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Rs.40 million fraud raises doubts on People’s Bank data system

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A retired principal who allegedly obtained an amount of Rs.42,055,000 from the People’s Bank fraudulently, has been arrested by the Public Complaints Investigation Department of the CID.

The suspect is said to have obtained loans from two bank branches located in Kandy and Gampola under the ‘Gurusetha’ loan scheme introduced by the People’s Bank.

The arrested suspect is a 69-year-old retired principal from Hindagala.

According to the CID, the principal has prepared fake documents and fraudulently obtained this amount from the two branches on 26 occasions.

However, with the disclosure of this fraud, it was reported that doubts have arisen in the banking sector whether there are shortcomings in identifying recurring errors in the People’s Bank’s internal data system.

Source – Lankadeepa

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This week’s Cabinet decisions

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A number of decisions have been taken at the Cabinet meeting held yesterday (July 07).

The decisions taken by the Cabinet of Ministers are as follows :

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Gem & jewellery export revenue drops by 25% due to taxes!

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Although gems and jewellery worth US$477 million were exported in 2023, exports have fallen by 25% to US$360 million last year (2024) after the imposition of taxes on the gem and jewellery industry, says Chairman of the National Gem and Jewellery Authority (NGJA) – Mr. Navin Sooriyarachchi.

He stated this at a media briefing held at the Government Information Department yesterday (July 07).

This media briefing was held to inform the media about the newly opened VAT Refund Counter at the Bandaranaike International Airport in Katunayake.

He said that following discussions with the International Monetary Fund (IMF), taxes were imposed on their industry from January 01, 2024.

Accordingly, an 18% VAT was imposed when selling gems and jewelry to tourists as well as when importing rough gemstones. In addition, a 45.14% tax was imposed on gold imports, he added.

Noting that the NGJA has issued about 8,000 mining licenses, he said that these should produce gemstones worth over US$ 1.5 billion annually, assuming that around 50% of these mines were profitable.

He added that Gem and Jewellery had the potential to be the second largest primary export of the country.

However, following the imposition of the 18% VAT, sales have declined significantly, Mr. Sooriyarachchi says, adding that competitive practices such as post purchase VAT refunding followed by other countries have further affected this situation.

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8 DIGs in India

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It is reported that 02 senior DIGs and 07 DIGs have simultaneously left for overseas courses.

Eight of them have gone to India for a course that will be held until July 12th. 

The Police HQ has taken measures to appoint other SDIGs and DIGs to cover duties of these officers, reports say.

The officers who are overseas in these manner are Senior DIGs Waruna Jayasundara and Dhanapala Abeywickrama as well as DIGs Sujith Wedamulla, Nuwan Mendis, Udith Liyanage, Pradeep Kalupahana, Sarath Kumara, Indika Hapugoda and H.C.A. Pushpakumara.

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