News

SC dismisses another FR petition against DDR

Published

2 months ago

August 11, 2023

editor

The Supreme Court today dismissed another Fundamental Rights petition that was filed against the inclusion of the EPF and ETF in the scope of domestic debt restructuring.

The Supreme Court three-judge-bench comprising Justices Vijith Malalgoda, Janak de Silva and Gamini Amarasekara, refused to grant leave to proceed with the petition after hearing all parties for two days.

M.A. Sumanthiran PC, who appeared for the petitioner told court that the invitation to extend the time period of the Bonds (loans) acquired by the State from superannuation funds (EPF and ETF) violates the Fundamental Rights of the members of the Funds as it is unequal, unreasonable and arbitrary and against the Constitution.

The petitioner had named the EPF, ETF, Monetary Board and Public Debt Department of the Central Bank of Sri Lanka as respondents in this application.

Counsel appearing for the respondents submitted to court that the court has no jurisdiction to hear the matter according to the Constitution.

Senior Counsel Eraj de Silva, representing the ETF, argued that in accordance with Articles 4 and 148 of the Constitution, Parliament wields complete control over the nation’s public finances. Hence, the judiciary should not intervene in decisions sanctioned by Parliament.

De Silva also highlighted to court that the Domestic Debt Restructuring regarding the EPF and ETF is ultimately designed to safeguard the funds of the people. If the State were to default on repaying the Bonds, it would result in turmoil, leaving nothing for the Fund’s members. He emphasized that the evaluation should not solely consider the current circumstances, but rather the potential outcomes in the event of default or increased money printing leading to inflation.

De Silva further brought to the court’s attention that the petitioner failed to disclose his affiliation with the NPP (National People’s Power) and his previous candidacy in an election on behalf of the NPP. He argued that the NPP’s stance against the Domestic Debt Restructuring process was pertinent information that the petitioner should have divulged.

“It is evident that the petitioner’s affiliated party aims solely to derail the debt restructuring process without providing a viable alternative,” De Silva remarked.

Eraj de Silva, with N.K. Ashokbharan, Daminda Wijeratne, Janagan Sundramoorthi, Shehan Chamika Silva, Zul Luthufi, and Naveed Ahamed, instructed by Dinesh Vidanapathirana, appeared on behalf of the ETF.

(dailymirror.lk)

News

Samurdhi Dept. told to conduct survey to identify poverty-stricken families

Published

2 hours ago

September 26, 2023

editor

The Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis has instructed the Department of Samurdhi Development to conduct a quick survey to identify other poverty-stricken families who need to be empowered.

This was taken into discussion when the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis met in Parliament on Sep. 19 chaired by MP Gamini Waleboda Member of Parliament.

Commenting further, the Member of Parliament stated to the officials of the Department of Samurdhi Development to appoint a Committee together with the Ministry of Finance, the Welfare Benefits Board and the Department of Census and Statistics to take the necessary measures.

The discussion was held with the aim of reviewing the goals of the Department of Samurdhi Development to reduce the impact of the economic crisis and the current plans to achieve those goals in the year 2024.

The officials of the Department of Samurdhi Development, who presented the facts, mentioned that at present there are more than sixteen hundred thousand Samurdhi beneficiary families. Accordingly, the department has planned to empower forty-one hundred thousand families in the two years from 2024 to 2026.

The Chair reminded the officials that the responsibility of empowering all families who are affected by the economic crisis and those who are not is entrusted to the Department of Samurdhi Development. The Committee also ordered the Department of Samurdhi Development to immediately prepare a plan to eradicate poverty within the next five years.

The Leader of the Opposition – Sajith Premadasa, addressing the Committee, pointed out the dire need to first establish technical definitions to identify poverty.

The Committee also discussed about the proposed number of new employees in the department, which has been presented in relation to the future plans of the Department of Samurdhi Development. The Committee Chair pointed out that the sacrifices made by the officers of the Department of Samurdhi Development Department during the Covid pandemic cannot be forgotten. The Chair instructed the officials of the Management Services Department to take into consideration the work done by them in the past while approving the proposed number of new employees. Accordingly, the Committee ordered the Management Services Department to come to a final decision about the proposed staff of the Samurdhi Development Department within two weeks and to approve it.

The Committee also discussed the people who have not yet received their pension due to the retired officials of the Samurdhi Development Department and the related reasons. The Chair asked the officials of the Department of Pensions to arrange for the payment of the basic pension to the employees who have not yet received their pension.

News

Inland Revenue Act to be amended

Published

3 hours ago

September 26, 2023

editor

The Cabinet has approved a proposal to amend the Inland Revenue Act No. 24 of 2017, the Government Information Department said.

It has been proposed that it is appropriate to amend the Inland Revenue tax to enable to request tax relief by any charity establishment that provides health facilities to children with disabilities in the society joined hands with government health services / education system and that is established as a legitimate institution prioritizing the well–being of the differently-abled children in society while being established as a legitimate institution or registered under any law enforced for registering social services organizations.

Accordingly, the Cabinet approved the resolution prepared by the acting Minister of Finance, Economic Stabilization and National Policies to direct the Legal Draftsman to draft a Bill to amend the Inland Revenue Act including legal provisions.

News

National Debt Management Institute to be established

Published

3 hours ago

September 26, 2023

editor

The Cabinet has granted approval to establish a National Debt Management Institute.

It has been emphasized in the supplementary Budget of 2022 the importance of the establishment of a State Loan Management Institute as an institutional reformation while enhancing loan management and transparency has been recognized as a prioritized sector even under the appropriation loan facility of the International Monetary Fund (IMF).

Government said that technical assistance has been rendered by the IMF and the World Bank in order to establish the proposed state loan management institute.

The loan management reformation plan, loan management institutional framework and legal framework have been planned by now.

Accordingly, the Cabinet approved the resolution tabled by the acting Minister of Finance, Economic Stabilization and National Policies to direct the Legal Draftsman to draft the Bill of the State Loan Management Act.