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CBSL issues Warning on rising crypto scams

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The Central Bank of Sri Lanka has once again warned the public about  increasing number of financial scams, promising high returns based on crypto investments.

The Bank insists that it has not granted licences or given authorization to people or business for activities such as cryptocurrency operations, Initial Coin Offerings (ICOs), mining, exchanges, deposit-taking or custody services, or advisory services related to cryptocurrency.

The Bank while alerting the public on alarming rise in fraudulent activities related to crypto investments said that it is crucial to be aware of the tactics used by fraudsters to safeguard one’s finances and stay vigilant.

“Fraudsters utilize various tactics, exploiting social media to advertise schemes with high returns and often boasting about their claimed earnings.

This creates a false sense of legitimacy and attracts new participants. Further, scammers use platforms like Whatsapp and Telegram to communicate with victims”, the Central Bank message said.

The announcement said that Scam advertisements often lead to professional-looking websites, aiming to disguise their fraudulent nature. Some scammers go a step further by conducting classes or awareness sessions on these fabricated platforms, providing misleading information on earning high returns or trading cryptocurrencies.

After an investment is made, scammers may swiftly seize funds or continue the deception to attract more victims. It is crucial to recognize that you may not realize you’ve fallen victim to a scam until attempting to divest from your investment. Protecting Yourself from Scams Cryptocurrencies are unregulated in Sri Lanka, not considered legal tender, and lack regulatory safeguards.

The following entities were found promoting the involvement of cryptocurrencies:Sport Chain App, Sports Chain ZS Society Sri Lanka, OnmaxDT 3, MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt) Ltd and MTFE DSCC Group (Pvt) Ltd.

Source – dailynews.lk

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Concessionary vehicle import permits granted to retired government & judicial officials

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Senior government and judicial officials who have retired on completion of 60 years of age and those who were sent on compulsory retirement without extension are eligible to obtain a vehicle import permit under concessionary rates of duty.

This was according to a circular issued by the Public Administration, Home Affairs, Provincial Councils and Local Government Ministry.

Officers who have retired on completion of 60 years of age during the period from extending the age of compulsory retirement to 65 years and reducing the age of compulsory retirement to 60 years introduced by the Ministry in 2022 are eligible for the permits subject to other requirements as set out in the regulations.

The decision to grant vehicle import permits for retired senior government officials came following a Cabinet decision on March 11.

Among the eligible officials are retired officials from Class I of an All Island Service or a Departmental Service, Special Grade of Government Registered and Assistant Medical Officers’ Service, Government Dental Surgeon in Grade I and retired senior judicial officers.

The circular dated April 25 was issued by Secretary to the Ministry Pradeep Yasarathne. The Secretary was unavailable for comment yesterday.

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

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SLC doubles test players’ payments to boost morale

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Sri Lanka Cricket (SLC) has announced a significant increase in payments for Sri Lanka’s Test players, effectively doubling their compensation.

The decision, made by SLC, is aimed at fostering greater enthusiasm among Test players and emphasizing the importance of Test cricket, the governing body stated.

The increased payments will be implemented based on the match contracts of each player, in accordance with SLC guidelines.

As a result of this adjustment, the total payment for a Test player per international match will now amount to approximately USD 15,000, which is around Rs. 4,450,000.

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India to cover tax costs for Sri Lanka-India passenger ferry service

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The Government of India has decided to bear the cost towards applicable taxes and other charges to the tune of over LKR 25 million per month for a period of one year for the passenger ferry service between Nagapattinam in India and Kankesanthurai (KKS).

The passenger ferry service, which was launched in October 2023 by the Shipping Corporation of India (SCI), will tentatively resume on May 13, 2024. It will be operated by a private operator, IndSri Ferry Services, selected by SCI in consultation with the Government of Sri Lanka (GOSL).

In order to make the service affordable and attractive for passengers, the Government of India has decided to bear the cost towards applicable taxes and other charges to the tune of over LKR 25 million per month for a period of one year.

Similarly, the GOSL has reduced the deviation tax currently charged from passengers leaving Sri Lanka by passenger vessels and ships.

It should be recalled that the Government of India has also extended a grant assistance of USD 63.65 million to the GOSL for the rehabilitation of the KKS Harbour, which was earlier envisaged to be undertaken under a Line of Credit.

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

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