{"id":91270,"date":"2019-07-11T14:16:04","date_gmt":"2019-07-11T21:16:04","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=91270"},"modified":"2019-07-11T14:16:04","modified_gmt":"2019-07-11T21:16:04","slug":"open-economy-and-foreign-inward-investments","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2019\/07\/11\/open-economy-and-foreign-inward-investments\/","title":{"rendered":"Open Economy and Foreign inward investments"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Dr Sarath Obeysekera\u00a0<\/em><\/span><\/h2>\n\n\n<p>We have approached the banks to provide financial facilities\nto develop a Residential high rise under Non BoI category as converting into\nBOI is not a viable&nbsp;option due to the fact that duty free facilities and\nother perks are not available for condominium development.<\/p>\n\n\n\n<p>Investors in Europe are willing to send legitimate funds\nthru a European source .All the banks demand so many documents to prove source\nfunds and names of investors and proof of address &nbsp;in the country or\nresidence,<\/p>\n\n\n\n<p>All above can be provided ,but they have to go to an Embassy\nin Sri Lanka ,stand on the queue to get the passports authenticated.<\/p>\n\n\n\n<p>This whole process can take weeks or even months.<\/p>\n\n\n\n<p>If and when they are &nbsp;allowed to open an account called\nIIA ( inward investment account)which replaces all other account types which\nwere permitted &nbsp;earlier to transfer capital or profit back to any country\nor any other account of their relatives or a company of their choice .<\/p>\n\n\n\n<p>Under new rules &nbsp;only account holder can receive funds\nback and he is not allowed to send anywhere else.<\/p>\n\n\n\n<p>Share market is so bad and no investor is willing to buy\nshares.<\/p>\n\n\n\n<p>The money invested in blue chip companies in shares are\nquite often transferred out of the country by individuals,hence there is no net\nreturns remaining in the country&nbsp;<\/p>\n\n\n\n<p>Investors cannot invest in any other Non Boi project,because\nland ownership is not permitted for foreigners.<\/p>\n\n\n\n<p>Dubai,Malasia and some other countries relax the rules with\ncateful monitoring of Noney Laudering ,but once the country is confident about\nsource of funds,they allow them to do any local bunissess<\/p>\n\n\n\n<p>Is is high time the government change rules during these\ndifficult times to attract FDI via non Boi investments.<\/p>\n\n\n\n<p>Dr Sarath Obeysekera&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr Sarath Obeysekera\u00a0 We have approached the banks to provide financial facilities to develop a Residential high rise under Non BoI category as converting into BOI is not a viable&nbsp;option due to the fact that duty free facilities and other perks are not available for condominium development. Investors in Europe are willing to send legitimate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[116],"tags":[],"class_list":["post-91270","post","type-post","status-publish","format-standard","hentry","category-dr-sarath-obeysekera"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/91270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=91270"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/91270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=91270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=91270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=91270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}