By: Staff Writer

January 24, Colombo (LNW): In a pioneering move towards financial inclusivity, DFCC Bank is to unveil DFCC Freelancer – a comprehensive, tailored financial solution for freelancers.

This groundbreaking solution is uniquely designed to cater specifically to the dynamic needs of the growing freelancer community, setting DFCC Bank apart as a leader in addressing the financial requirements of this distinct segment.

Accordingly, this proposition will provide individuals who use registered, specialised platforms to provide specialised services, often to international clients, with a comprehensive banking solution.

Commenting on the launch of this new solution, Aasiri Iddamalgoda – SVP of Retail Banking and SME, said, “At DFCC Bank, we understand that freelancers are part of the backbone of innovation and entrepreneurship.

With DFCC Freelancer, we aim to empower this dynamic community with tailored financial offerings, setting a new standard for personalised banking. We believe this product is also a testament to our commitment to inclusivity and innovation in banking, as it will cater to a category that banks in Sri Lanka have traditionally overlooked.”

As the first Bank to offer such a solution, DFCC aims to provide a comprehensive suite of benefits tailored to the lifestyles and aspirations of freelancers in Sri Lanka.

Accordingly, with DFCC Freelancer, freelancers will enjoy attractive interest rates on Personal Foreign Currency Accounts (PFCA) and Business Foreign Currency Accounts (BFCA).

This will be facilitating seamless management of international transactions and, based on their income, choosing from customer propositions such as DFCC Pinnacle, Prestige, Salary Partner, or Salary Plus, thereby adding unparalleled value to their banking experience.

DFCC Bank also ensures the growth of freelancers’ hard-earned money by offering high interest rates on savings accounts and fixed deposits.

Elevating financial freedom, DFCC Freelancer also provides a tailor-made DFCC MasterCard Credit Card, featuring waived joining fees, 2% cashback on foreign currency transactions to any DFCC Bank account, and convenient 0% easy payment plans.

Recognizing the diversity within the freelancer community, DFCC Freelancer specifically caters to the financial needs of female freelancers, who will also enjoy a range of benefits available only to women through DFCC Aloka. DFCC Freelancer will also give customers access to specialised insurance packages, giving freelancers added financial security and peace of mind.

This innovative offering underscores DFCC Bank’s commitment to setting a new standard for personalised banking and empowering freelancers to thrive in their financial journeys.

DFCC Bank invites freelancers to experience a new era of personalised banking. Call 011 2350000 24/7, visit https://www.dfcc.lk/products/dfcc-freelancer/ to learn more and open an account 100% online or walk into any DFCC Branch to get started.

By: Staff Writer

January 24, Colombo (LNW): The Indian government is set to accelerate the proposal for construction of a sea bridge linking India’s Dhanushkodi— believed to be the place where Lord Ram had ordered Hanumana to build a bridge to carry his army across to Sri Lanka—with Talaimannar

Informed sources said the government is likely to carry out a feasibility study soon for building the 23-km bridge.

India and Sri Lanka had agreed to examine the viability of developing land access to the ports of Trincomalee and Colombo during Sri Lankan President Ranil Wickremesinghe’s visit to Delhi last July.

Following this, the external affairs ministry (MEA) held a meeting with other ministries and government agencies on this issue. Sources said the MEA officials had informed the meeting about its plan to carry out the feasibility study for the bridge before preparing a detailed plan.

“A host of issues pertaining to other sectors including dairy, oil, power and shipping which came up during Wickremesinghe’s visit were also discussed at the meeting.

The long sea bridge would require huge funds, but it will prove to be a boon for bilateral trade. But for that, the government has to evaluate technical, economic, and environmental aspects to see whether it’s viable,” a source said.

The need for this sea bridge has been part of discussions for more than a decade. In a significant development, the Indian government is contemplating the proposal for the construction of a sea bridge that would link India’s Dhanushkodi to Talaimannar in Sri Lanka.

Discussions surrounding the need for this sea bridge have persisted for over a decade. In December 2015, Union Road Transport Minister Nitin Gadkari disclosed plans to construct a road-cum-rail bridge following discussions with President Wickremesinghe.

As the government weighs the potential benefits against the associated challenges, the proposed sea bridge project remains a focal point in bilateral relations between India and Sri Lanka.

During bilateral discussions between President Ranil Wickremesinghe and Indian Prime Minister Narendra Modi on July 21, the two sides had agreed to conduct a feasibility study to establish land connectivity between the two countries for developing access to the ports of Trincomalee and Colombo, apart from connectivity in air, maritime, trade and energy domains.

However, Indian Foreign Secretary Vinay Mohan Kwatra seemed to be referring to the proposal made by Wickremesinghe during his second Premiership between 2001 and 2004 to build a bridge over Adam’s Bridge which is sometimes called Hanuman Bridge and Ram Sethu or Sethu.

If Indian leaders mustered the courage to face the Hindu protests against the more beneficial Sethu Samudram Project and proceed with it, the road link project might sometimes be undermined. On the other hand, Sri Lankan leaders also have to allay fears of Sri Lankan nationalists that the bridge is inimical to the national security, to go ahead with the project.

January 23, Colombo (LNW): The Colombo High Court on January 19 ordered that the declaration of the verdict on the lawsuit filed by Gihan Sajith Rajapaksha, one of the former directors of DSI Group, demanding an interim order barring him from being unlawfully dismissed from the positions of Managing Director and Director of several companies owned by the Group, be made on February 08, 2024.

This was when the case was taken up before High Court Judge Priyantha Fernando.

The Court also ordered that the petition be called in on February 02, 2024 for the statement of facts on behalf of the other directors of DSI Group, including Kasun Rajapaksha, Thusitha Rajapaksha, Bathiya Amarakoon, Nelani Rajapaksha, Anura De Silva, and Asanka Rajapaksha, who are cited as respondents to the petition.

Chandaka Jayasundara PC appearing for Sajith Rajapaksha argued that his client has been removed from the positions he had held uninformed, in clear violation of the Companies Act and in violation of fundamental justice.

The company navigated by Mr. Rajapaksha had archived over 60 per cent of net profit in comparison to the rest of the companies held by the Group, and the parties chairing other companies, the respondents, had acted in maliciousness to oust him in response to his brilliant performance, he told Court.

Jayasundara PC further informed Court that Kasun Rajapaksha, the current Managing Director of DSI Group, and Dilshan Rajapaksha had notoriously opened offshore shoe businesses and committed fraud, paving the way for money outflow, in violation of the parent group’s fiscal regulations. In the backdrop, the total loss incurred by the Group amounts to over Rs. 400 million, he emphasised.

Sajith Rajapaksha’s lawyers further elaborated that a staggering financial misappropriation of Rs. 104 million through Dubai-based Azamaq Novelties Trading LLC, of Rs. 120 million through Aussie-based Y Communications QLD PTY LTD, and of Rs. 70 million through UK-based Lakeland Footwear International Limited was committed by the respondents in the aforementioned manner.

Further, the respondents had invested in India via Samson Footwear Private Limited, incurring a loss, and over Rs. 1 billion of bonds had been retrieved from the parent group via Premier Synthetic Leather Manufacturing (Pvt) Ltd, lawyers appearing for Mr. Rajapaksha added.

In the backdrop, the most profit-making business owned by the Ranatunga Rajapaksha family, in which Sajith Rajapaksha is a member, was subjugated to arbitrary acquisition, whilst ousting Sajith from his rightful positions, they asserted before Court.

The chain of events may drive DSI Group, which shelters tens of thousands of breadwinners, into a serious crisis in the near future, facts unveiled before Court demonstrated.