BIZ

Loans at 7% for ailing industries

Published

1 year ago

June 2, 2024

nipuni

Secretary to the Ministry of Industries Shantha Weerasinghe said that the seven percent concessionary interest rate loans will be given from this week to those who are unable to maintain their industries and businesses due to various reasons including the Covid-19 pandemic.

He said that this loan scheme, which will be launched by the Ministry of Finance and the Ministry of Industries, is called ‘Re-Energise’.

The Secretary said that any small and medium-scale industry or business that has collapsed or is unable to be maintained will be encouraged to obtain the loan and restore their business.

The special feature of this loan scheme is that people who are blacklisted (CRIB) too could get the loans. Loans up to Rs. 5 million can be obtained under the scheme and settled in five years with a grace period of six months.

Loans will be given on personal guarantees up to Rs. 200,000 and a property collateral must be submitted for loans above that amount.

The final work on the loan scheme was completed last Wednesday and these loans will be provided through 10 State and private banks.

These loans can be applied for through the Regional Development Bank, People’s Bank, Bank of Ceylon, Sampath Bank, Seylan Bank, Commercial Bank, Cargills Bank, Sanasa Development Bank, Hatton National Bank and Nations Trust Bank.

Another aspect of this scheme is that loans up to Rs.15 million can be applied for investment purposes. For that too, the interest rate is seven percent and the repayment period is 10 years with a grace period of one year.

(sundayobserver.lk)

(This story, originally published by sundayobserver.lk has not been edited by SLM staff)

BIZ

No new tax on small parcel imports – Customs

Published

29 minutes ago

July 3, 2025

editor

Sri Lanka Customs has refuted social media claims alleging the imposition of a new tax on small parcel imports.

Addressing the media, Customs Media Spokesman and Additional Director Seevali Arukgoda emphasized that no new taxes have been introduced, nor are there any disruptions to the clearance of imported goods.

“We are not increasing tax rates… we are simply ensuring duties are calculated correctly,” he said. “The previous system allowed for significant undervaluation and misuse. Now, we are enforcing the existing laws more transparently.”

He explained that duties are now calculated using the globally accepted Harmonized System (HS) Code, which categorizes goods by type and value, replacing the older method of relying on parcel weight or flat rates that were often exploited.

Arukgoda further assured that no parcels are being withheld and reiterated that rates remain consistent with those approved by Parliament. The changes, he said, were implemented after adequate notice was given to courier services and importers — including a 1.5-month notice period and a 2-week transition phase.

He also noted that there is no requirement for recipients of online orders to visit Customs in person. Courier companies continue to handle delivery and clearance, he added.

BIZ

Starlink now available in Sri Lanka – Elon Musk

Published

1 day ago

July 2, 2025

editor

Billionaire businessman Elon Musk has announced that the Starlinksatellite internet service is now available in Sri Lanka.

“Starlink now available in Sri Lanka!” Elon Musk said in a post on ‘X’.

Starlink now available in Sri Lanka! 🇱🇰 https://t.co/37X5hNOEfL
— Elon Musk (@elonmusk) July 2, 2025

BIZ

End of parate relief for large SMEs

Published

2 days 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.