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CoPF decides on Parate Law

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The Committee on Public Finance (CoPF) has approved, subject to conditions, the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill which was amended to facilitate legal provisions for the suspension of Parate Law until December 15 2024. 

Accordingly, the banks’ practice of acquiring properties of whose loans are yet to be paid off will be suspended until December 15 and the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 will be amended to facilitate the necessary legal provisions.
The approval was given when the Committee on Public Finance met in Parliament recently (30) under the chairmanship of Member of Parliament Dr. Harsha De Silva.

Officials representing the Ministry of Finance said that they hope to provide temporary relief to the creditors. Accordingly, the committee questioned the officials what action will be taken in this regard after December 15. Thus, the officials present failed to give a clear answer in this regard and the committee recommended to provide a road map for the actions to be taken after December 15 to those subject to Parate Law.

Also, the committee recommended that all the parties who have done business with the banks subject to Parate Law should be given a fair opportunity to negotiate with the banks.

The committee also questioned the officials about the distribution of loans under the Parate Law. The chair of the committee inquired about the manner in which the micro, small scale and medium scale enterprises in particular have received loans under this law and the criteria under which they are classified. The officials did not have the correct data about this and the chair of the committee instructed the officials to provide that data to the committee.

The committee also inquired the percentage of the sectors that were most affected. Furthermore, the committee asked the officials to provide data on the implementation of the Parate Law in other periods compared to the specific period in which there was an economic recession due to the impact of the corona virus in 2020, 2021 and 2022. The officials present mentioned that the data on this matter this will be presented to the committee in the future.

Meanwhile, the committee has also given its approval for the orders under the Foreign Exchange Act No. 12 of 2017 and the regulations under the Sri Lanka Securities and Exchange Commission Act No. 19 of 2021. Also, the committee approved the regulations under the Import and Export (Control) Act No. 1 of 1969.

State Minister Dr. Suren Raghavan, Members of Parliament Premnath C. Dolawatta and Madhura Withanage participated in this committee.

Also, officials representing several government institutions including the Ministry of Finance, Economic Stabilization and National Policy, the Auditor General’s Department, the Central Bank of Sri Lanka, and Sri Lanka Customs were present in this committee.

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Probe launched into tuition teacher’s police escort

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Sri Lanka Police have launched an investigation into a video going viral on social media, which depicts a female tuition teacher being escorted by police motorcycles and vehicles to an event organized by her.

Police Media Spokesperson SSP Buddhika Manathunga confirmed that the individual in question is a private tuition teacher who conducts classes for students preparing for the Grade 5 Scholarship Examination.

Addressing the controversy, SSP Manathunga explained that the Sri Lanka Police may provide officers and vehicles for specific public affairs — such as for filming a movie — but only after a thorough intelligence review of the request and its context, including the script.

He further clarified that police officers may also be deployed for public events such as musical shows or ticketed functions, but this is permitted only upon payment of a required fee.

In this particular case, the teacher is reported to have requested police support, claiming it was needed for a ceremony honoring students who had successfully passed the Grade 5 Scholarship Examination. The event was said to involve nearly 8,000 students and 35,000 parents.

However, preliminary investigations have revealed that the teacher may have used the police escort to boost her personal image, raising serious concerns about the misuse of state resources.

Police have since launched an inquiry into how the vehicles and officers were allocated for the event, and whether any police personnel were complicit in the unauthorized use of official resources, SSP Manathunga said.

(Source : adaderena.lk)

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SriLankan retired cabin crew amid ‘work to rule’ campaign

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According to reports, the SriLankan Airlines’ management has decided to immediately call up retired cabin crew members to service, following the ‘work to rule’ campaign launched by the Cabin Crew Members Association.

The SriLankan Airlines Cabin Crew Members Association launched a ‘work to rule’ campaign in April, citing several demands, including the reallocation of their onboard meal allowance.

In this backdrop, the national carrier is said to be operating with a reduced number of cabin crew which was further affected by the recent retirement of a significant number of experienced senior staff.

The staff were retired stating that individuals over the age of 60 would no longer be retained.

