News

Undial & Hawala operators urged to register with CBSL before June 02

Published

1 week ago

January 8, 2025

editor

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.

News

SJB appoints committee for talks on working together with UNP

Published

9 hours ago

January 16, 2025

editor

The Working Committee of the Samagi Jana Balawegaya (SJB) has approved a proposal for discussions to work together with the United National Party (UNP).

Accordingly, a five-member committee, headed by SJB General Secretary – Ranjith Madduma Bandara, has been appointed for the discussions.

News

China pledges to back sovereignty, territorial integrity & independence of SL (Video)

Published

10 hours ago

January 16, 2025

editor

Zhao Leji, Chairman of the Standing Committee of the National People’s Congress (NPC) of China, stated that China is committed to supporting Sri Lanka’s sovereignty, territorial integrity, and independence.

This statement was made during a meeting between President Anura Kumar Disanayake and Zhao Leji, which took place earlier today (Jan. 16) as part of President Disanayake’s four-day official visit to China.

During the meeting, Chairman Zhao warmly welcomed President Disanayake, further emphasizing that working with Sri Lanka in a continuous and cooperative manner is a key expectation of the Chinese National People’s Congress.

Minister of Foreign Affairs, Foreign Employment, and Tourism – Vijitha Herath, Minister of Transport, Highways, Ports, and Civil Aviation – Bimal Rathnayake, Chinese Ambassador to Sri Lanka – Qi Zhenhong and Sri Lankan Ambassador to China – Majintha Jayesinghe, were also present at the event.

(President’s Media Division)

BIZ

SL President holds talks with globally renowned Chinese companies (Pics)

Published

10 hours ago

January 16, 2025

editor

During his four-day state visit to China, President Anura Kumara Disanayake held a series of strategic discussions with several globally acclaimed leading Chinese corporations following his participation in an investment forum organized by both public and private sector entities in China.

Among the prominent companies involved in these discussions were the China Communications Construction Company Ltd (CCCC), China Petrochemical Corporation (SINOPEC Group), Metallurgical Corporation of China Ltd (MCC), Huawei and BYD Auto.

President Disanayake highlighted the investment opportunities available in Sri Lanka and assured these corporations that the government is committed to providing all necessary facilities and support to investors to foster a business-friendly environment.

Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath and Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake also participated in these significant engagements.

(President’s Media Division)