By: Staff Writer

Colombo (LNW): The Central Bank of Sri Lanka has decided not to renew the money changing permits for well-known communication agency Salaka and 14 others, for the year 2023.

Issuing a statement, the Monetary Board of the Central Bank of Sri Lanka said that it has decided not to renew the money changing permits of 15 money changers for the year 2023.

The decision was taken due to the non-compliance with a condition of the permits issued for the year 2022, which was communicated to the respective money changers on 22.02.2023.

Accordingly, the public has been informed that the 15 companies listed are no longer permitted to engage in money changing activities.

Central bank has banned money changers from selling US dollars above the commercial bank rates as the country grapples from a forex crisis.

When money is printed to keep rates down and exchange controls are imposed, the kerb market and Undiyal rates go up with money trying to rush out of the country and pay for imports.

The outward flow of money at high prices in turn are financed by higher rates paid to inward worker remittances.

Permission to buy, sell and exchange foreign currency in Sri Lanka is granted only to authorized dealers (i.e. licensed banks) and money changers appointed by the Central Bank of Sri Lanka (CBSL).

Therefore, foreign currency, shall be purchased, sold or exchanged only through an authorized dealer or an authorized money changer.

In terms of the provisions of the Foreign Exchange Act, No.12 of 2017, engaging in foreign currency transactions without permission of CBSL by any person, institution or any other entity is an unlawful activity.

Therefore, if it is noted that any person, institution or any other entity is engaged in unauthorized foreign exchange dealings, the public is hereby requested to inform the Foreign Exchange Department of CBSL.

The Central Bank said that buying, selling and exchanging foreign currency with such illicit companies are considered as a contravention of the provisions of the Foreign Exchange Act, No. 12 of 2017.

The public has been notified that in terms of the provisions of the Foreign Exchange Act, No. 12 of 2017, Money Changers have been prohibited from offering higher exchange rates to customers beyond the exchange rates offered to such Money Changers by Licensed Banks.

The Money Changers have been informed that their licenses would be suspended/ revoked if they transact any foreign currency transactions at rates beyond the rates stipulated by Licensed Banks.

By: Staff Writer

Colombo (LNW): The government expects to attract many visitors from Asia, including India, East Asia, South Asia, and West Asia, because it is easier for them to travel.

It will open up the Eastern Province, and there will be apartments available for purchase where you can directly stay near the beaches of the Eastern Province. The laws will be changed to accommodate tourism development plans.

The government has identified A new site in Dedduwa in the South, over 1000 acres with water, d for very environmentally friendly tourism.

Another one is next to Horton Plains, another 900 acres which will be another forest reserve where you can have 5-star luxury accommodation.

There are many other places where yachts and yachting will start, with Mannar as one of the headquarters, throughout the Jaffna Lagoon, down into Trincomalee and further down.

It will exploit the railway in different ways, just like you have gone up to Ella. Moreover, we want to hand over a large number of plantation bungalows for boutique hotels.

So there are going to be more and more items that we will add on to it. Food items, dance items, to make Sri Lanka truly known as a worthwhile tourist destination.

It is planned to develop and showcase the places in Sri Lanka such as Mahabalipuram. ,Odisha and rhese are the places Europeans and others must see, official sources said. .

Cox’s Bazar .and the Andaman Islands are already popular among Indians. When this happens, prices in the Andaman Islands will go up.

Myanmar travelers can travel down to the Andaman seas, all the way down to Singapore

the Minister of Urban Development and Housing Prasanna Ranatunga,, advised the Department of Coastal Conservation and Coastal Resource Management to identify the attractive places around the country’s coastline and prepare an urgent program to attract local and foreign tourists

Minister Prasanna Ranatunga also said that suitable investors should be found by involving the Urban Development Authority and other government institutions as well as the private sector to develop such places.

The Department of Coastal Conservation and Coastal Resource Management has already identified 24 new tourist spots along the coast of the country, including Gagge Wadia, Puttalam Lagoon Islands, Kudava, Vaikkala, Negombo Lagoon, Kapungoda, Prithipura, Kokgala Lagoon, Seethagalle, Rakava Lagoon, Lunama Lagoon, Malala Lewaya, Kirinda, Kunukale Beach, Elephant Rock, Salathiv Island, Tambalagamuva Bay, Governor’s Office, Uppuveli, Sampalthiv Beach, Ariyamalla Beach, Nayaru Beach, Nandikadal Beach, Santhakulam Beach have been identified as new tourist areas.

The coastline of this country, rich in economic resources, has a length of 1620 km.Minister Prasanna Ranatunga said that solutions to the economic crisis can be found by systematically developing the coastline around the country while protecting the coastal environment of the country.

