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 Consolidation of Non-Bank Financial Institutions expedited

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 Sri Lanka’s Masterplan for Consolidation of Non-Bank Financial Institutions is now being implemented expeditiously, Central Bank announced to day (Monday 31)   

Under this   Masterplan nine finance companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements. 

These companies are   Sarvodaya Development Finance PLC, Dialog Finance PLC, Asia Asset Finance PLC, Lanka Credit and Business Finance PLC, People’s Merchant Finance PLC, Softlogic Finance PLC, Merchant Bank of Sri Lanka & Finance PLC, UB Finance Co Ltd and Richard Pieris Finance Ltd.

 In addition, 12 companies have submitted their acquisition/consolidation plans to CBSL and obtained relevant preliminary approvals.

 According to the Central Bank among these companies were Ass tline Leasing Co Ltd – acquisition of finance business licence of Kanrich Finance Ltd and settlement of its deposits,LB Finance PLC – acquisition and subsequent amalgamation of Multi Finance PLC, SMB Leasing PLC – acquisition of finance business licence of Swarnamahal Financial Services PLC and settlement of its deposits. 

Other companies are Commercial Leasing & Finance PLC – acquisition and subsequent amalgamation of Sinhaputhra Finance PLC, HNB Finance PLC – acquisition and subsequent amalgamation of Prime Finance PLC. , LOLC Finance PLC- amalgamation of Commercial Leasing & Finance PLC. 

As a result of these developments, the Non-Bank Financial Institutions sector has witnessed a significant improvement in compliance with regulatory capital requirements and has recorded the lowest non-compliance levels during recent times, Central Bank stated in a media release.

Coconut price at SATHOSA dropped to Rs. 75

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SATHOSA will sell a large coconut at a maximum price of Rs. 75 from today (31), revealed Trade Minister Bandula Gunawardena.

Accordingly, each customer will be given the opportunity to purchase five coconuts at a time and the SATHOSA has signed an agreement with the Coconut Development Authority in a move to curb the coconut price.

The price will remain stable for the rest of the year, the Trade Minister added.

Gunawardena noted that customers who are unable to purchase coconut in its raw form can purchase two packets of coconut milk with export quality for Rs. 150 from the SATHOSA.

Meanwhile, action will be taken to curb the prices of commodities, should the price of coconut be dropped further, he added.

MIAP

PUCSL’s decision on power interruption

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The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, stated that the demand for electricity can be managed during the month of February starting tomorrow. Accordingly, the proposal made by the Ceylon Electricity Board (CEB) for a power interruption will not be allowed until the 4th of February 2022. The CEB had proposed that there is a need for power interruption from 25th of January to 4th of February.

Commenting on the above Mr Janaka Ratnayake, Chairman of the Public Utilities Commission of Sri Lanka said,

“We reviewed the power plants and the fuel stocks that are required for them, on a daily basis. Based on the results of those reviews we decide that there is no necessity of power interruption.  It is estimated around 31 billion rupees of loss may have occurred in the entire economy if the proposed power interruption was approved.  We were able to save 31 billion rupees by preventing a power interruption. It has been confirmed that a continuous supply of electricity can be provided without any power interruption even at the beginning of February. Especially the A/L examinations are scheduled to take place in the next month. Uninterrupted power supply should be provided in order to have the examination successfully. Unit 3 of the Norochcholai Coal Power Plant, which was undergoing renovations, has commenced generation of power supply. Also, the 130 MW power plant at Sojitz, which was recently disconnected from the national grid for maintenance purposes, will resume generation from 02nd of February. As a result, it has been confirmed that the power supply can be maintained uninterrupted.”

Mr Ratnayake also stated that the Sapugaskanda Oil Refinery has received crude oil and has already started the process of refining the fuel required for the power plants in the future.

“The refinery produces fossil fuels and naphtha as by-products. Power plants such as Sapugaskanda, Colombo Badge, West Coast and Uthuru Janani which has the generation capacity of 495 MW require fossil fuel. 495 mega watts of capacity can be generated for 13 days from the fossil fuel that generated through the refinery process. Also 150 MW power plant can be operated for five days from the Naphtha produced by the crude oil,”

PUCSL also points out that it is essential to get the support of the electricity consumers to manage the supply of electricity in such a challenging situation.

Clarifying it further Mr. Ratnayake, said,

“We have proposed a number of electricity conservation measures that can be implemented with the assistance of consumers, such as limiting lighting, saving the use of air conditioners, and limiting the lighting time of street lamps. We estimate that these measures alone will save us 3.7 gigawatt hours per day. If so, a 150 MW power plant can be shut down for 24 hours. It is a responsibility of the electricity consumer to support the country by conservation of electricity in a situation like this. We urge all electricity consumers to support in the conservation of electricity to the best of their ability. If electricity is used inefficiently in a situation like this, it will lead to a power cut,” 

The PUCSL has also taken steps to get the support of private and state organizations to generate about 300 MW of capacity through efficient use of power generators owned by them.

The Chairman of the Public Utilities Commission of Sri Lanka said,

“One of the ways to get electricity instantly for us is the efficient use of the generators owned by various companies. We have already had a discussion on the same with the owners of 100 MW so far. It is scheduled to discuss with another group on the same matter this week. We hope to reach a final decision on the availability of about 300 megawatts of capacity from state and private generators before the end of next month.

Janaka Ratnayake
Chairman
Public Utilities Commission of Sri Lanka

Five accused of smuggling foreign currency out of SL arrested by Customs

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The Narcotics Division of the Sri Lanka Customs on Saturday (29) seized five persons for attempting to smuggle foreign currency out of the country, on their way to onboard an Emirates EK-649 flight flying to Dubai, United Arab Emirates.

