sri Lanka Interbank Payment (SLIP) System 12 2.4 Payment Cards and Mobile Phone based Payment Mechanisms 14 2.4.1 Payment Cards 14 (a) Credit Cards 15 (b) Debit Cards 17 2.4.2. Payment Card Infrastructure 18 (a) Automated Teller Machines (ATMs) 18 (b) Point of Sale (POS) Terminals 19 2.4.3 Mobile Phone based Payment Mechanisms 20 (a) Customer Account based Mobile Payment Systems 20 (b) Mobile Phone based e-money Systems 20 2.5 Internet based Payment Systems 21 2.6 Tele banking 22 2.7 Postal Instruments 22 2.8 Common Card and Payment Switch (CCAPS) 23 (a) Common ATM Switch (CAS) 23 (b) Common Electronic Fund Transfer Switch (CEFTS) 24 (c) Shared ATM Switch (SAS) 25 3 Asian Clearing Union (ACU) 26 4 Society for Worldwide Interbank Financial Telecommunication (SWIFT) 27 5 Transactions through Payment Systems/Instruments 28 6 Key Indicators 29 7 Regulatory Framework of Payment and Settlement Systems in Sri Lanka 30 8 Chronology of Major Events in the Payment and Settlement Systems in 31 Sri Lanka Payments Bulletin - Second Quarter 201 7 Page 2 1 Currency in Circulation The Central Bank of Sri Lanka (CBSL) has the sole authority to issue currency notes and coins on behalf of the Government of Sri Lanka.
    [Show full text]
  • Central Bank of Sri Lanka 2000
    CENTRAL BANK OF SRI LANKA ANNUAL REPORT OF THE MONETARY BOARD TO THE HON. MINISTER OF FINANCE FOR THE YEAR 2000 ISBN 955-575-075-0 ISSN 1391-3581 Price per copy Counter sales - Rs. 150 per copy Despatch by ordinary mail - Rs. 175 per copy Despatch by registered mail - Rs. 185 per copy Despatch abroad First class parcel - US $ 35 per copy (Registered post) Second class parcel - US $ 30 per copy (Registered post) Sea mail - US $ 20 per copy (Registered post) Cover design by Dammika Sriwardhana, Design Logic Integrated Printed at the Central Bank Printing Press, 58, Sri Jayewardenepura Mawatha, Rajagiriya and published by the Central Bank of Sri Lanka, 30, Janadhipathi Mawatha, Colombo 00100 HER EXCELLENCY THE PRESIDENT AND MINISTER OF FINANCE AND PLANNING MINISTRY OF FINANCE AND PLANNING COLOMBO Your Excellency, Section 35 of the Monetary Law Act (Chapter 422) requires the Monetary Board of the Central Bank of Sri Lanka to submit an Annual Report to Your Excellency on the state of the economy, the condition of the Central Bank and a review of the'policies and measures adopted by the Monetary Board, within four months after the end of each financial year. The Fifty First Annual Report of the Monetary Board of the Central Bank, in respect of the Year 2000, is submitted herewith in fulfilment of this obligation. Yours sincerely, P. M. NAGAHAWATTE Senior Deputy Governor Central Bank of Sri Lanka 30, Janadhipathi Mawatha Colombo 00100 30 April 2001 CENTRAL BANK OF SRI LANKA THE MONETARY BOARD (As at 31 December 2000) A. S.
    [Show full text]
  • By Sonali Gothami Abeyratne Thesis Submitted for The
    BANKING AND DEBT RECOVERY: A COMPARATIVE STUDY OF THE LAW AND PRACTICE IN INDIA, SRI LANKA AND MALAYSIA BY SONALI GOTHAMI ABEYRATNE THESIS SUBMITTED FOR THE DEGREE OF DOCTOR OF PHILOSOPHY LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE UNIVERSITY OF LONDON 1998 UMI Number: U148667 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U148667 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 British Library of Political and Economic Science ABSTRACT OF THESIS Current economic development law theories and technical assistance practices of international financial institutions emphasise the critical importance for an emerging or transitioning economy in moving towards a market orientated system, to have in place a modem commercial law infrastructure so that the economy can develop robust credit and other financial markets and can attract internal and external capital investments. One essential element o f this desired commercial law infrastructure is a legal and judicial framework that provides for an efficient and prompt debt recovery process. Unfortunately, recent studies indicate that, in most developing countries debt recovery is in crisis.
    [Show full text]
  • Awareness and Usage of Internet Banking Facilities in Sri Lanka
    International Journal of Scientific Research and Innovative Technology ISSN: 2313-3759 Vol. 3 No. 6; June 2016 AWARENESS AND USAGE OF INTERNET BANKING FACILITIES IN SRI LANKA N. J. Kariyawasam Graduate, Department of International Business, Faculty of Management and Finance, University of Colombo, Sri Lanka Nuradhi K. Jayasiri Senior Lecturer, Department of Accounting, Faculty of Management & Finance, University of Colombo, Sri Lanka. Abstract The banks, however, are trying to popularize the concept of Internet banking among their customers, to meet up with the ever increasing traffic in physical bank premises. Compared to some developed and developing countries, the usage of Internet to engage in banking activities is at a primary stage in Sri Lanka, mainly restricted to checking bank balances. Through this research it was identified that lack of knowledge on facilities of e-banking compared to traditional banking is one of the most influential factor towards the lack of usage of Internet Banking. Further, it was found that lack of knowledge on accessing Internet and lack of facilities for Internet access too, contribute to the negative attitude towards e-banking. Increasing the banking users’ knowledge of benefits of e-banking services and increasing facilities and knowledge for Internet access can be seen as improvement plans to engage more traditional banking customers to use Internet Banking facilities. Key Words: Internet Banking; Awareness; Banking customers in Sri Lanka 1. Introduction E-banking, virtual banking, online banking, and electronic banking relate to the same concept of ‘Internet Banking’. Since the introduction of the facility in early 1980s in The United States of America, the world soon grabbed on to the concept due to the major benefits it brought upon the banking industry.
    [Show full text]
  • Cousins in Ceylon Victor Gray and Ismeth Raheem Explain a Curious and Lasting Rothschild Connection with Sri Lanka
    Cousins in Ceylon Victor Gray and Ismeth Raheem explain a curious and lasting Rothschild connection with Sri Lanka The Main Works at the Rothschild Plantation, Pussellawa (W. Sabonadi`ere: The Coffee Planters of Ceylon, 1870) The letters of Charlotte de Rothschild are among the gems of The Rothschild Archive. As the wife of Baron Lionel, head of N.M. Rothschild & Sons and a leading figure on the London financial and social scene, she was well placed to cast a knowing eye over the circle of prominent friends and acquaintances in which she moved. She used the opportunity with a style and wit verging often on the mischievous and occasionally on the acerbic. On 24 October 1865, she wrote to her son Leopold at Cambridge: “Dear Papa and your brothers were much startled yesterday by the arrival of Messrs. Gabriel and Maurice Worms. The elder brother has been quarter of a century in Ceylon, and is scarcely civilized in his appearance. Both brothers are very proud of having slaved from 4 o’clock in the morning and incessantly, during a quarter of a century to make money – but the elder of the tea-slaves is sixty-six years of age, and he really might have commenced somewhat earlier to enjoy life.”1 With these two ‘scarcely civilized’ characters (she omits to acknowledge them in this letter as her cousins), Charlotte was brought into touch with a world far removed from her own and with a story which explains one of the more puzzling uses of the name Rothschild in the 21st century.
    [Show full text]