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Finance State Minister announces penalties for illegal gold imports

May 30, Colombo (LNW): Finance State Minister Ranjith Siyambalapitiya announced that five companies have been identified for illegally importing gold into Sri Lanka this year.

These companies have been fined a total of Rs. 1,243 million.

One company, in particular, has been ordered to pay Rs. 179 million. The State Minister has issued a stern warning to all licensed companies importing gold products, urging them to cease such illegal activities immediately.

Siyambalapitiya emphasised that efforts are underway to stabilise the country’s state income by addressing loopholes that contribute to revenue loss.

He further noted that some importers have turned gold imports into a significant racket, indicating the existence of a mafia around this activity.

Despite facing various pressures and threats, the government remains committed to tackling this issue, the Minister went on, adding that the government has completed the first phase of addressing this problem and is now moving into the second phase without faltering under these challenges.

To combat illegal gold imports, a special gazette notification was issued in March of the previous year, imposing restrictions on gold imports.

This measure was implemented under the instructions of President Ranil Wickremesinghe with the aim of curbing gold smuggling in the country, Siyambalapitiya added.

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