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Lanka Sathosa slashes prices of 9 essential food items

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The prices of nine essential food items will be reduced with effect from tomorrow (Aug. 17), Lanka Sathosa announced today.

Issuing a release in this regard, Lanka Sathosa explained that the decision to revise the prices of nine essential food items was taken in a bid to ease the burden on consumers.

The price revisions are as follows :

• LSL milk powder (400g) – Rs. 970 (reduced by Rs. 29)

• Thai sprats –  Rs.1160 per kilogram (reduced by Rs. 15)

• Brown sugar – Rs.350 per kilogram  (reduced by Rs.10)

• Soya meat – Rs.625 per kilogram  (reduced by Rs.25) 

• Potatoes – Rs.325 per kilogram  (reduced by Rs.05)

• Basmati rice – Rs.675 per kilogram  (reduced by Rs.15)

• Garlic – Rs.630 per kilogram  (reduced by Rs.05)

• Red raw rice (Rathu Kekulu) – Rs.147 per kilogram  (reduced by Rs.02)

• Chickpeas – Rs.555 per kilogram  (reduced by Rs.05)

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SDB CEO announces resignation

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Sanasa Development Bank CEO Priyantha Talwatte has announced his resignation with effect from Feb. 20.

In a filing to the Colombo Stock Exchange, the SDB has said the Board accepted his resignation.

Talwatte joined SDB bank in November 2022 after resigning from Nations Trust Bank in April 2022 having served the institution for two decades.

Commanding over 30 years’ experience in banking Talwatte is an alumnus of Harvard Business School (AMP) Boston, USA.

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Special commodity levy on several items, upped

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A government notification has been issued, increasing the special commodity levy imposed on several items including black grams, green grams and cowpeas.

As such, the special commodity levy on black grams (skinned, either split or not) has been increased to Rs. 300 per kilogram. 

Meanwhile, the tax on green grams, cowpeas, Kurakkan (seeds), Kurakkan (other), millet (seeds) and millet (other) has been raised from Rs. 70 to Rs. 300.

In addition, a special commodity levy of Rs. 25 is in place on maize.

The communiqué, issued by President Ranil Wickremesinghe in his capacity as the Finance Minister, says the order is valid from February 20, 2024 through December 31, 2024.

It also notes that importation of maize, black grams, green grams, and Kurakkan is allowed on the recommendation of the Agriculture Ministry.

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CBSL imposes penalties on BoC and People’s Bank

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The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has collected penalties amounting to Rs. 14 million in total from three financial institutions.

According to a CBSL press release, the FIU collected these penalties from Sep. 27 – Dec. 31 2023 from MMBL Money Transfer (Pvt) Ltd as well as from state owned banks – Bank of Ceylon and People’s Bank.

The CBSL said by the powers vested under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA.  The penalty may be prescribed taking into consideration the nature and gravity of the relevant non-compliance, it added.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected the penalties has credited it to the Consolidated Fund.

The complete press release is as follows : 

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