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SL with a 5 Divine weapon to Lose Economic Battle if Rejects Adani: Ranil

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By: Staff Writer

March 31, Colombo (LNW): Sri Lanka finds itself on the precipice of both opportunity and risk as it is now out of the Intensive Care Unit after four years in economic crisis ailment, and it has to follow a path towards inclusive and transformative growth that ensures debt sustainability, avoiding future crises for the benefit of all Sri Lankans.

To address this critical need of getting discharged from the post ICU unit fully recovering from the economic ailment, the country should achieve economic development attracting foreign investments and modern technology from overseas, former Prime Minister Ranil Wickremasinghe asserted.

Mr Wickremesinghe has suggested a wider economic strategy for Sri Lanka, underlining the need for capital and technology to drive growth.

He noted that countries like China and Vietnam have successfully raised capital investment and technology from abroad and called on Sri Lanka to follow suite in order to increase per capita income as well as achieve sustainable development.

If Sri Lanka’s economy is to move beyond its current fragile state, he said that integration and cooperation with the Indian economy must be a priority

The former Premier was speaking in Rajagiriya this week at the launching ceremony of the latest book on five laws for economic sustainability and causes of economic crisis in 2022 titled “   “Arthikaye Panchayudhaya “written by former Minister Bandula Gunawardena who has already written and published more than 55 books on the subject of economics.    

‘Panchayudha’ is the five divine weapons including Discus, Conch, Mace Sword and Bow used by God Vishnu There is also a famous Panchayudha Stotram which is chanted for all kinds of protection. It is highly beneficial to people suffering from phobias.

Mr Wickremasinghe noted that likewise five laws for economic stability, the Central Bank Law, Public Debt Management Law, the Public Finance Act, Economic Transformation Law and the New Anti Corruption Act are the arms now in place toward building resilience and ensuring a stronger economic trajectory. 

It will pave the way towards economic sustainability through disciplined fiscal management and debt restructuring.

Focusing on five key areas—economic stability, energy security, education reform, agricultural productivity, and poverty reduction—will be critical for Sri Lanka to navigate 2025 successfully

Attracting foreign direct investment (FDI) in sectors like manufacturing, tourism, logistics, power and technology is vital for recovery and long-term growth. 

Addressing the energy crisis is critical, Mr Wickremasinghe said adding that renewable energy sources—solar, wind, and hydropower—will reduce dependence on costly fuel imports while bring into line with global sustainability trends.

In this context “Sri Lanka cannot go forward by antagonizing India has helped the island nation as and when it’s in difficulty as its recent gesture of providing US$ 4 billion to overcome economic crisis has saved the country from possible economic disaster.

He warned that Sri Lanka could not move ahead with out large-scale foreign investments, and the holding up of the $ 700 million Adani project alone was a massive setback to the recovery of the country’s economy.

Adani’s alone is $ 700 million. Not a joke. We require that for recovery,” He explained, adding that other projects of development in Trincomalee could draw in another $400–500 million. “Imagine—a billion plus investments worth of total stalled,” he stated.

He warned that renegotiating agreements or tariffs with energy companies, including the Adani Group, can deter future investment, particularly in the emerging field of energy, where bids for billions of dollars’ worth of proposals are in the pipeline.

He also highlighted Sri Lanka’s continuing risk factors in the economy, which can force investors to charge higher for power projects.

Particularly referring to the Adani wind farm agreement inked during his tenure, Wickremesinghe stated that an agreement signed must be honored.

He added that attempts at renegotiation can harm the credibility of the country. “We established a benchmark for the value, with a rate of 8.26 US cents a unit. Changing this now will send a negative signal to investors.

Election-related violence and violations reported across Sri Lanka

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March 31, Colombo (LNW): Sri Lanka Police have received multiple complaints concerning violence and breaches of election laws in connection with the 2025 Local Government Elections, with incidents reported from various parts of the country.

Among the complaints, a notable case was an attempted assault accompanied by verbal threats in Agalawatta, located within the Kalutara Police Division.

This incident, which took place yesterday (30 March), is currently under investigation by local law enforcement authorities.

Additionally, police stations across the island have recorded at least five separate cases of election law violations.

These reports have emerged from the Thalathuoya, Thanamalwila, Aluthgama, Matale, and Galewela police divisions.

