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Govt. launches loan schemes to support struggling SMEs

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The Government has introduced four new loan schemes totaling Rs. 20,000 million to support micro, small, and medium-scale industries and businesses. 

The initiative, aimed at revitalizing collapsed sectors, was announced by Industries and Health Minister Dr. Ramesh Pathirana during a conference organized by the Ceylon Federation of MSME at BMICH in Colombo.

These credit facilities will be offered at low interest rates and with simple conditions, in a program jointly organized by the Finance Ministry and the Industries Ministry. 

Sixteen leading banks in Sri Lanka will implement two of the schemes.

One scheme allows manufacturing and industrial enterprises with fewer than 200 employees to obtain loans up to Rs. 15 million at a 7% interest rate, repayable over ten years with a one-year grace period. 

Another scheme offers loans up to Rs. 5 million to small and medium entrepreneurs approved by the Sri Lanka Credit Information Bureau, at an 8% interest rate, with a five-year repayment period and a three-year grace period.

Additionally, the Ministry of Industries has launched two schemes for small and medium farmers. One scheme, named “Smile,” offers Rs. 30 million for environmentally-friendly projects at a 6.5% interest rate, with a ten-year repayment period and a two-year grace period.

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Orders containing a Code of Conduct for JPs, approved

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Regulations for the Justice of the Peace (appointments, suspensions, cancellation and code of conduct) by the Minister of Justice, Prisons Affairs and Constitutional Reforms under the Judicature Act No. 2 of 1978 received the approval of the Ministerial Consultative Committee on Justice, Prisons Affairs and Constitutional Reforms.

The said approval was granted at the Ministerial Consultative Committee on Justice, Prisons Affairs and Constitutional Reforms held recently (18) in Parliament Chaired by Dr. Wijeyadasa Rajapakshe, PC.

The purpose of the said Orders is to promote moral and ethical conduct among justices of the peace to effectively administer justice and eliminate opportunities for corrupt practices. The Minister of Justice pointed out that so far there was no mention of a specific method for appointing Justices of the Peace as well as their qualifications. Furthermore, Minister Dr. Wijeyadasa Rajapakshe, PC further pointed out that these orders have been issued due to the absence of a specific system to remove those persons from the position of Justice of the Peace in case of misuse of that position.

Furthermore, the Minister also pointed out that a code of ethics has been introduced to be followed by justices of the peace in order to protect the dignity of this position and the trust of the people.

Apart from the said, the Civil Procedure Code, the Bill to be presented related to enforcement of the Rent Act and the Bill to be presented related to the protection of residents were also discussed at the Committee meeting held.

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Sanjaya Mahawaththa arrested

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The Chairman of ‘Magen Ratata’ movement Sanjaya Mahawaththa has been arrested by the Terrorism Investigation Division (TID).

Police say that he has been arrested for allegedly making false allegations against senior police officers.

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Hirunika sentenced to 3 years rigorous imprisonment

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Former MP Hirunika Premachandra has been sentenced to three years rigorous imprisonment by the Colombo High Court.

The former SJB parliamentarian was sentenced after being found guilty of being involved in the abduction of a youth in the Dematagoda area on December 21, 2015 using a Defender and his wrongful detention.

The sentencing was delivered by Colombo High Court Judge Amal Ranaraja today (June 28).

Premachandra had been accused of involvement in abducting, assaulting and wrongfully detaining the youth, identified as Amila Priyanka Amarasinghe, who had been employed at a shop in the Dematagoda area.

In 2017, seven persons identified as supporters of Premachandra pleaded guilty before the court. However, Ms. Premachandra did not plead guilty to any of the charges levelled against her.

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