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Quality checking alcohol lab will be beneficial – State minister

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State Minister for Finance Dr. Ranjith Siyambalapitiya says that the separate laboratory proposed by Budget 2023 to identify alcohol unfit for human consumption, would help to prevent them from entering markets.

Mr. Siambalapitiya said this while attending the 70th Annual Conference of the All Ceylon Excise Sergeants and Regulators Association yesterday (18).

“In this year’s budget, we have allocated 100 million rupees for the construction of a separate laboratory for the excise department. This has been a request for a long time. At present, the work related to the quality of the liquor is done through the Government Analyst’s Department, so the work is being delayed due to the heavy schedules faced by the department,” the minister said.

The minister also said :

“The state expenditure of this year’s budget is Rs. 7,800 billion. It is a 30% increase from the Rs. 6,100 billion last year. You, the exceptional officers of the Excise Department, who are third in the list of the highest state revenue earners, are engaged in an extensive role. We need to find Rs. 92 billion as monthly salaries of the state sector. We also need to acquire Rs. 26 billion for pensions.”
Excise Commissioner General M.J. Mr. Gunasiri and a group of officials participated in the event.

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CBSL urged to seek overseas travel ban against Dharmasena

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Chairman of the ‘Magen Ratata’ organization – Sanjaya Mahawatta has submitted a formal complaint to the Governor of the Central Bank of Sri Lanka (CBSL), with regard to the “Pintanna Plantation” cultivation project founded by former cricketer – Kumara Dharmasena.

In his complaint, Mr. Mahawatta says that the project is accepting investment deposits from the public without a license from the CBSL to do so.

Noting that this project has misled the public and accepted deposits violating the provisions of the Part II of the Finance Business Act. No. 42 of 2011, Mr. Mahawattha’s complaint further notes that the project is being advertised on print media and on Facebook.

In a recent media briefing, the CBSL had stated that it is illegal to obtain investments from the public for cultivation projects such as Agarwood, Vanilla, Mango, Teak etc. in the promise of high interest rate returns. The CBSL added that their Non-Banking Financial Institutions Supervision Department has initiated a comprehensive investigation on such companies.

Speaking,  Assistant Governor of the CBSL – K.G.P. Sirikumara had said that it was a criminal offense to go against the rates implemented by the CBSL and accept deposits from the public.

Only companies authorized by the CBSL are legally allowed to accept such deposits, he pointed out.

The CBSL further disclosed that they are looking into details pertaining to the former cricketer’s project.

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Imported milk powder prices slashed

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The price of imported milk powder will be reduced with effect from tomorrow (April 25), the Milk Powder Importers’ Association states.

Accordingly, the price of a 01 kg pack will drop by Rs. 250 – Rs. 300 while the price of 400g pack will be slashed by Rs. 100ත් – Rs. 130.

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CBSL names 8 more companies conducting prohibited schemes

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The Central Bank of Sri Lanka has named 08 more entities that conduct and/or have conducted prohibited schemes.

“Participating in Pyramid Schemes is a Punishable Offence” Central Bank said in a notice to general public.

The named entities are :
1. Beecoin App/Sunbird Foundation
2. Fast Win (Pvt) Ltd
3. Fruugo Oline App/ Fruugo Oline (Pvt) Ltd
4. Genesis Business School/ Era Miracle (Pvt) Ltd
5. Isimaga International (Pvt) Ltd 
6. Ledger Block 
7. Qnet/Questnet 
8. Ride to Three Freedom (Pvt) Ltd

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