Today, on October 25, the Sri Lankan Rupee exhibited a slight depreciation against the US Dollar in commercial banks when compared to rates on the previous Tuesday.At Peoples Bank, the buying and selling rates for the US Dollar have increased from Rs. 318.62 to Rs. 320.91 and from Rs. 331.91 to Rs. 333.18, respectively.

In contrast, the Commercial Bank has reported that the buying and selling rates for the US Dollar remain unchanged at Rs. 319.50 and Rs. 330.50, respectively.

Sampath Bank has observed a similar trend, with the buying rate of the US Dollar increasing from Rs. 321 to Rs. 322 and the selling rate rising from Rs. 331 to Rs. 332.

These fluctuations in exchange rates can be influenced by various factors, including market dynamics, economic conditions, and global events. It’s important for individuals and businesses engaged in foreign exchange transactions to stay updated on currency rate changes to make informed financial decisions.

The Colombo High Court on Thursday (18) ordered Randika Rajapaksa and Chandula Rajapaksa, two directors of Samson Engineers (Pvt) Ltd belonging to DSI Samson Group, and Company Secretary Varuni De Silva to not interfere with the duties of DSI Managing Director Sajith Rajapaksa.

Sajith, filing the case, pointed out that the two directors and the secretary of the company conspired and exerted pressure on him hampering his duties.

Sajith also said that they had deliberately disrupted his work to make it difficult to run the company by deliberately neglecting the company’s operations, by holding frequent meetings and by obstructing his administrative affairs.

DSI Samson Group, which is one of the largest private companies in the country, has about 30 subsidiaries. The conflicts within the Board of Directors had begun following a proposal made by a former managing director to evenly distribute the shares of the company among the family members.

The former managing director has submitted the proposal to the Board of Directors in the first week of April this year.

It was reported that some of the most profitable subsidiaries of this company are being operated by the sons of this managing director.

Sajith is one of the sons of the said managing director and Samson Rubber Products (Pvt) Ltd, which brings in the highest foreign exchange, is managed by Sajith.

The Inland Revenue Department (IRD) of Sri Lanka has introduced a significant financial relief initiative designed to support the well-being of senior citizens aged 60 and above. In a statement, the department underlined the purpose of the program, which is to provide financial assistance to the state’s senior citizens.

Key highlights of the program include:

Eligibility: All senior citizens aged 60 or above, with an annual income not exceeding Rs. 1,200,000 (for the period from April 1st to March 31st of the following year), and who have had Advance Income Tax (AIT) deducted from their interest income at a rate of 5% by banks or financial institutions, are eligible to apply for the refund.

Refund Limits: Senior citizens can claim a maximum refund of up to Rs. 25,000 per quarter. This provision ensures that eligible individuals can benefit from this initiative throughout the year, covering the period from April 1st, 2023, to March 31st, 2024.

Mode of Refund: The refund amount will be directly deposited into the designated bank account of the senior citizen, ensuring a secure and efficient delivery.

Application Process: Interested individuals can apply for the refund by completing simple application forms available on the IRD’s website (www.ird.gov.lk) or by visiting the nearest metropolitan or regional office.

Documentation: Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the Advance Income Tax deductions.

Review and Processing: After the application is submitted, the IRD will review the documents and verify the eligibility criteria.

Assistance: The IRD is dedicated to providing guidance and assistance throughout the application process, with customer support teams available at metropolitan and regional offices to offer support as needed.

For more detailed information about the Senior Citizens’ Advance Income Tax Refund Program, individuals can visit www.ird.gov.lk or contact the IRD’s Call Center by dialing 1944. This initiative aims to provide much-needed financial relief and support to senior citizens in Sri Lanka.

Sri Lanka’s Cabinet has approved a groundbreaking initiative to grant visa-free entry to visitors from seven countries, including India, China, and Russia, as a pilot project extending until March 31, 2024. This significant move aims to promote tourism and enhance the country’s appeal to international travelers, as declared by Tourism Minister Harin Fernando.

In a tweet, Minister Fernando confirmed that the Cabinet has sanctioned visa-free entry for visitors from India, China, Russia, Malaysia, Japan, Indonesia, and Thailand, effective immediately.

This decision follows the Ministry of Tourism’s previous announcement that a cabinet paper had been presented in a recent Cabinet meeting proposing free tourist visas for foreigners from five countries visiting Sri Lanka. Prime Minister Dinesh Gunawardena, Tourism and Lands Minister Harin Fernando, Minister of Public Security Tiran Alles, and Minister of Foreign Affairs Ali Sabry jointly presented the cabinet paper.

The primary objective of this visa exemption for tourists from several nations is to attract a greater number of visitors to Sri Lanka, with the aspiration of reaching five million tourist arrivals in the coming years, as articulated by the Tourism Ministry. This initiative aligns with China’s announcement of Sri Lanka as one of the 20 countries open to Chinese tourists for travel.

