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CoPF decides on Parate Law

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The Committee on Public Finance (CoPF) has approved, subject to conditions, the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill which was amended to facilitate legal provisions for the suspension of Parate Law until December 15 2024. 

Accordingly, the banks’ practice of acquiring properties of whose loans are yet to be paid off will be suspended until December 15 and the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 will be amended to facilitate the necessary legal provisions.
The approval was given when the Committee on Public Finance met in Parliament recently (30) under the chairmanship of Member of Parliament Dr. Harsha De Silva.

Officials representing the Ministry of Finance said that they hope to provide temporary relief to the creditors. Accordingly, the committee questioned the officials what action will be taken in this regard after December 15. Thus, the officials present failed to give a clear answer in this regard and the committee recommended to provide a road map for the actions to be taken after December 15 to those subject to Parate Law.

Also, the committee recommended that all the parties who have done business with the banks subject to Parate Law should be given a fair opportunity to negotiate with the banks.

The committee also questioned the officials about the distribution of loans under the Parate Law. The chair of the committee inquired about the manner in which the micro, small scale and medium scale enterprises in particular have received loans under this law and the criteria under which they are classified. The officials did not have the correct data about this and the chair of the committee instructed the officials to provide that data to the committee.

The committee also inquired the percentage of the sectors that were most affected. Furthermore, the committee asked the officials to provide data on the implementation of the Parate Law in other periods compared to the specific period in which there was an economic recession due to the impact of the corona virus in 2020, 2021 and 2022. The officials present mentioned that the data on this matter this will be presented to the committee in the future.

Meanwhile, the committee has also given its approval for the orders under the Foreign Exchange Act No. 12 of 2017 and the regulations under the Sri Lanka Securities and Exchange Commission Act No. 19 of 2021. Also, the committee approved the regulations under the Import and Export (Control) Act No. 1 of 1969.

State Minister Dr. Suren Raghavan, Members of Parliament Premnath C. Dolawatta and Madhura Withanage participated in this committee.

Also, officials representing several government institutions including the Ministry of Finance, Economic Stabilization and National Policy, the Auditor General’s Department, the Central Bank of Sri Lanka, and Sri Lanka Customs were present in this committee.

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CID probing into ex-President Ranil’s overseas trips

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The Criminal Investigation Department (CID) informed the Colombo Fort Magistrate’s Court today (June 24) that it has launched an investigation into the overseas trips made by former President Ranil Wickremesinghe during his tenure as president.

The CID reported the facts to the court and stated that the investigation is being conducted under the Public Property Act.

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Nelumwewa hot springs to be boosted as tourist destination

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As part of the “Clean Sri Lanka” initiative, a development project has been proposed to enhance the area surrounding the Nelumwewa hot springs in Welikanda, Polonnaruwa, with the aim of promoting it as a tourist attraction.

A discussion regarding the proposed development was held this morning (June 24) at the site, followed by a field inspection.

Until now, the hot springs area has not been adequately developed, leading to a diminished interest from both local and international tourists.

During the discussion, attention was drawn to the importance of developing the Nelumwewa hot springs, the site’s tourism and scientific potential and its current condition.

Proposals currently being evaluated involve enhancing forest cover in the surrounding area, beautifying the island adjacent to the hot springs and building a bridge from the mainland to the island to facilitate better access for visitors.

Among those present were Deputy Minister of Housing T.B. Sarath, Chairman of the Welikanda Pradeshiya Sabha, D.W. Wasantha, retired hydrologist Prof. Dharma Gunawardena of the University of Peradeniya and officials from the Clean Sri Lanka Secretariat, the Mahaweli Authority, the Sri Lanka Tourism Development Authority, the Welikanda Divisional Secretariat and several other institutions.

(President’s Media Division)

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22 Oluwil university students suspended over ragging

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A group of 22 students from Oluwil University have been suspended for allegedly ragging first-year students, Vice Chancellor Prof. S.M. Junaideen said.

The university’s Registrar, M.I. Naufer, stated that a special committee made up of university professors has been appointed to carry out a formal investigation into the incident.

According to preliminary reports, a group of second-year students from the Engineering Faculty were involved in ragging several first-year students. University authorities said strict disciplinary action would be taken based on the findings of the investigation.

The incident has raised fresh concerns about ragging in universities, which remains a serious issue despite longstanding efforts to eliminate the practice from Sri Lanka’s higher education institutions.

(dailymirror.lk)

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

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