June 29, Colombo (LNW): Officers of the Sri Lanka Customs Narcotics Control Unit have seized cocaine and ‘Kush’ cannabis worth nearly Rs. 190 million during inspections at a courier clearance station in Seeduwa.
A total of 2,030 grams of cocaine and 2,177 grams of ‘Kush’ cannabis were discovered inside several whey protein powder containers within six parcels sent from Canada and the USA to addresses in Colombo and Kadawatha. Investigations revealed these addresses to be fake.
The parcels had aroused suspicion as no one had come forward to collect them for over a month since their arrival. Upon inspection, the narcotics were found.
The confiscated drugs will be handed over to the Police Narcotics Bureau for further investigations.
June 29, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has announced the implementation of the Banking (Amendment) Act, No. 24 of 2024, which came into effect on June 15, 2024.
Key provisions of the Banking (Amendment) Act include:
Minimum Licensing Requirements: Establishing clear criteria for obtaining a bank license.
Shareholder Suitability Criteria: Defining standards for shareholder eligibility.
Subsidiarization of Foreign Banks: Empowering the conversion of foreign bank branches into subsidiaries if necessary.
Enhanced Bank Ownership Measures: Introducing stricter controls on bank ownership.
Consolidated Supervision: Strengthening the supervision of banking groups.
Proportionality in Supervision and Regulation: Allowing tailored regulatory measures based on the size and risk profile of banks.
Broadening Provisions on Large Exposures: Expanding regulations concerning significant credit exposures.
Strengthening Related Party Transactions: Implementing stricter rules to manage transactions with related parties.
Governance Requirements: Enhancing the assessment of the fitness and propriety of directors, CEOs, and key management personnel across all licensed banks, including state-owned banks.
Financial Statements and Audit Requirements: Improving standards for financial reporting and audits.
Capital and Liquidity Frameworks: Bolstering the requirements for bank capital and liquidity.
These amendments aim to fortify the legal and regulatory framework for licensed commercial and specialized banks, thereby enhancing the resilience of Sri Lanka’s banking sector. The last amendment to the Banking Act was in 2006, making this update crucial to reflect current economic and market developments, as well as international best practices in prudential regulation.
The CBSL incorporated feedback from various stakeholders, including the banking sector, auditing bodies, and other regulatory authorities, in drafting these amendments.
To support the implementation of the Banking (Amendment) Act, the CBSL has issued several new regulations and instructions to licensed banks.
June 29, Colombo (LNW): The Welfare Benefits Board has disbursed a total of Rs. 11.6 billion to the bank accounts of 622,495 beneficiaries in the transitional and vulnerable categories for June 2024, under the “Aswesuma” Welfare Benefit Payment Programme, on June 27.
In the first phase of the programme, eligible beneficiaries in the vulnerable category received Rs. 5,000 from July 2023 to March 31, 2024. Meanwhile, those in the transitional category received Rs. 2,500 from July 2023 to December 31, 2023.
In response to the current economic situation, President Ranil Wickremesinghe has instructed the Welfare Benefits Board to extend the payment period of special allowances for beneficiaries in the transitional and vulnerable categories until December 2024. As part of this initiative, a special allowance was disbursed for June 2024, followed by monthly payments of Rs. 5,000 each from July 2024 to December 2024.
Welfare Benefits Board Chairman Jayantha Wijeratne confirmed that the existing payment system for the extremely poor and poor categories will continue without changes.
The President stated that Theravada Buddhism is currently in high demand globally. Plans are underway to establish a center for studying Theravada Buddhism in Anuradhapura for both local and international enthusiasts. Additionally, the President mentioned a Buddhist institute in California focused on Mahayana Buddhism and emphasized the need for a similar center here.
Sri Lanka’s main Opposition party, the Samagi Jana Balawegaya (SJB) says it has formulated policies and plans to address the issues faced by teachers and principals under a future SJB- government. Issuing a statement, the SJB urged the teachers and principal trade unions to support its policies devoid of political preferences, in the future.
