The Government has decided to further extend the amnesty period for individuals to deposit or sell the foreign currency in possession.

Previously, on several occasions from June, the Finance Ministry issued orders under Section 8 of the Foreign Exchange Act No. 12 of 2017 extending the amnesty period.

“The circular in this regard will be issued by the Finance Ministry in the next couple of days,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing on Tuesday 02.

The Minister said accordingly, citizens will be able to change any acceptable foreign currency into rupees through a commercial bank adding that the know your customer (KYC) compliance will also not be applicable during the amnesty timeline.

Meanwhile, Cabinet Co-Spokesman Minister Manusha Nanayakkara said any amount of foreign currency even exceeding US $ 10,000 can be converted or deposited into a foreign currency account or a rupee account during the period.

The Minister insisted that during the period individuals will not be requested to submit any documentation to banks to prove the source of the funds.

He said the amnesty period will last for one month although the program was implemented last month as well.

On 16 June, the Central Bank amended limits and conditions on possession of foreign currency in the hands of the public into the formal banking system.

The Central Bank reduced the amount of foreign currency retained in possession by a person in, or resident in, Sri Lanka from $ 15,000 to $ 10,000 or its equivalent in other foreign currencies.

It also granted an amnesty period of 14 working days effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession.

Thereafter, on two occasions during last month it was further extended. The last extension was till July 26.

The Colombo Stock Exchange (CSE) adopted progressive changes to the CSE’s listing framework for new listings, offering a wider choice of listing options for companies wanting to list shares on the Main and Diri Savi Boards.

This action has been taken by taking into account the role played by capital markets in the growth of the corporate sector and the importance of offering multiple avenues through which companies aspiring for growth can access capital markets,

An analysis of recent listings on the CSE indicates that these amendments in particular have paved the way for two companies to list on the CSE and access capital market-based funding valued at Rs. 4.7 billion.

Both IPOs were oversubscribed on the opening day and by 16+ times collectively drawing considerable investor interest at the time.

Interestingly, the listing framework prior to the amendments made by the CSE may not have attracted these two corporates – indicating that the amendments have been successful in making a stock market listing a possibility for a broader array of aspiring issuers.

These recent issuers representing two different industries have benefited from the CSE’s initiative in broad basing the profit-oriented eligibility requirement applicable to the Main Board.

Prior to the amendments, the CSE Listing Rules required that all companies aiming to list on the Main Board demonstrate net profit after tax for three consecutive financial years. Three alternatives to this requirement were introduced by the CSE as part of the amendments.

The CSE’s Main Board listing criteria now accepts companies that can demonstrate an aggregate net profit after tax for three consecutive financial years, meaning that companies aiming to list on the exchange are no longer required to be profitable in each of the three financial years immediately preceding the date of the initial listing application.

Further, companies that cannot meet the profit-based criteria for the Main Board can demonstrate eligibility through revenue or positive operating cashflow (one of either), if the company’s market capitalization is valued at Rs. 5 billion or above at the point of listing.

The revenue-based option would require the company to demonstrate an aggregate revenue of Rs. 3 billion for three financial years immediately preceding the date of the initial listing application.

Alternatively, the positive operating cash flow option would require the company to demonstrate positive operating cash flows (after adjustment for working capital) for two consecutive financial years immediately preceding the date of the initial listing application.

Commenting on the development, Chief Regulatory Officer at the CSE Renuke Wijayawardhane stated that the amendments to CSE Listing Rules were put in place to broaden the rules to complement Sri Lanka’s rapidly developing commercial landscape comprising multiple new business models and segments.

If the company’s market capitalization is valued at Rs. 2 billion or above at the point of listing, demonstrating revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application will be an acceptable alternative to the Positive Net Assets requirement.

CSE CEO Rajeeva Bandaranaike called on Sri Lankan corporates interested in listing to actively engage the exchange and the investment banking community to understand the wide-ranging choice of listing options available.

After an alert from the Union government on the scheduled arrival of Yuan Wang 5, a Chinese research vessel at Sri Lanka’s Hambantota port on August 11, the Tamil Nadu police have decided to scale up security at vital installations along the coastline.

The vessel is involved in space and satellite tracking and intercontinental ballistic missile launches, the Hindu reported.

Col. Nalin Herath, media spokesperson of Sri Lanka’s Defence Ministry, had earlier confirmed the vessel will be in Hambantota from August 11 to 17, “mainly for replenishment, including of fuel”.

The alert was issued to Tamil Nadu since there are many vital installations such as sea ports and nuclear power reactors along its 1,076-km coast.

The State has already enhanced its surveillance in coastal districts in view of the ongoing political crisis and worsening economic crisis in Sri Lanka.

The economic crisis has resulted in illegal entry of fleeing Tamils. There were also intelligence inputs that some extremist elements could sneak into the country.

“The organisations supporting the cause of the Liberation Tigers of Tamil Eelam (LTTE) and Tamil chauvinist outfits could stage protests against Sri Lanka for allowing China’s military presence in its territory since it would be against India’s defence interests,” a senior police officer said.

The Superintendents of Police of the coastal districts were told to deploy enough manpower at all sensitive establishments and intensify checks on roads leading to the coastal areas.

On Tuesday, senior Indian diplomats working in Indian missions abroad met Tamil Nadu Director-General of Police C. Sylendra Babu and Sandeep Mittal, ADGP, Coastal Security Group, at the State police headquarters in Chennai.

Senior officials described the meeting as “routine”, where the foreign service officers were briefed about the functioning of the Tamil Nadu police and maritime challenges