Authorities have assured that investigations are underway to address these incidents and to ensure that the electoral process remains fair, secure, and free from unlawful interference.

Law enforcement officials have urged the public to report any further violations as efforts continue to uphold democratic integrity during the election period.

Sri Lanka Cricket leadership confirmed for 2025–2027 term

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March 31, Colombo (LNW): Sri Lanka Cricket (SLC) has finalised its leadership team for the 2025–2027 term, with Shammi Silva securing an uncontested victory as President for the fourth consecutive time.

This marks the third occasion where Silva has been re-elected without opposition, solidifying his influence over the nation’s cricket administration.

The elections, conducted under the supervision of the Election Committee led by Retired Court of Appeal Justice Malani Gunaratne, took place today (31) in Colombo, coinciding with the 64th Annual General Meeting of Sri Lanka Cricket.

Several other key positions were also filled without contest, reaffirming the stability of the existing administration. The newly appointed office-bearers for the 2025–2027 term are as follows:

  • President – Shammi Silva
  • Vice President – Dr Jayantha Dharmadasa
  • Vice President – Ravin Wickramaratne
  • Secretary – Bandula Dissanayake
  • Treasurer – Sujeewa Godaliyadda
  • Assistant Secretary – Chryshantha Kapuwatte
  • Assistant Treasurer – Lasantha Wickremasinghe

President announces tougher laws to reclaim illegally acquired wealth

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March 31, Colombo (LNW): President Anura Kumara Dissanayake has announced that the government will present the Proceeds of Crime Bill to Parliament on April 08, 2025, aiming to recover assets accumulated through illegal means.

Addressing a public gathering in Welipitiya, Matara, the President reaffirmed his administration’s commitment to tackling corruption, declaring that those involved in fraud and financial misconduct will no longer be allowed to govern the country.

During his speech, President Dissanayake also highlighted the government’s plans to restart numerous development projects that were abandoned due to the economic crisis, particularly those dependent on foreign assistance.

Explaining the purpose of the upcoming legislation, the President stressed that the bill is not driven by personal vendettas but by the need to uphold the rule of law and restore public trust in governance.

“How should a government deal with corruption and crime? By enforcing strong laws. On 8 April, we will present a new law designed to reclaim stolen wealth and prevent criminals from holding on to illegally acquired assets,” he stated.

The Proceeds of Crime Bill is designed to close loopholes in the legal system that have previously allowed individuals to retain control over illicitly obtained assets.

It will grant authorities the power to trace, freeze, and confiscate properties linked to unlawful activities, ensuring that they are properly managed and disposed of in accordance with legal procedures.

Amongst the key provisions of the bill are the appointment of specialised investigative teams and designated officers who will oversee the identification and recovery of criminal proceeds.

The legislation will also introduce modern investigative techniques, including forensic financial audits and digital analysis, to strengthen enforcement measures against financial crime.

Urgent Call to Action: Heritage City Entrance Blocked by Unauthorized Activities

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Galle, Sri Lanka – The entrance to the Heritage City of Galle, accessed via the Southern Expressway, has become a significant concern due to unauthorized activities that have obstructed access. This situation is not only tarnishing the image of one of Sri Lanka’s most beautiful cities but is also causing considerable distress to tourists and locals alike.

The picturesque city of Galle, renowned for its stunning architecture, rich history, and breathtaking views, is facing an unprecedented challenge. Tourists hoping to explore the charming streets of Galle and visit the historic Galle Fort are met with barriers that hinder their journey. The lack of pedestrian access, coupled with the absence of designated crossings, poses a serious risk to the safety and enjoyment of visitors.

Moreover, the disruption has severely impacted access to the bay for recreational activities such as windsurfing, further deterring tourists and locals who seek to engage in these exciting water sports. The beauty of Galle’s bay, a major attraction for both leisure and adventure seekers, is overshadowed by the logistical difficulties created by these unauthorized activities.

This situation underscores the importance of the “Clean Sri Lanka” initiative under the leadership of President Anura Kumara Dissanayake, which aims to promote cleaner, safer, and more accessible environments for all citizens and visitors. Addressing the current obstacles at the Heritage City entrance directly aligns with the goals of this initiative, enhancing the overall experience of those who wish to explore our cultural treasures.

