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Sri Lanka to expropriate money in dormant bank accounts

ECONOMYNEXT – Sri Lanka’s budget for 2016 had proposed the expropriation of money lying in dormant bank accounts from January 2016.

"…I propose that the monies lying in dormant accounts of commercial banks to be remitted to the Consolidated Fund, by 1 January, 2016," the text of a budget speech for 2016.

The budget did not specify how accounts that had been dormant for how many years would be taken over by the state.

The ousted Rajapaksa administration came under fire when the Central Bank took over dormant accounts.

The Central Bank however said the money would be available to any claimants.

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