Sri Lankan’s financial literacy especially in the rural areas is very low and due this there is a large black economy , Minister of Trade Dr. Bandula Gunawardane said speaking at the launch of “DIERO LANKAQR” awareness campaign by the Payments and Settlements Department of CBSL.
The Minister said that the launch of the QR Code will be the best method to overcome this as even a small transaction under Rs. 100 could be performed from it.
Dr Gunawardane said that the government institutions too should follow this since it will minimize delays in payments and there will also be better transparency. State Minister Ajith Cabraal said that the launch of digital payments of this nature will also help to stop black money coming to the country through several channels from overseas as well.
The Minister said it was disappointing to note that a similar system was launched in India in 2016 and very much before in several other countries. “The authorities must ensure that they keep pace with technology and move with modern times to avoid lapses of this nature,” he said.
Meanwhile the Governor Central Bank Prof. W. D. Lakshman said that 2020 has been named “Year of Digital Transactions” and this system will gradually promote e transactions which will also help the economy in several ways.
The main objective of this scheme is popularizing digital transactions among the general public and businesses. “In line with this initiative, the Payments and Settlements Department of CBSL has made arrangements to launch Island-wide awareness campaigns of LANKAQR.”
Accordingly, the first awareness campaign “On Co LANKAQR” was held last month in CBSL Matale Regional Office.
This event was also attended by several State Ministers, representatives of retail sector and payment service providers, CEOs of all Licensed Commercial Banks, Licensed Specialized Banks and Licensed Finance Companies along with prominent government authorities.
