News

Singapore offers assistance to upgrade Immigration system in SL

Published

1 year ago

May 27, 2024

editor

The High Commissioner of Sri Lanka to Singapore Senarath Dissanayake met a team of officials from the Immigration Checkpoint Authority (ICA) of Singapore at the High Commission recently.

The ICA delegation is scheduled to visit Sri Lanka from 26 to 31 May 2024 and the visit aims to explore opportunities for collaboration in enhancing Sri Lanka’s immigration system through integrating advanced technology and achieving standards similar to those of Singapore.

This visit has been arranged following a request made by Minister of Public Security of Sri Lanka Tiran Alles, from Minister for Home Affairs and Minister for Law, Singapore K Shanmugam.
During the meeting the High Commissioner highlighted the challenges Sri Lanka faces in border control. He emphasized that Minister and the Sri Lankan Department of Immigration are eager to receive the delegation, as their expertise and insights would greatly contribute to Sri Lanka’s efforts to modernize and improve the immigration processes.

Deputy Director of ICA Phua Chiew, who leads the ICA team to Sri Lanka, briefed the High Commissioner on the transformation journey of ICA and their planned engagements with the Sri Lankan authorities. He explained that this upcoming visit is a preliminary step to understanding the border control systems and connected measures in Sri Lanka. He also conveyed ICA’s readiness to assist Sri Lanka Immigration in improving their border management capabilities.

The meeting concluded with a shared commitment to strengthen cooperation between the two countries on border control and immigration matters. Prior to this meeting, an introductory meeting between the High Commissioner Senarath Dissanayake and Commissioner of ICA Marvin Sim, was held to discuss the potential collaboration between the two immigration authorities.

Minister and Head of Chancery Ahamed Razee and Minister Counsellor Naduni Hasintha were also in attendance at the meeting.

(High Commission of Sri Lanka – Singapore)

BIZ

End of Parate relief for large SMEs

Published

6 minutes ago

July 1, 2025

editor

The grace period granted to small and medium-sized enterprises (SMEs) under Sri Lanka’s Parate Execution Law officially ended midnight yesterday (June 30) for businesses with loans exceeding Rs. 50 million.

The Parate Law grants banks the authority to seize properties pledged as collateral without court proceedings. Although its implementation had been suspended for three months by the current administration—and for six months earlier under former President Ranil Wickremesinghe—it has now been reinstated, triggering serious concern among entrepreneurs.

Deputy Minister of Economic Development – Dr. Anil Jayantha Fernando has stated that the government intends to hold discussions with all relevant parties in the coming days to address the issues linked to the law’s reimplementation.

Meanwhile, Opposition Leader – Sajith Premadasa has warned that the re-implementation of the Parate Execution Law could lead to the rapid auctioning of assets from small, medium, and micro businesses, putting them at risk.

In a statement yesterday (June 30), he emphasized that these businesses contribute over 50% to Sri Lanka’s Gross Domestic Production (GDP) and employ over 04 million people.

News

Ex-SriLankan Airlines chief produced before court

Published

17 minutes ago

July 1, 2025

editor

Former Chairman of SriLankan Airlines – Nishantha Wickramasinghe has been produced before the Colombo Magistrate’s Court by prison officials today (July 01).

Wickramasinghe was arrested last week by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and is currently in remand custody,

BIZ

Special FD scheme for senior citizens introduced

Published

21 minutes ago

July 1, 2025

editor

The Ministry of Finance has officially launched the special fixed deposit scheme for senior citizens.

Proposed in the Budget 2025, the scheme which is open to resident Sri Lankan citizens aged 60 years and above, comes into effect from today (July 01).

Eligible fixed deposits can be opened between July 01, 2025, and December 31, 2025, and must have a 12-month tenure.

The scheme will be implemented through the 17 licensed commercial banks; five (05) government banks and twelve (12) private banks that have confirmed participation. As part of the process, customers are required to provide a declaration confirming that the funds deposited are their own, their monthly income is less than Rs. 150,000, consenting to the sharing of relevant information with the Ministry of Finance, Planning and Economic Development for verification purposes, agreeing that any false information provided will result in disqualification from receiving the interest subsidy.

The government has allocated Rs. 30 billion to cover interest subsidies under this initiative.

Key features of the scheme:
– Deposit Period: 12 months (1 year)

– Deposit Limit: Maximum of Rs. 1 million

– Interest Benefit: Depositors will receive either

An additional 3% over the Average Weighted Fixed Deposit Rate (AWFDR), or
An additional 3% over the declared fixed deposit rate—whichever yields a higher return.

Senior citizens interested in availing themselves of the benefits are encouraged to visit the nearest bank branch starting today. Applicants must provide valid documentation, including their National Identity Card (NIC) and Taxpayer Identification Number (TIN) issued by the Inland Revenue Department (IRD).

This scheme aims to support the financial security of senior citizens by offering them a safer and higher-yielding savings option.