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Interest Rates on Senior Citizens’ Fixed Deposits to Be Increased

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Interest Rates on Senior Citizens’ Fixed Deposits to Be Increased

Leader of the House, Minister Bimal Ratnayake, announced in Parliament yesterday that the Finance Ministry will raise the interest rates on senior citizens’ fixed deposits (FDs) through the upcoming Budget.

Responding to a query by Chief Opposition Whip Gayantha Karunathilaka, Minister Ratnayake confirmed that the Finance Ministry has paid special attention to addressing the current reduction in interest rates for senior citizens’ FDs.

Chief Opposition Whip Karunathilaka highlighted that the National People’s Power’s (NPP) policy manifesto, “A Rich Country, a Beautiful Life”, promises an increase of five percent above the normal interest rate for senior citizen fixed deposits.

Minister Ratnayake’s assurance aligns with the government’s efforts to provide financial relief and security to the country’s elderly population amidst rising economic challenges.

Weather Forecast for today (18th of December)

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Weather Forecast for today (18th of December)

The low pressure area over the southwest Bay of Bengal is currently located to the east of the Sri Lanka, and It is expected to gradually move west-northwestwards.

Several spells of showers will occur in Northern and North-central provinces and in Trincomalee district.

Showers or thundershowers may occur at few places in the Uva and Central provinces and in Rathnapura, Batticaloa, Ampara and Hambantota districts during the evening or night.

A few showers are likely over the North-western and Western provinces during the morning.

Fairly strong winds of about (30-40) kmph can be expected at times over Northern and North-central provinces and in Trincomalee district.

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

561 Infantry Brigade Marks 15 Years of Dedicated Service with Grand Celebrations

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561 Infantry Brigade Marks 15 Years of Dedicated Service with Grand Celebrations

The 561 Infantry Brigade commemorated its 15th Anniversary on 07 December 2024 with a series of events that honoured its proud heritage, fostering camaraderie, and reaffirming its commitment to the excellence.

The celebrations were held under the leadership of Brigadier B.D Fernando USP Hdmc psc Commander of 561 Infantry Brigade.

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SL Convention Bureau Promotes MICE Tourism in Northern Province

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SL Convention Bureau Promotes MICE Tourism in Northern Province

The Sri Lanka Convention Bureau (SLCB) recently organized two transformative MICE (Meetings, Incentives, Conferences, and Exhibitions) awareness sessions in Jaffna on November 26 and 27, 2024. 

These full-day training programs brought together over 100 participants, including hoteliers, university students, and hospitality management professionals, to boost the region’s presence in the thriving MICE tourism industry.

These sessions represented a fresh approach, positioning the events as innovative platforms that emphasized creativity, sustainability, and collaboration. The training aimed to equip Sri Lankan MICE entrepreneurs with the tools to seize business opportunities, gain industry knowledge, and elevate the country’s competitive edge in the global MICE sector.

Dheera Hettiarachchi, Chairman of the SLCB, emphasized the critical role of MICE tourism in strengthening Sri Lanka’s economy amid financial challenges. In his welcome speech, he stated, “MICE tourism is crucial as we face economic constraints while the pressure to deliver more value and return on investment rises. 

This program inspires and motivates participants while improving the quality of the MICE industry to significantly benefit the economy and society.”

The event was built around three core themes: Knowledge Exchange, Business Exchange, and Experience Exchange. These themes were tailored to highlight Sri Lanka’s capabilities in hosting world-class MICE events and to strengthen the Northern region’s tourism potential.

One of the highlights of the program was a group activity based on organizing an event themed “Ramayanaya,” which explored innovative strategies to position the Northern Province as a unique tourist destination. Participants worked on creative approaches to draw travelers while celebrating the cultural and historical richness of the region.

The sessions signified a bold step toward revitalizing MICE tourism in Sri Lanka, offering a sustainable path to economic recovery while establishing the Northern region as a hub for innovative and impactful events.

The sessions were aimed at hoteliers and students in the Northern region who are studying tourism, hospitality, and event management. The sessions focused on business opportunities, industry knowledge, and providing a platform for MICE entrepreneurs. 

Jaffna MICE Expo 2023

The SLCB organized the inaugural Jaffna MICE Expo from November 30 to December 3, 2023. The event featured a press briefing, business forum, welcome dinner, opening ceremony, B2B meetings, gala dinner, and Jaffna Familiarization Tour. The event’s goal was to showcase the Northern Province as a MICE destination to the South and Indian MICE travelers. 