Efforts to extend the retirement age had been unsuccessful. 

Even though they had directed a formal request to President Anura Kumara Dissanayake on Dec. 12, 2024, no response was received, reports add.

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India halts Pakistan bid for SL naval drills, off Trincomalee

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Pakistan’s naval drill with Sri Lanka near Trincomalee was scrapped after India raised concerns, amid a fresh India-Sri Lanka defense pact.

Pakistan’s effort to conduct a joint naval exercise this year with Sri Lanka in the waters off Trincomalee, a port city where an energy hub is being developed with Indian involvement, was shut down after New Delhi conveyed its concerns to Colombo, people familiar with the matter said.

The joint exercise was planned in the weeks ahead of Prime Minister Narendra Modi’s visit to Sri Lanka this month, when New Delhi and Colombo signed a defence cooperation agreement (File)(PIB India/X)

The joint exercise was planned in the weeks ahead of Prime Minister Narendra Modi’s visit to Sri Lanka this month, when New Delhi and Colombo signed a defence cooperation agreement, the first of its kind, and another tripartite agreement involving the United Arab Emirates (UAE) for the energy hub at Trincomalee, including a multi-product pipeline.

The move by Pakistan, especially the proposal that the exercise be conducted in the waters around Trincomalee, was seen as a deliberate attempt to needle India, the people said on condition of anonymity. It came after Sri Lanka last year imposed a one-year moratorium on visits by foreign research vessels, a measure put in place by Colombo largely because of the activities of surveillance vessels from China, Pakistan’s long-standing ally.

Once the Indian side learnt of the planned joint naval exercise, it was taken up with Sri Lankan authorities by the Indian high commission in Colombo, which strongly conveyed New Delhi’s concerns about such activities in a region where the Indian side has important stakes, the people said.

The joint exercise was quietly scrapped by Sri Lankan authorities despite protests from the Pakistani side, the people said.

There was no word on the development from Indian officials. The officials cited above did not elaborate on the scale of the planned exercise, nor the exact dates.

In February and early March, a Pakistan Navy frigate, PNS Aslat, visited Colombo port. In the March visit, it conducted a “passex”, or passing exercise, with a Sri Lanka Navy warship in the waters off the capital before departing from Sri Lankan waters. This passex focused on communication and tactical maneuvering, according to a readout from the Sri Lankan Navy.

The Indian government has traditionally bristled at port visits to Sri Lanka by Chinese or Pakistani warships. Port visits by Chinese vessels have been more frequent, especially since Beijing controls Hambantota port under a 99-year lease.

In recent years, India has been increasingly concerned by visits to Sri Lanka by sophisticated Chinese surveillance vessels that are capable of monitoring coastal defences and tracking satellite and missile launches.The moratorium imposed by Sri Lanka on visits by such vessels last December, and the people said the Sri Lankan side is yet to take a call on dealing with visits by such vessels.

The memorandum of understanding (MoU) on defence cooperation signed by New Delhi and Colombo on April 5, during Modi’s visit for talks with President Anura Kumara Dissanayake, marked the first refresh of ties in this important sector since India’s troubled intervention in Sri Lanka’s civil war in the late 1980s, and came at a time when India has been concerned about China’s increasing presence in its strategic backyard.

The MoU will make existing initiatives for defence cooperation more structured and lead to more joint exercises and potential defence industry collaboration.

The tripartite MoU involving India, Sri Lanka and the UAE, signed the same day, will focus on developing an energy hub at Trincomalee, including a multi-product pipeline and further development of a World War 2 oil tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corporation.

In 2022, the Sri Lankan government, Lanka IOC, Ceylon Petroleum Corporation (CPC) and a joint venture between the two oil firms signed lease agreements for refurbishing and developing the 850-acre oil storage facility in Trincomalee, a strategic natural harbour on Sri Lanka’s eastern coast.

The new tripartite agreement is expected to boost India’s position after Chinese state energy firm Sinopec signed a deal to build a $3.2-billion oil refinery in the southern port city of Hambantota.

(hindustantimes.com)

(This story, originally published by hindustantimes.com has not been edited by SLM staff)

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