BIZ

Govt. to relax vehicle imports by August

Published

1 month ago

July 29, 2024

editor

The government will announce its stance on relaxing the import of vehicles by August, Finance State Minister Shehan Semasinghe has said.

Addressing the media, he said the relaxed policies on vehicle imports will be made in four stages.

“Regarding the easing of restrictions on vehicle imports, the government will inform its position by August and how the restrictions will be removed,” he said.

The state minister further said that permission will be given for the import of vehicles required for business and transportation at the initial stage.

“A government cannot lead the country back to the point of imposing import restrictions by asking for this election. At that time, all other restrictions were eased except for vehicles. Regarding the easing of vehicle restrictions, the government’s position as of August is how the import restrictions on vehicles will be removed in stages. We hope to give permission to those vehicles required for business activities and transportation in the first round. But we expect to import vehicles for private consumption in the first quarter of 2025,” he added.

BIZ

CBSL relaxes mandatory export conversion period

Published

16 hours ago

September 9, 2024

editor

The Central Bank of Sri Lanka (CBSL) has relaxed the mandatory export conversion period in the latest exports proceeds conversion rule.

As per the new rules, the mandatory export conversion period has been extended to roughly a three-month period from an earlier one-month period.

The CBSL states : Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees.

The complete press release is as follows :

press_20240907_relaxation_of_the_period_applicable_for_exporters_of_goods_to_convert_their_export_proceeds_into_sri_lanka_rupees_e Download

BIZ

3 million eggs imported from India

Published

3 days ago

September 7, 2024

editor

A shipment of 3 million eggs from India is set to arrive in Sri Lanka by the end of this week, according to Asiri Walisundara, Chairman of the Sri Lanka State Trading Corporation (STC).

He stated that procurement has been completed and applications for the import have been submitted to the Department of Animal Production and Health (DAPH) for approval.

The imported eggs are expected to be sold at approximately Rs. 40 each.

BIZ

Sri Lanka’s Starlink operations delayed until after presidential election

Published

3 days ago

September 7, 2024

editor

Sri Lanka’s plan to set up operations of Elon Musk’s Starlink, the satellite unit of SpaceX, has been withheld till the Presidential Election is over because of some clearance pending with the Telecommunications Regulatory Commission, a top source said.

State Minister of Technology, Kanaka Herath, announced earlier that the Telecommunications Regulatory Commission granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka.

Besides, Parliament approved amendments to a decades-old law on Tuesday to allow Elon Musk’s Starlink to set up operations in the country.

Parliament passed the new telecommunications bill, which amended the existing law for the first time in 28 years, without a vote.

The amendments introduce three new types of licences and allow Starlink to enter Sri Lanka’s telecom market as a licensed service provider.

However, a top government source said the launch would be impossible before the Presidential Elections. Sri Lankans will go to the polls on September 21 to decide on the next President to govern the country for another period of five years.

Once Starlink is launched, Elon Musk is also scheduled to visit Sri Lanka. Besides, the government authorities are planning for a Zoom meeting with Starlink.

(Daily Mirror)

(This story, originally published by Daily Mirror has not been edited by SLM staff)