We urge local authorities to take immediate action to address these pressing issues:

  1. Enforce Action Against Unauthorized Activities: Swift enforcement is needed to remove barriers blocking access to the city, restoring the integrity of the entrance for all.
  2. Establish Safe Pedestrian Pathways: Creating pedestrian crossings and pathways will ensure safe navigation for tourists and residents traveling between Unawatuna and Galle Fort, allowing them to enjoy the stunning coastal views.
  3. Enhance Access to Water Sports: Developing infrastructure that facilitates easy access to the bay for water sports enthusiasts will revitalize interest in these activities and attract more visitors.
  4. Engage Local Stakeholders: Involving community members and local businesses in the planning and implementation process will foster a sense of ownership and ensure sustainable solutions.

The current state of the Heritage City entrance is a call to action for all responsible authorities. By addressing these barriers to access, we can enhance the visitor experience and protect the cultural heritage and natural beauty that make Galle a unique destination.

Let us work together to restore the charm of Galle as part of the broader “Clean Sri Lanka” initiative, ensuring it remains a welcoming place for all who wish to explore its wonders.

New tax relief for low-income savers: IRD eases AIT burden

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By: Isuru Parakrama

March 31, Colombo (LNW): In a move to alleviate financial pressure on low-income earners, the Inland Revenue Department (IRD) of Sri Lanka has introduced a new procedure allowing resident individuals to claim relief from the 10 per cent Advance Income Tax (AIT) deduction on interest income.

The announcement, detailed in Circular No. SEC/2025/E/03 dated March 28, 2025, targets those whose assessable income falls below Rs. 1.8 million annually and who earn interest from banks or financial institutions.

Under the new guidelines, eligible individuals can submit a self-declaration to their bank or financial institution to request that AIT not be deducted from their interest payments.

If the institution cannot refund the deducted AIT, individuals must claim a refund directly from the IRD. The circular, issued following instructions from the Treasury, is part of a broader effort to support low-income savers, with formal amendments to the Inland Revenue Act, No. 24 of 2017, expected to be passed in Parliament.

The self-declaration process applies to the year of assessment starting from April 01 of the previous year and ending on 31 March of the following year—a 12-month period.

For the 2025/2026 assessment year, this covers April 01, 2025 to March 31, 2026. The IRD has developed a software program to verify the accuracy of these declarations, ensuring that if a declaration is found to be invalid, the bank will deduct the AIT, and any related issues will be addressed through tax officials.

The circular specifies that all information provided in the self-declaration must be accurate and justifiable when questioned by tax officials. Non-compliance, incomplete, or fraudulent declarations will result in the declarant being denied relief from AIT, with penalties potentially imposed under Section 181 of the Inland Revenue Act.

Additionally, banks and financial institutions will collect the declarations, which will be verified by the Commissioner General of Inland Revenue to ensure accuracy.

Resident individuals can obtain copies of the self-declaration form from their bank, financial institution, or the nearest Inland Revenue Regional or Metro Office. For further assistance, the IRD has advised contacting the Inland Revenue Call Centre at 1944.

The circular also provides examples to illustrate eligibility. For instance, a retired accountant with an assessable income of Rs. 1,656,000, including a government pension and interest income, qualifies for the relief.

However, a 50-year-old private bank employee with an assessable income of Rs. 4,744,000, including employment and agricultural income, exceeds the threshold and must have AIT deducted.

The IRD has also outlined specific conditions for eligibility: individuals must be Sri Lankan residents, receive interest from banks or financial institutions, and have an assessable income not exceeding Rs. 1.8 million for the relevant year. Joint account holders must submit separate declarations, and guardians can submit on behalf of minors. The IRD advises downloading the form exclusively from its official website (www.ird.gov.lk) to ensure authenticity.

Commissioner General of Inland Revenue, Rukdevi P.H. Fernando, emphasised the importance of accurate declarations, warning that any discrepancies could lead to penalties.

“This measure is designed to support those with limited income, but it relies on the integrity of the self-declaration process,” Fernando stated.

With the new system in place, the IRD aims to provide much-needed financial relief to low-income savers while ensuring compliance with tax regulations.