By: Isuru Parakrama

Colombo (LNW): The Government of Sri Lanka will be signing a ‘joint declaration of intent’ (JDOI) with the Government of India to collaboratively achieve the goals of improving the quality of dairy farming in Sri Lanka.

The Cabinet of Ministers has granted its approval for the combined proposal to sign a joint declaration of intent with the two governments.

The joint programme will assist in making the country self-sufficient in milk production and increasing the income of small-scale dairy farmers, said Cabinet Spokesman Bandula Gunawardena addressing the briefing held in announcing the Cabinet decisions today (11).

In the meantime, the Attorney General’s clearance has also been received for the said JDOI, which has been drafted in this regard.

By: Isuru Parakrama

Colombo (LNW): The 2023 G.C.E. Advanced Level Examination is scheduled to be held from November 27 to December 21, 2023, announced Education Minister Susil Premjayanth today (11).

The Minister added that the evaluation of answer scripts of the 2022 ALs Exam will be completed by mid-August, and their results are likely to be released before the end of the month.

All relevant authorities intend to complete the exam before Christmas, he added.

The French Naval Ship Lorraine this morning (11th July 2023) arrived at the port of Colombo on a formal visit. The ship was welcomed by the Sri Lanka Navy in accordance with naval tradition.

The 142.20m long ship is an Air-Defence Multipurpose Frigate manned by 154 crew members and she is commanded by Captain Xavier BAGOT. Meanwhile, the Commanding Officer of the ship called on Commander Western Naval Area, Rear Admiral Suresh De Silva at the Western Naval Command Headquarters today.

During their stay in Sri Lanka, the crew members of the ship are expected to visit some of the tourist attractions in the country.

Lorraine is scheduled to leave the island on 15th July and she will conduct a Passage Exercise (PASSEX) with a ship of the Sri Lanka Navy off Colombo on her departure.

Source: SL Navy

Colombo (LNW): India’s Foreign Secretary Vinay Mohan Kwatra called on President Ranil Wickremesinghe at the Ministry of Defence a short while ago, confirmed the President’s Media Division (PMD).

The Indian Foreign Secretary’s arrival in Sri Lanka aims at making the necessary arrangements for the Sri Lankan Head of State’s visit to New Delhi, India later this month.

Colombo (LNW): The government has taken a significant step towards state-owned enterprise reform with the appointment of transaction advisors for the divestiture of 7 identified entities. The decision is in line with the policy directive set by the government and aims to ensure effective and transparent divestiture of key entities.

Under the leadership of the president, a proposal was presented to the cabinet of ministers and subsequently approved. To ensure a successful process of divestiture the government decided to seek expert advice from the transaction advisors. 

The Cabinet of Ministers has approved the appointment of The International Finance Corporation (IFC) a member of the World Bank Group for the divestiture of Sri Lankan Airlines Limited, Lanka Hospitals Corporation PLC and Sri Lanka Telecom PLC.

The appointment of advisors for the remaining 4 entities, namely Sri Lanka Insurance Corporation Ltd (SLIC), Hotel Developers Lanka Ltd (Hilton), Canwill Holdings (Pvt) Ltd (Hyatt) and Litro Gas (Pvt) Ltd (Litro, including Litro Gas Terminals (Pvt) Ltd) was carried out through a competitive bidding process following Government’s Consultant Procurement Guidelines. Both local and international advisors submitted proposals, which were evaluated by a Special Cabinet Appointed Consultants Procurement Committee, appointed by the Cabinet. Following the procurement process, the committee recommended the appointment of transaction advisors as follows:

• Litro Gas (Pvt) Ltd (Litro, including Litro Gas Terminals (Pvt) Ltd): Deloitte India has been appointed as the transaction advisor.                                                                                                 
• Canwill  Holdings(Pvt) Ltd (Hyatt): Deloitte India has been appointed as the transaction advisor.
• Hotel Developers Lanka Ltd (Hilton): Colliers Singapore and Platinum Advisors has been appointed as the transaction advisor.
• Sri Lanka Insurance Corporation Ltd (SLIC): Alvarez & Marsal and Capital Alliance Partners has been appointed as the transaction advisor.

These recommendations were approved by the Cabinet of Ministers at its meeting held on Monday 10th July. The agreements with respect to these appointments will be concluded shortly setting the stage for the next phase of the divestiture process including investor engagement.        

The government believes that the appointment of these expert transaction advisors ensures efficient and transparent divestiture process. By leveraging their expertise, the government is working towards the successful transition of these entities which promotes economic growth and sustainability.