The National Peoples Power (NPP) has called on the government to resolve the issues of teachers and principals who are striking over salary anomalies, pointing out the severe impact on the education of school students. Addressing a Teachers Summit, NPP Leader MP Anura Kumara Dissanayake emphasized the importance of the education sector, stating that the main responsibility assigned to teachers is to create a good human resource for the country.
Former Minister of Health Keheliya Rambukwella and 07 others have been further remanded until 12 July by the Maligakanda Magistrate’s Court over the import of substandard human Immunoglobulin vials.
The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on Year-on-Year basis has increased to 1.7% in June 2024, compared to 0.9% in May 2024, according to the Department of Census and Statistics. Meanwhile food inflation has increased to 1.4% in June 2024, compared to 0.0% in May 2024 while non-food inflation has climbed to 1.8% in June 2024, compared to 1.3% the previous month.
A decision has been taken to reduce bus fares by 5% with effect from July 01. Meanwhile, the minimum fare has been reduced by Rs. 2 to Rs. 28.
The Committee on Parliamentary Business has decided to debate the Resolution for the Implementation of External Debt Restructuring Agreements on July 2nd and 3rd, according to the Chief of Staff and Deputy Secretary General of Parliament.
The Central Bank of Sri Lanka (CBSL) has announced the implementation of the Banking (Amendment) Act, No. 24 of 2024, effective from 15 June 2024. According to the CBSL, these amendments were formulated with a view to further strengthening the legal and regulatory framework applicable for licensed commercial banks and licensed specialised banks (licensed banks) to enhance the resilience of the banking sector of Sri Lanka.
China’s Vice Minister of Foreign Affairs Sun Weidong called on former President Mahinda Rajapaksa in Beijing. Recalling President Xi Jinping’s historic visit to Sri Lanka during Presidency of Mahinda Rajapksa in 2014, Vice Minister of Foreign Affairs called him an old friend of China.
West Indies women secured a thrilling last-over victory by 6 wickets against Sri Lanka women in the third and final T20 game, clinching the series 2-1 at the Mahinda Rajapaksa International Cricket Stadium. Led by Hayley Matthews, West Indies chased down a target of 142 with one ball to spare. Matthews (49 off 40 balls) and Stafanie Taylor (33 off 30 balls) set a strong foundation with a 60-run opening partnership.
June 28, Colombo (LNW): The Minister of Justice, Prisons Affairs and Constitutional Reforms has introduced new regulations for the appointments, suspensions, cancellations, and code of conduct for Justices of the Peace under the Judicature Act No. 2 of 1978. These regulations received approval from the Ministerial Consultative Committee on Justice, Prisons Affairs and Constitutional Reforms.
The approval was granted during the committee meeting held recently (18) in Parliament, chaired by Dr. Wijeyadasa Rajapakshe, PC.
The primary aim of these regulations is to promote moral and ethical conduct among Justices of the Peace, ensuring the effective administration of justice and eliminating opportunities for corrupt practices. Minister Rajapakshe highlighted that there has been no specific method for appointing Justices of the Peace or defining their qualifications until now.
Additionally, the Minister emphasized that these new regulations address the lack of a system to remove Justices of the Peace from their positions in cases of misuse. A code of ethics has also been introduced to uphold the dignity of the position and maintain public trust.
June 28, Colombo (LNW): President Ranil Wickremesinghe visited Balangoda Sri Dharmananda Vidyayathana Pirivena on Thursday (27), where he received blessings from the Amarapura Maha Sangha Sabha Chairman and Mahanayaka of the Rassagala Chapter of the Amarapura Maha Nikaya of Sri Lanka, Most Ven. Karagoda Uyangoda Maithri Murthi Maha Nayaka Thera.
During his visit, the President briefed the Mahanayake Thera on the economic and financial progress Sri Lanka is making and held a brief meeting to discuss the development of the temple. President Wickremesinghe handed over a cheque for Rs.1 million, provided by the Sabaragamuwa Province Governor’s Office, for the renovation of Sri Dharmananda Vidyayathana Pirivena.