MICE tourism is a lucrative part of the global tourism industry and is also known as Business Tourism or Business Events. MICE events provide opportunities to generate leads, connect with potential clients, boost sales, and strengthen relationships with existing customers.

France-Sri Lanka Strengthen Ties with Maritime and Bilateral Cooperation

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France-Sri Lanka Strengthen Ties with Maritime and Bilateral Cooperation

Anne-Marie Descôtes, Secretary General of the French Ministry for Europe and Foreign Affairs, visited Sri Lanka from December 10-11 to participate in the inauguration of the Regional Centre for Maritime Studies at the General Sir John Kotelawala Defence University (KDU) on December 11.

 The Regional Centre for Maritime Studies is a collaborative initiative between Sri Lanka and France aimed at bolstering expertise in maritime safety and security. This partnership reflects the mutual commitment of the two nations to enhance maritime cooperation in the Indian Ocean, particularly as members of the Indian Ocean Rim Association (IORA).

During her brief visit, Secretary General Descôtes met with Foreign Minister Vijitha Herath at the Ministry of Foreign Affairs. Both sides acknowledged the growing strength of the Franco-Sri Lanka partnership, which has been enriched by high-level exchanges and emerging collaborative initiatives.

On December 11, bilateral discussions were held between Secretary General Descôtes and Foreign Secretary Aruni Ranaraja. Both reaffirmed their dedication to deepening the long-standing partnership between the two countries. The dialogue encompassed a variety of potential areas for collaboration, including economic and development cooperation, maritime initiatives, climate change mitigation, and joint efforts in multilateral forums.

Secretary General Descôtes also met with Prime Minister Dr. Harini Amarasuriya, where the importance of expanding cooperation in education, vocational training, and sustainable tourism was emphasized. Additionally, France extended an invitation for Sri Lanka to participate at the highest level in the Third United Nations Ocean Conference (UNOC3), scheduled to take place in June 2025 in Nice, France.The French delegation accompanying Secretary General Descôtes included officials from the Ministry for Europe and Foreign Affairs and the French Embassy in Colombo. Senior representatives from Sri Lanka’s Prime Minister’s Office, the Ministries of Foreign Affairs and Defence, and the Kotelawala Defence University also participated in the meetings

Government to Impose Price Controls on Essential Goods

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Government to Impose Price Controls on Essential Goods

Minister of Trade Wasantha Samarasinghe announced today (16) that the government will implement maximum retail prices on a range of essential goods to address the rising cost of living. Speaking to the media in Anuradhapura, he highlighted the stark disparity between production costs and current market prices for several items.

“A water bottle that sells for Rs. 100 could be priced at less than Rs. 40, and a packet of salt produced at Rs. 52 is being sold for Rs. 100,” the Minister noted, emphasizing the inefficiencies and overpricing prevalent in sectors like the salt industry.

The Consumer Affairs Authority (CAA), in collaboration with the Consumer Council, is now working to establish and enforce these price ceilings. Minister Samarasinghe assured that the measures would be finalized soon, aiming to alleviate the financial burden on consumers struggling with the soaring prices of essential goods.

Colombo Stock Exchange ASPI Hits Record High

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Colombo Stock Exchange ASPI Hits Record High

The Colombo Stock Exchange (CSE) achieved another milestone today, as the All Share Price Index (ASPI) reached an all-time high of 14,500.44 points at the close of trading. This marks an increase of 295.10 points, surpassing the previous record of 14,205.34 points set last Friday.

The S&P SL20 index, which tracks the performance of the 20 largest and most liquid stocks, closed at 4,349.82 points.

The day’s trading session also recorded a significant turnover of Rs. 8.2 billion, underscoring the continued robust activity in the market.

This remarkable performance highlights the sustained confidence of investors in the Sri Lankan stock market.

Parliament to Elect New Speaker Today

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Parliament to Elect New Speaker Today

Parliament will convene today at 9:30 a.m., under the chairmanship of Deputy Speaker Dr. Mohammed Rizvi Sally, to elect a new Speaker following the resignation of former Speaker Ashoka Sapumal Ranwala. Ranwala, who served as Speaker of the Tenth Parliament, recently stepped down, and his resignation was formally accepted by President Anura Kumara Dissanayake.

The main agenda for today’s session is the appointment of the new Speaker. Members nominated from the National List of the Samagi Jana Balawegaya (SJB) will also take their oaths before the Speaker’s election.

If only one candidate is nominated for the Speaker position, they will be appointed unopposed. However, in the event of multiple nominations, Parliament will conduct a secret vote to determine the new Speaker.

