News

“Govt. to partially relax vehicle import ban”

Published

1 year ago

January 7, 2024

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The Government is set to partially relax the vehicle import ban that has been in place since 2020, says First Capital Research.

“With this move, the government is planning to lift restrictions placed on small cars with engine capacity of 1,000CC and 1,300CC.”

The move to relax small vehicle imports come in the wake of limited revenue collection by Sri Lanka customs (approximately falling short by RS. 300.0 bn – RS. 450.0 bn), on the backdrop of stringent revenue targets set by the IMF.

“Prior to the ban on vehicle imports, Sri Lanka had new vehicle registrations of over 350,000 annually, of which majority was dominated by motorcycles ( over 280,000) whilst Cars came in second with over35,000 new registrations annually,” First Capital Research stated.

Considering the pent-up demand in the system on the back of outstanding permits given to government officers, we believe that the lifting of the ban on small vehicles under 1,300CC will trigger new registrations between 10,000-15,000 in the next 2 years (new registrations of small car imports less than 1,000CC amounted to 26,962 in 2019 and 64,195 in 2018).

This move is expected to boost the prospects for Diversified Financials given that 57.3% of the loan book in the sector is exposed to the leasing business.

Taming down in interest rates together with the pickup in economic activity in the country is also expected to aid leasing volumes, after Govt. partially relaxes the prevailing import ban.

“However, steep depreciation of RS. and recently implemented taxes are expected to cause headwinds to the expected growth in volumes,” the report added.

No final decision on car imports

State Minister of Finance Shehan Semasinghe said yesterday that the Government has not yet reached a firm decision on lifting the ban on private motor vehicle imports.

He said that the prime focus of the Government is to uphold economic stabilisation at an acceptable threshold and added that this cautious approach was being taken to safeguard the economic gains achieved so far.

(sundayobserver.lk)

News

8,742 Vesak Dansals registered islandwide

Published

48 minutes ago

May 12, 2025

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The Public Health Inspectors (PHI)’s Union states that a total of 8,742 Dansals have been registered islandwide, in line with Vesak celebrations this year.

According to the PHI’s Union chairman – Upul Rohana, the highest number of ‘Dansal’ is registered in the Western Province, particularly in the Colombo Municipal Council (CMC) area.

The union has also urged organiser to reduce the use of polythene and plastic during food distribution efforts.

News

Financial assistance from President’s Fund for Gerandi Ella bus accident victims

Published

2 hours ago

May 12, 2025

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A sum of Rs. 1 million from the President’s Fund will be granted for each individual who lost their life in the Kotmale bus accident, the President’s Media Division states.

President Anura Kumara Disanayake has directed that a sum of Rs. 1 million be granted from the President’s Fund to each individual who lost their life in the tragic bus accident that occurred early this morning (11) in the Garadiella area, Kotmale.

Accordingly, arrangements have been made to promptly disburse these funds to the next of kin of the deceased through the President’s Fund.

In addition to this assistance, compensation will also be provided to the affected families through the Sri Lanka Transport Board and relevant insurance schemes.

Meanwhile, authorities continue to investigate the cause of the accident, which has claimed 22 lives so far.

(Pic : Accident1st)

News

Maxwell gets 5-yr. ban

Published

2 hours ago

May 12, 2025

editor

Former Secretary of the National Olympic Committee of Sri Lanka (NOCSL) Maxwell de Silva was handed a five-year ban, sources revealed.

Earlier, De Silva was suspended by the International Olympic Committee (IOC) and the Ministry of Sports due to various irregularities committed by him over several years.

Accordingly, the NOCSL Executive Committee decided to hand down a five-year ban on De Silva, considering the recommendations made by the NOCSL Ethics Committee, NOCSL President Suresh Subramaniam told the Daily Mirror.

Subramaniam further stated that the penalty on De Silva has already been communicated in writing to the IOC.

Accordingly, the former secretary, who has been banned for five years, is now completely prohibited from representing the NOCSL at any foreign event or international conference.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)