In his discussion with Uyangoda Maithri Murthi Maha Nayaka Thera, President Wickremesinghe highlighted the growing global interest in Theravada Buddhism. He announced plans to establish a centre for the study of Theravada Buddhism in Anuradhapura, which will offer opportunities for both local and international enthusiasts.
He also mentioned the establishment of an institute dedicated to Buddhist teachings in California, USA, for Mahayana Buddhism, and expressed the need for a similar educational centre in Sri Lanka.
Addressing the discipline of Buddhist monks, the President emphasized that such matters should be managed by the respective Nikayas. He drew a parallel to Catholic priests in schools controlled by the Bishop’s House, who are not permitted to engage in trade union activities, and expressed concern about the diminishing respect for the teaching profession due to the actions of teachers’ unions. He stated that future measures would ensure no trade union activities during school hours and mentioned the possibility of implementing emergency laws to secure children’s education if necessary.
The visit was attended by Minister Manusha Nanayakkara, Sabaragamuwa Governor Navin Dissanayake, Senior Adviser to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, MP Akila Ellawala, and other dignitaries.
June 28, Colombo (LNW): The Japanese government has decided to restart development projects in Sri Lanka that were previously suspended, due to the country’s progress in implementing economic reforms.
Japanese envoy in Colombo, Misukoshi Hideaki, announced that steps will be taken to resume these projects after the relevant Memorandums of Understanding (MoUs) regarding debt restructuring are signed.
Speaking at a press conference in Colombo, the Ambassador expressed satisfaction over the signing of debt restructuring agreements with bilateral creditors and reaffirmed Japan’s commitment to supporting Sri Lanka.
June 28, Colombo (LNW): The Kandy Esala Perahera Festival will commence on August 5 with the auspicious ‘Kap’ planting ceremony at the four main Devalayas (temples), as announced by Pradeep Nilanga Dela, the Diyawadana Nilame of the Temple of the Sacred Tooth Relic.
The ‘Kap’ planting ceremony, which marks the beginning of the festival, will take place facing the northwest direction at 4:10 am on August 5 at the Natha, Vishnu, Kataragama, and Pattini Devalayas, according to the Diyawadana Nilame.
This announcement was made during a discussion held on Wednesday, the 26th, at the multipurpose building of the Temple of the Sacred Tooth Relic, regarding the organizational arrangements for this year’s Kandy Esala Perahera.
June 29, Colombo (LNW): Several spells of light showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara Eliya, Galle and Matara districts.
Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts in the evening or night.
Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central and North-western provinces and in Trincomalee, Hambantota and Monaragala districts.
June 28, (LNW) Colombo : Further details on the grievance submitted to the Sports Ministry’s Ombudsman by Former Rugby President Rizly Illyas, calling for a probe into the officials accountable for the £50,000 penalty levied by the World Rugby Federation and the 55 million rupees debt to Sri Lanka Rugby during Asanga Senaviratne and Lasitha Gunaratne’s administration. Met with Ombudsman Chulananda Perera today to report the more information. After the meeting, he told the media that without consequences for such errors, future appointees might repeat them. Rizly Illyas believes that permitting the administration to continue without taking action against those responsible sets a detrimental precedent for the future.
The Former Rugby President said the media that the ombudsman comprehended the pertinent issues well, but emphasized that within his role, he must ascertain the feasibility of taking action in this matter. Nevertheless, Illyas also stated the media that the ombudsman will prepare a comprehensive report on the matter and ensure its submission to the minister. “The Sports Minister will take appropriate action regarding this matter.”
Rizly Illyas mentioned that he provided the necessary data to the ombudsman for verifying the facts he mentioned, emphasizing that it should not be difficult to ascertain all the relevant details. “The necessary documentation to verify this information can be obtained from the auditor. Additionally, details regarding the fine can be obtained from the World Rugby Federation.” After stating that, Rizly Illyas mentioned that the Minister and the World Rugby Federation can identify the improper influence of a group of individuals on the Sri Lankan rugby constitution, along with the motives of those influencing it, and the reasons behind this fine.