According to reports, several public representatives have been nominated by the National People’s Power (NPP) for the position. These include Deputy Speaker Dr. Mohammed Rizvi Sally, Dr. Jagath Wickramaratne, Lakshman Nipuna Arachchi, and Nihal Galappaththi.

Meanwhile, the SJB has also announced its intention to nominate a candidate. Party sources reveal that MP Rohini Kumari Wijerathna will be their proposed candidate for the post.

The election of the Speaker is expected to be a significant moment in shaping the direction of the current parliamentary session.

Sri Lanka Original Narrative Summary: 17/12

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Sri Lanka Original Narrative Summary: 17/12
  1. President Anura Kumara Dissanayake has extended an invitation to Indian Prime Minister Narendra Modi to visit Sri Lanka, during the joint media briefing held in New Delhi. Meanwhile, he also stated that PM Modi had assured continued economic support for Sri Lanka. During the meeting, the Sri Lankan leader assured that the island nation would not allow the country to be used in “a manner that is detrimental to the interest of India”.
  2. The National Building and Research Organisation (NBRO) has issued early landslide warnings for multiple areas in several districts, as heavy rainfall continues in parts of the island. The NBRO says that the warnings will be in effect until 4.00 p.m. today (Dec. 17).
  3. Parliament will elect a new Speaker today to fill the vacancy created by the resignation of former Speaker Ashoka Sapumal Ranwala, who was appointed as the Speaker of the Tenth Parliament. Parliament is scheduled to meet at 9.30 am today under the patronage of Deputy Speaker Dr. Mohammed Rizvi Sally and the main business of the House will be the appointment of the Speaker.
  4. The Consumer Affairs Authority (CAA) says that 342 raids have been carried out so far ahead of the festive season with regard to selling rice above the controlled price. CAA Chairman Hemantha Samarakoon stated that these raids were carried on between November 17.
  5. Minister Wasantha Samarasinghe says the government has decided to impose maximum retail prices on a range of essential items in the future. He made these remarks today (16) while speaking to the media in Anuradhapura.
  6. A group of 27 Sri Lankans, including eight women, who were victims of human traffickers in Myanmar, has returned to the country. They arrived at the Bandaranaike International Airport (BIA) in Katunayake onboard a SriLankan Airlines flight from Bangkok, Thailand.
  7. The present Government will not implement the Galle Harbour Port City project which had been planned and proposed to be implemented by the previous Government, Deputy Minister of Fisheries, Aquatic and Ocean Resources Rathna Gamage said. The Deputy Minister disclosed the Government’s stand on the project when responding to the media, during his inspection tour of the Galle Fishery Harbour recently.
  8. Sri Lanka and India today exchanged a Memorandum of Understanding (MoU) to avoid double taxation and to train Sri Lankan civil administrators at the Indian National Centre for Good Governance. The signing of the MoU was carried out in the presence of Indian Prime Minister Narendra Modi and Sri Lankan President Anura Kumara Dissanayake, who is on a three-day state visit to India.
  9. The Department of Inland Revenue has announced that outstanding taxes for the 2023/2024 assessment year must be paid by December 26. Inland Revenue Commissioner General Sepalika Chandrasekara emphasised that no penalty waivers will be granted to individuals or companies failing to meet the deadline.
  10. Sri Lankan national swimmer Minagi Rupesinghe, representing Killer Whale Aquatics (KWA), emerged as the undisputed Women’s National Champion at the Sri Lanka National and Junior National Short Course Swimming Championship held at the Isipathana College Swimming Pool Complex last week.

Inland Revenue Department Sets December 26 Deadline for Tax Payments

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Inland Revenue Department Sets December 26 Deadline for Tax Payments

The Department of Inland Revenue has issued a reminder that all outstanding taxes for the 2023/2024 assessment year must be settled by December 26.

Commissioner General of Inland Revenue, Sepalika Chandrasekara, stressed that no penalty waivers will be granted for late payments by individuals or companies failing to meet the deadline. She emphasized that the Department has already begun field inspections and legal actions under the Inland Revenue Act to recover unpaid self-assessed taxes and other outstanding dues.

Starting January 2025, the Department will intensify its efforts against defaulters by initiating legal proceedings. Funds may also be directly recovered from the bank accounts of tax defaulters without prior notice. Furthermore, criminal cases will be filed based on the amount of taxes outstanding, reinforcing the Department’s commitment to ensuring compliance.

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