Construction Sector sees continued growth amid calls for large-scale projects

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March 31, Colombo (LNW): Sri Lanka’s construction industry maintained its upward trajectory in February, with most businesses reporting an increase in activity, according to the Central Bank.

The sector’s Purchasing Managers’ Index (PMI), a key indicator of construction performance, rose to 55.6 in February 2025, reflecting further expansion from January’s reading of 52.9.

A PMI value above 50 signals growth in the sector, and February’s figures indicate that construction activity has been on a steady rise.

However, while the industry continues to expand, many firms stressed the importance of launching larger-scale infrastructure projects to sustain long-term momentum.

The increase in new orders during February was primarily driven by government contracts for the rehabilitation of roads and irrigation networks.

Additionally, indices measuring the quantity of materials purchased and the efficiency of supplier deliveries showed further improvements, suggesting an overall boost in construction-related operations.

Despite this growth, employment levels in the sector continued to contract, with companies remaining cautious about hiring amid economic uncertainties.

Industry experts believe that stronger government participation in construction projects could help stabilise employment rates in the sector.

Looking ahead, construction firms remain optimistic about the coming months, anticipating continued government investment and policy support to sustain growth and drive the industry forward.

Eid-ul-Fitr: A Celebration of Unity and Resilience, Says Opposition Leader Sajith Premadasa

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March 31, Colombo (LNW): Opposition Leader Sajith Premadasa has extended his heartfelt Eid-ul-Fitr wishes to the Muslim community, acknowledging the deep spiritual and cultural significance of Ramadan.

In his message, he highlighted the importance of this sacred month, which culminates in the joyous festivities of Eid after nearly a month of fasting and devotion.

Premadasa underscored Ramadan as a period of profound faith, self-discipline, and perseverance, during which millions around the world engage in daily fasting for approximately 14 hours.

He noted that beyond its religious observance, Ramadan fosters essential values such as generosity, compassion, and equality—principles that are vital for building a stronger, more inclusive society.

Reflecting on Sri Lanka’s current economic and social challenges, the Opposition Leader expressed his belief that the lessons of Ramadan offer guidance in overcoming adversity.

He emphasised the need for unity, urging communities to work together to foster national stability and progress. By embracing the spirit of selflessness and collective responsibility, he said, the nation could strive towards a future of shared prosperity.

Concluding his message, Premadasa extended his best wishes to all Sri Lankan Muslims and the global Islamic community, hoping that Eid-ul-Fitr would bring peace, harmony, and renewed hope for a brighter future.

Direct flight service between Tiruchirappalli and Jaffna resumes after nearly five decades

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March 31, Colombo (LNW): After a hiatus of 47 years, a direct flight service between Tiruchirappalli in Tamil Nadu and Jaffna in northern Sri Lanka was officially launched yesterday (30), marking a significant milestone in regional connectivity.

Flights to and from Jaffna’s Palaly International Airport had been suspended for decades due to the civil conflict. However, in 2019, the airport resumed operations, initially facilitating passenger flights between Chennai and Jaffna.

With the latest expansion, efforts to establish air links with additional Tamil Nadu cities have come to fruition, with Tiruchirappalli now directly connected to Jaffna.

The newly launched service, operated by IndiGo Airlines, departs from Tiruchirappalli at 1:25 PM and lands in Jaffna at 2:25 PM. The return flight leaves Jaffna at 3:05 PM, arriving back in Tiruchirappalli at 4:05 PM. Ticket fares have been set between INR 5,900 and INR 6,400 for a one-way journey.

The inaugural flight saw 27 passengers arriving at Palaly Airport at 2:02 PM, while 36 travellers boarded the return flight to Tiruchirappalli at approximately 3:00 PM. The occasion was marked by a celebratory cake-cutting ceremony, attended by a delegation led by Indian Deputy Consul General Sai Murali.

Heat Index further up to caution level in many districts

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March 31, Colombo (LNW): Heat Index, the temperature felt on human body is likely to increase up to ‘Caution Level’ at some places in Northern, North-central, Western, North-western, Sabaragamuwa, and Southern provinces and in Trincomalee, and Batticaloa districts, the Natural Hazards Early Warning Centre of the Department of Meteorology said in a statement affecting today (31).

The public, therefore, is urged to stay hydrated and take breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-coloured clothing.