By eliminating the need for visas, this program is anticipated to save travelers time and money while promoting a surge in foreign tourists visiting Sri Lanka. Additionally, the Ministry plans to introduce an e-ticketing system for most of the country’s tourist sites in the near future, streamlining the visitor experience and further enhancing the nation’s allure as a travel destination.

1. Informed sources say President Ranil Wickramasinghe has warned that he will dissolve Parliament & hold a General election if the Govt does not receive the support of the “Pohottuwa” to continue: also says he will not allow peoples’ money to be wasted by increasing the number of ministers at a time when the people are in dire straits.
2. Lord Hugo Swire of UK’s Conservative Party says countries like China have got opportunities to provide financial aid to countries like Sri Lanka, because of UK cutting its foreign aid budget: also says the Chinese cannot be blamed because they are ready to spend money when the UK is not.
3. Export Development Board says SL’s merchandise exports have plunged by 11.88% to USD 951mn in September’23 compared to September’22: it is also a 14.94% decrease when compared to the value in August’23.
4. Cabinet approves visa-free entry to travellers from 7 key tourist-generating markets of India, China, Russia, Malaysia, Japan, Indonesia, & Thailand with immediate effect: this policy to be in effect till 31 March’24.
5. State Minister for Primary Industries Chamara Dasanayake says about 1 mn barrels of ethanol is piled up as Alcohol firms are not buying ethanol: also says this has led to state-run Pelwatte & Sevenagala sugar firms to bury ethanol: laments the cost of production of a bottle of arrack is Rs.1,200, but has to be sold at Rs.3,200 due to the exorbitant taxes: insists economic experts are advocating high taxes and people are driven to “moonshine” (kasippu) as a result.
6. Sectoral Oversight Committee on National Security recommends that US Ambassador Julie Chung be urged to refrain from making statements regarding the internal affairs of SL in the future: Chairman Rear Admiral Weerasekera questions the Ambassador’s understanding of whether actions such as burning tires, blocking highways & railway lines, destroying petrol stations, slashing tires of oil bowsers, & throwing stones at the Police constitute a “protest or peaceful acts”: asserts the Ambassador is sending a highly unfavorable message about SL to the rest of the world.
7. Minister Jeevan Thondaman says there are no plans to further increase the water tariff after the increase in August’23: but says the Ministry is now “working on implementing a water tariff formula set to roll out in Jan 2024”.
8. Agricultural and Agrarian Insurance Board to complete the compensation payments for crop damages during the Yala cultivation season by early next month.
9. Pradeep Somasiri wins the Gold medal in the Men’s 1500 metres – (T-46) event with a new Games record, and Nuwan Indika wins the Gold medal in the Men’s 100 metres – (T44) event at the Asian Para Games 2023.
10. Angelo Mathews will replace injured Matheesha Pathirana in the SL squad at the ICC World Cup – 2023 being played in India.

The Human Rights Commission of Sri Lanka has initiated a comprehensive investigation into the disturbing occurrences of suspects dying while in police custody. According to Commissioner Attorney Nimal Punchihewa, there have been more than 20 reported instances of such incidents in the recent past, prompting urgent action.

As a response to this concerning trend, the Commission has decided to develop a set of specialized instructions to guide the proper handling of suspects in custody. These instructions aim to ensure that individuals in police custody are treated with the utmost respect for their rights and well-being, while preventing any harm or loss of life. The Commission’s commitment to upholding human rights and safeguarding the dignity of all individuals remains at the forefront of this crucial initiative.

Showers or thundershowers will occur at several places in the most provinces of the island after 01.00 p.m.

Fairly heavy showers about 50 mm are likely at some places in Sabaragamuwa province and in Galle and Matara districts.

Misty conditions can be expected at some places in Central, Sabaragamuwa and Uva provinces during the morning.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Colombo (LNW): Minister of Water Supply and Estate Infrastructure Development, Jeevan Thondaman, emphasised that there are no plans to increase the water tariffs. Instead, the ministry is diligently working on implementing a water tariff formula, set to roll out in January, 2024, the Minister noted, according to a statement by the President’s Media Centre.

He assured the public that following the water tariff hike in August 2023, there will be no further increases.

The focus is now on developing a cost recovery formula, a collaborative effort with the Water Board, and Asian Development Bank (ADB) project, an integral part of a policy-based sub-programme .

This sub-programme aims to contribute US $ 100 million to the centralised budget upon completion.

Minister Thondaman addressing the News Briefing at the Presidential Media Centre (PMC) today (24) under the theme ‘Collective path to a stable country’ clarified the government’s stance on water tariffs and announced initiatives to support the Upcountry community.