The Custom officials recovered foreign currency amounting to Rs. 25 million from the suspects’ possession. The stash consisted of US$ 95,000, 18,000 Euros and 37,000 Saudi Riyals, according to the Customs.

Further investigations are underway, according to the Custom officials.

The event comes in following the ongoing forex crisis in Sri Lanka spawned by the economic situation.

In a similar event reported on January 20, five suspects attempting to smuggle foreign currency out of the island were seized by the Customs and were found to be in possession of US$ 22,300, 63,500 Euros, 292,000 Saudi Riyals, 8,725 Sterling Pounds and 75,000 UAE Dirhams, amounting to a total value of Rs. 42 million in local currency.

Anyone leaving the country can only carry a maximum amount of US$ 10,000 at any currency at a time, and if the total value exceeds US$ 5,000, it should be declared before the Customs. There is no limit to the amount of any foreign currency that can be brought into the island, but the Customs must be notified, if the value exceeds US$ 15,000.

MIAP

SJB MP vows to break power in Parliament (VIDEO)

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The Samagi Jana Balawegaya (SJB) will be breaking the power in Parliament soon, vowed SJB MP Chaminda Wijesiri, speaking to a briefing held in Colombo today (31).

The SJB MP revealed that his party is building the force to break that power, in a move to stop the government’s ridiculous actions.

MIAP

Egg attack on AKD: Minister Prasanna Ranatunga denies allegation, urges President an immediate probe

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Tourism Minister Prasanna Ranatunga made a written request to President Gotabaya Rajapaksa urging an immediate probe into the incident in Kalagedihena, Gampaha, where an egg attack was launched on the rally held by the National People’s Power (NPP) yesterday (30).

Accordingly, the Minister urged the President to penalise everyone responsible for this attack without giving in to any titles.

Ranatunga noted that the intelligent people of Gampaha never approve of such disgraceful acts and that there is a reasonable doubt whether this attack was launched to embarrass the government and the President.

Making a written request to the Inspector General of Police (IGP), the Tourism Minister urged that an impartial probe be made into the incident and have everyone responsible be penalised.

Ranatunga also denied the allegations levelled against him regarding the attack, saying that the speculations on media that he was behind the egg attack on the NPP Leader Anura Kumara Dissanayake’s vehicle are completely untrue.

MIAP

SJB secures massive victory in Nivithigala Co-operative election

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The Samagi Jana Balawegaya (SJB) group has secured a massive victory in the election held to elect representatives to the Nivithigala Multipurposee Co-operative Society.

Accordingly, the SJB managed to secure 26 of 38 territories belonging to the Nivithigala Multipurposee Co-operative Society.

Paddy harvest in Kurunegala dropped by 40 – 50 per cent, SJB MP claims

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Samagi Jana Balawegaya (SJB) MP J.C. Alawathuwala speaking to a briefing held yesterday (30) claimed that the paddy harvest in the Kurunegala District has dropped by 40 – 50 per cent compared to the Season before.

“This is the season in which paddy farmers in the Kurunegala District are collecting their harvest. We clearly told the government and the Agriculture Minister that the harvest could drop by 50 – 60 per cent with this fertiliser crisis. Now see what has happened. Now, they have applied every fertiliser type – this garbage called ‘organic fertiliser’ – they were given and the harvest has dropped by 40 – 50 per cent. When the farmers’ tireless efforts at a huge expense end up in a harvest 50 per cent below than the previous year, how can they live?” the SJB MP said.

He added: “Now see what has happened in the country. The price of rice has skyrocketed. Compared to the prevailing prices, the price of rice has doubled and even tripled. On one hand the customer becomes helpless. What happens to the farmer on the other? In this so-called fertiliser problem that they had brought up, we have repeatedly warned that this crime must not be committed in this country. Our staple food is rice. Today, that staple food has reduced production by 50 per cent.”

We know that when independence was gained in this country, the rice production was 39 per cent. From the time of Prime Minister D.S. Senanayake to every other regime in this country, that was the percentage by which this country became self-sufficient in rice. When it was self-sufficient, Minister Mahindananda said that they were ‘ready to export’ rice. Now rice has to be imported to Sri Lanka. The country has been driven into a position where it has to import its own staple food, as there are no dollars,” the MP further noted.

MIAP

Trouble at SATHOSA as woman scolds Trade Minister over people’s hunger!

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Trade Minister Bandula Gunawardena, who visited the SATHOSA outlet in Kataragama yesterday (30) morning, has severely been reprimanded by a woman over the people’s hunger, making a scene.

The woman, who scolded the Minister in the face, confronted him saying that there is no rice to purchase and the people suffer from hunger as the government does not fulfill the promises it made.

Embarrassed, Miniter Gunawardena immediately left the scene uttering that the people should be happy for being given this much amid the current situation.

MIAP

This government too democratic: Agriculture Minister

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Agriculture Minister Mahindananda Aluthgamage speaking to a rally organised by the Sri Lanka Podujana Peramuna (SLPP) yesterday (30) stated that many parties who wish to overthrow the current government may have to answer to many questions regarding the irregularities committed during its predecessor.

“Looking at Facebook, the JVP is behaving as if Anura Dissanayake is already the President. Mr. Sajith Premadasa is groaning of forming new governments. You may remember what had been committed during the last five years. Those who had destroyed this country for five years, sold the country’s resources and properties and devastated it are speaking of forming governments today. No matter what is said on Social Media, we will be turning this around in the next six to seven months,” Aluthgamage said.

He added: “In my opinion, venerable Maha Sangha, this government is too democratic. Still the thieves from the past have not been penalised. In a matter of day or two, many of those who are speaking of forming governments will have to answer to questions related to what they had committed.”

MIAP