January 05, Colombo (LNW): The Sri Lankan Rupee demonstrated stability against the US Dollar at commercial banks across Sri Lanka today (Jan 05), maintaining its position compared to Thursday’s rates.

At Peoples Bank, there’s been no alteration in the buying and selling rates of the US Dollar, standing firm at Rs. 316.77 and Rs. 327.81, correspondingly.

Similarly, Commercial Bank reported unchanged figures, with the buying rate of the US Dollar holding at Rs. 316.41 and the selling rate remaining constant at Rs. 326.50.

Sampath Bank also echoed this trend, sustaining stability with no fluctuations in the buying and selling rates of the US Dollar, maintaining Rs. 318 and Rs. 327, respectively.

January 05, Colombo (LNW): The Sri Lankan government is on the brink of unveiling a game-changing regulatory landscape for moneylending and microfinance enterprises with the imminent introduction of the Microfinance & Credit Regulatory Authority Bill. Anticipated to make its debut in parliament next week, this legislation is poised to revolutionize the financial sector’s approach to microfinance.

This forthcoming bill holds the pivotal objective of shielding consumers from exploitative practices prevalent in the industry, concurrently fostering a culture of responsible lending among financial institutions.

One of the significant moves underlying this legislative endeavor involves the proposed annulment of the existing Microfinance Act of 2016.

1.Import of gold coins and the supply of locally manufactured jewellery subject to 18% VAT after 1st Jan’24.

2.President Ranil Wickremesinghe says the issue of resettling displaced persons can’t continue indefinitely, and that there should not be any “displaced persons” by 2025.

3.Sectoral Oversight Committee on Environment, Natural Resources & Sustainable Development Chairman Ajith Mannapperuma MP says payment of compensation to fishermen hit by the damage caused by the fire-ravaged freight ship X-Press Pearl has been affected due to the lack of coordination among the Marine Environment Protection Authority, Fisheries Ministry and Attorney General’s Dept.

4.President Ranil Wickremesinghe says SL will send a Navy ship to the Red Sea to counter the Houthi attacks.

5.Health authorities decide to administer an additional vaccination dose against measles to infants aged between 6 – 9 months: accordingly, an MMR (measles-mumps-rubella) Supplementary Immunization Activity scheduled on 6th Jan’24 at all immunization clinics in 9 high-risk health districts.

6.Bakery Owners’ Assn says it is yet undecided on increasing prices of bakery products even though the cost of transportation has increased with the recent increase in VAT.

7.Young SL inventors present solutions to waste problems to potential investors: EcoSort from the University of Sri J’pura, wins the competition with their “smart dust-bin” for waste segregation.

8.Fort Magistrate’s Court issues order preventing CEB Trade union leader Ranjan Jayalal and others from entering the Presidential Secretariat, President’s House, Finance Ministry premises, Central Bank and the Galle Face premises.

9.Homagama Base Hospital suspends all major surgeries due to the lack of surgeons.

10.Ceylon Electricity Board announces intention to cut the electricity tariff by 50% by the end of Jan’24.

January 05, Colombo (LNW): Public Security Minister Tiran Alas revealed today that the long-debated Online Safety Bill is set for presentation in Parliament on January 23rd.

During the inauguration of a new police unit in Colombo, Minister Alas acknowledged the potential for additional proposals and amendments to the bill. Despite this, he stressed the urgency of its presentation, citing the pressing need to address online abuse.

Highlighting concerning statistics, Alas pointed out that a significant portion of the 8,000 complaints filed for child safety issues in 2023 were linked to social media platforms, totaling around 3,000 cases. These alarming figures were identified as a key impetus behind the government’s initiative to introduce the Online Safety Bill.

“We are introducing the Online Safety Bill for this reason,” declared Alas. “However, international organizations and missions have raised objections. An ambassador approached me this morning to halt this initiative. I have conveyed that we will proceed.”

Amid international concerns, Minister Alas stood firm, underscoring the importance of striking a balance between valid apprehensions and the imperative to safeguard children online. He announced the bill’s scheduled presentation on January 23rd, while inviting public submissions until January 8th to allow for potential amendments and the inclusion of feedback.

“On January 23rd, I will present it, and until January 8th, anyone can submit their suggestions,” affirmed Alas. “We will then consider incorporating those submissions into the bill. Our efforts are geared towards protecting the women and children of our nation.”

