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New law for bank deposits

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The Central Bank of Sri Lanka has made it mandatory for licensed banks and licensed financial companies to maintain an unique identification number for customers when opening deposit accounts.

The Central Bank issued the directives under the Banking Act No. 30 of 1988 and the Finance Business Act, No. 42 of 2011.

Accordingly, it will be mandatory to record a unique identification number for each customer when making deposits with licensed banks and licensed financial companies from October 1 this year.

However, the financial institutions have been given time till 31.12.2023 to finalize the unique identification numbers for depositors already maintaining accounts.

The Central Bank further said that underage depositors can be issued a 12-digit number obtained by recording the date of birth and birth certificate number.

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Fab Directors face legal redress

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Yesterday (July 17), the Gotathawa MOH office filed a case against popular food chain – Fab Foods (Pvt) Ltd and its Board of Directors.

The case had been filed before the Colombo Chief Magistrate’s Court under 05 charges, including the lack of displaying the colour coding for sugar content in products.

The directors, namely Upali Gotabhaya Madanayake, Hirun Arjuna Suren Madanayake, Nandani Chandralata Madanayake, Roshani Devika Madanayake, Dilani Tamara Wijesekera, B. Dimitri Rahul Perera and Hemantha Wasantha Perera have been named as respondents.

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Ceylon tea exports offset $60M of Sri Lanka’s fuel debt to Iran

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The Sri Lanka Tea Board announced yesterday that exports of Ceylon Tea have successfully offset a substantial portion of the country’s fuel bill owed to Iran, amounting to US $ 60 million.

Since 2011, Sri Lanka has accumulated an arrears of US $ 251 million for fuel imports from Iran.

Sri Lanka Tea Board Chairman Niraj De Mel said that the settlement was achieved, as exports of tea to Iran tripled during this period.

Facing financial challenges exacerbated by the Covid-19 pandemic and domestic economic downturn, Sri Lanka struggled to meet its financial obligations to Iran, due to the foreign exchange shortages.

To resolve this issue, an agreement was reached between the two nations, focusing on settling outstanding debts through tea exports.

De Mel reported that tea exports to Iran from January to May 2024 totalled 4.98 million kilogrammes, a significant increase compared to 1.85 million kilogrammes exported during the same period in 2023.

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

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Amul to secure Milco & NLDB under 99-yr. lease

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President Ranil Wickramasinghe and Minister of Agriculture – Mahinda Amaraweera, have submitted a joint cabinet paper to hand over farms owned by Milco and the National Livestock Development Board (NLDB) to India’s Amul milk cooperative on a long-term lease basis, the ‘Aruna’ newspaper reports.

The newspaper further adds :

During President Wickremesinghe’s recent visit to India, the Indian Prime Minister – Narendra Modi had pledged their support to develop the Sri lankan dairy industry.

Accordingly, the farms of Milco and NLDB are to be leased to Amul for a period of 99 years.

Also, an assessment for the Milco and NLDB have been made at Rs. 90 bn. while the value of the brand name Highland has been assessed as Rs. 02 bn.

In addition, a separate assessment is to be made over the equipment of the NLDB.

The venture, which will see Amul owning a 52% stake and the Sri Lankan stakeholders owning 48%, will seek to promote the local dairy industry, subject to a 99-year lease agreement.

The companies have also informed the government that they will secure the jobs of the employees currently working.  The government has also planned to provide a high VRS to Milco employees should they volunteer to retire.

Minister of Agriculture – Mahinda Amaraweera has said that Amul is unable to export dairy products to Sri Lanka for sale.
In addition, although India has stopped exporting dairy cows to other countries, it is to make an exception for Sri Lanka.

The land with the Narahenpita factory owned by Milco is to be taken over by the Urban Development Authority while Milco’s main factory is to be shifted to Badalgama.

(Source – Aruna)

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