The Committee on Public Finance approved 3 Regulations out of the 4 taken into consideration and an Order post consideration.
The Regulations and Orders were discussed and considered at the Committee meeting held yesterday (Jan. 07) under the Chairmanship of Dr. Harsha de Silva, Member of Parliament.
Taking into consideration the Regulations under the Imports and Exports (Control) Act, No. 1 of 1969, the Committee instructed the officials to provide a report with regard to the issues pertaining to the standards of imported items. Moreover, the Committee also instructed officials to provide a report on the procedure of ensuring that the imported goods are well up to standard prior to releasing it to the market.
Taking into consideration the Regulations under the Payment and Settlement Systems Act, No. 28 of 2005, the Committee inquired the officials present, if there is adequate information on Undial and Hawala operators, and if this process has been formalized to avoid any potential repercussions.
Officials stated that operators of Undial and Hawala have been requested to register with the Central Bank and if anyone wishes to operate afresh, such persons must register prior to conduct operations. Whilst approving the Regulations, the Committee instructed officials to submit a report pertaining to potential risks and advantages of the said.
Taking into consideration the Order under the Ports and Airports Development Levy Act, No. 18 of 2011, it was the view of the Committee to consider the Regulation on a future date as requested by the members of the Committee to further look into the legislation prior to approval. The regulation is part of the five year plan to phase out para-tariffs, as agreed with the World Bank, and the implementation of the undertaking of the Singapore-Sri Lanka Free Trade Agreement.
Furthermore, whilst approving the regulations under Casino Business (Regulation) Act No 17 of 2010, the Committee expressed its displeasure as there has been no action taken throughout the past 2 years to establish a Casino Regulator body.
The Committee also approved the Order under the Foreign Exchange Act No. 12 of 2017 and Regulations under the Colombo Port City Economic Commission Act, No. 11 of 2021 post consideration. This order enables any listed company to invest outside Sri Lanka of up to USD 500,000 and unlisted company of USD 150,000.