January 05, Colombo (LNW): A significant session unfolded in Parliament, presided over by Dr. Wijeyadasa Rajapakshe, Minister of Justice, Prisons Affairs, and Constitutional Reforms, aimed at brainstorming legal modifications to augment state revenue. The focus revolved around potential amendments to regulate the Inland Revenue Department, Sri Lanka Customs, and Excise Department.

During the meeting, Mahindananda Aluthgamage, Chair of the Sectoral Oversight Committee on National Economic and Physical Plans, highlighted issues encountered with the Inland Revenue Department. Notably, he brought attention to instances where individuals managed to evade taxes for up to 15 years, shedding light on systemic challenges.

One prominent issue highlighted was the prolonged duration within the Inland Revenue Department, where tax files linger for over 54 months, including the subsequent appeal processes. Officials revealed staggering figures, indicating 943 billion rupees in arrears tax revenue, with 767 billion rupees remaining unrecoverable due to assorted reasons, while 175 billion rupees were identified as recoverable.

Officials elucidated the hindrances faced during the tax assessment process, citing deliberate delays by taxpayers in providing necessary information. In response, discussions veered toward amending the existing Act, proposing changes that would require taxpayers to pay 50% of the assessed amount upon appealing to the Tax Commission.

The committee examined the timeframe allotted for various stages in the appeals process, expressing the need for expedited resolutions. Suggestions were made to streamline the process, reducing the Commissioner’s appeal hearing duration from 2 years to 6 months, with provisions for assumed finality if decisions exceeded the stipulated period.

Emphasis was placed on empowering the Tax Appeals Commission to focus solely on existing assessment calculations, relegating fundamental issues to the Court of Appeal. Further deliberations endorsed the establishment of a specialized court complex within the judicial system dedicated to hearing tax appeals.

Consequently, the committee proposed amendments to the Inland Revenue Department Act, incorporating the discussed reforms. These amendments, to be drafted by the Attorney General and the legal draftsman, are set to be reviewed in the Parliament’s upcoming meeting.

High Commissioner (HC) of New Zealand for Sri Lanka HE Mr. Michael Appleton who will be completing his tenure in Sri Lanka, paid a farewell call on the Sri Lankan Defence Secretary Gen. Kamal Gunaratne at the Defence Ministry, Defence Headquarters Complex, Sri Jayewardenepura, Kotte today (Jan 04).

Gen. Gunaratne warmly received the High Commissioner on the arrival to the Defence Ministry.

During the cordial meeting held between the two high officials, New Zealand HC expressed his gratitude to the Defence Secretary for the cooperation extended by the Defence Ministry during his tenure.

Meanwhile, Gen. Gunaratne praised the outgoing HC for his cooperation extended to the Sri Lankan Defence Ministry and its staff while also commending for his assistance that led to further strengthening the existing ties between two countries.

Military Liaison Officer of the Defence Ministry Maj. Gen. Dhammika Welagedara was also present at the occasion.

January 05, Colombo (LNW): Nishantha Anurudda Weerasinghe, the Commissioner General of the Department of Motor Traffic (DMT), proudly announced a groundbreaking milestone for the department in 2023, achieving an unprecedented income of Rs.8.9 billion. This remarkable feat, achieved despite the pause in vehicle imports, represents the highest revenue ever recorded by the DMT, marking a staggering 317% increase from the previous year. The month of December alone accounted for a staggering income of Rs.1 billion.

Weerasinghe highlighted that this historic income, generated with 23,698 vehicle registrations, stands as a testament to the department’s resilience and adaptability amid challenging circumstances. Notably, in 2018, the highest income recorded by the DMT stood at Rs.4.3 billion, accompanied by 480,799 registered vehicles.

He accredited the visionary leadership of Transport, Highways, and Mass Media Minister Dr. Bandula Gunawardhana and State Minister Lasantha Alagiyawanna for their invaluable guidance and support, which played a pivotal role in achieving this extraordinary financial milestone.

The DMT’s exceptional performance in revenue generation despite the cessation of vehicle imports underscores its operational efficiency and strategic measures, reflecting its commitment to service excellence and fiscal viability.

January 05, Colombo (LNW): Several spells of showers will occur in Northern, North-central and Eastern provinces.

Showers or thundershowers will occur at several places elsewhere after 2.00 p.m.

Misty conditions can be expected at some places in Western, Sabaragamuwa and Central provinces during the morning.

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