Friday, September 22, 2023

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Sri Lanka Original Narrative Summary: 18/09

  1. Former CB Deputy Governor W A Wijewardene says the MB has tried to establish a lie that the 14% tax rate applied on the EPF is a “concessionary rate”: also says the previous MB statements had compared the EPF tax rate of 14% on its Gross Interest Income with the 30% tax rate on financial institutions on their Net Interest Income: asserts the EPF has paid a tax of Rs.49bn in 2022 on its gross income of Rs.370bn, when a financial institution earning a similar gross income would have paid only about Rs.2bn as taxes.
  2. National Trade Union Centre denounces the EPF’s recent decision to submit an offer to exchange the portfolio of their Treasury Bonds under the Domestic Debt Optimisation programme.
  3. The Indian Central Govt informs the Madras High Court that it has taken steps to deport the 4 Sri Lankans convicted in the Rajiv Gandhi assassination case, to Sri Lanka.
  4. Dept of Motor Traffic initiates an investigation against officials who are allegedly connected to a racket of registration of luxury vehicles under registration numbers of diplomatic vehicles which are no longer in use: a recent audit report issued by the National Audit Office had revealed that, as a result, the Govt has lost millions of Rupees.
  5. Police say a 6-year old girl was killed when unidentified gunmen on a motorcycle opened fire at a 3-wheeler near the Maligakanda Courts in Maradana: her father also in a critical condition.
  6. Police say unidentified persons in a vehicle had opened fire at SLPP MP Uddika Premaratne’s vehicle soon after he returned to his residence in Anuradhapura: MP escaped unhurt.
  7. Govt asks the Depts of Inland Revenue, Excise & Customs to immediately raise between Rs.400bn and Rs.450bn in revenue to overcome the expected cash flow shortfall due to the strict restrictions on “money printing” now in place owing to the new CBSL Act: under the new Act, the CB’s ability to “print money” will be permitted only in exceptional circumstances such as a global health emergency: analysts expect the interest rates to rise sharply and the recent “hot money” inflows to reverse, as a result.
  8. Foreign Ministry Spokesperson Priyanga Wickramasinghe says the Chinese research vessel Shi Yan 6 has commenced its 80-day expedition into the Indian Ocean, despite Colombo not yet granting permission for the vessel to call port or carry out a planned joint survey in the SL waters: previously, the Ministry of Defence had said permission for the Shi Yan 6 to call port in Colombo had been granted.
  9. UK and France join the United States to intervene in a New York Court case filed by the Hamilton Reserve Bank against Sri Lanka over SL’s ISB default, by filing a joint ‘amicus curiae’ petition supporting SL’s request for a 6-month freeze on the litigation pertaining to the matter.
  10. India record a huge win against SL in the Asia Cricket Cup 2023 Final played in Colombo: SL 50 all out (15.2 overs): IND 51/0 (6.1 overs): India’s Mohammed Siraj produced a devastating spell of swing bowling returning figures of 6 for 21 in 7 overs: SL’s total is the lowest by any team against India in Men’s ODIs.

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