Torn currency notes: Are banks violating the rules?
Have you ever received damaged notes from the ATM dispenser? One customer experienced this on two occasions and asked whether the banks were violating the rules in terms of damaged notes. The Central Bank needs to address this issue urgently and warn banks against this practice. According to the Central Bank of Sri Lanka Act, [...]
Heavy losses to the state due to Port City construction delays
The Colombo Port City construction delays due to successive governments’ ad hoc decisions of suspending the ongoing work from time to time have caused a loss of millions of dollars to the state, the national audit office revealed. These delays have had implications for the project’s timeline, investor confidence, and Sri Lanka’s diplomatic relations, particularly [...]
Alipay and WeChat Pay in 1Q
Lanka Pay is on course to launch digital wallets, Alipay and WeChat Pay by the first quarter of this year, officials said. In 2023, a memorandum of understanding was signed with Alipay, a payment app and e-wallet for technical implementation and Channa De Silva, CEO Lanka Pay told The Sunday Times Business that WeChat Pay, [...]
Govt. delays for coconut imports to hit consumers
Sri Lanka’s coconut industry has repeatedly approached the authorities to import frozen coconut kernels for re-export but this has been continuously delayed ever since the new government took office. The coconut industry believes the government is positive and will put forward their proposals and import coconuts in future. However the industry is aiming at trying [...]
Duties, taxes shake tile and sanitary-ware sector
The move to enforce long-overdue anti-dumping laws, in order to ensure the fairness in trade and to safeguard the domestic industries from unfair competition from imports, transpired at an official meeting recently. It was revealed that previous governments failed to enforce these laws, allowing substandard and undervalued goods to infiltrate through customs. Although the Anti-Dumping [...]
Government to double state revenue collection through ‘Gov pay’
Eight state departments and authorities connected through the government payment platform by Lanka Pay have fetched a revenue of Rs.1.8 trillion as of last year, slated to double after the launch of the new Gov Pay, top officials said. With the latest platform to be launched in two weeks, Lanka Pay expects to double this [...]
CRIB developing scorecard for SME and marginalised sectors
The Credit Information Bureau (CRIB), the nation’s primary credit information authority, is on the road to revolutionising lending for small and medium sectors and empowering the national economy. “We are involved in developing a national Small and Medium Enterprise (SME) based scorecard to support the SME sector when seeking credit,” Pushpike Jayasundera, Director / GM, [...]
Gatekeepers of Sri Lanka
The whole neighbourhood was in uproar: A thief/thieves had entered a property down the lane in the dark, climbed the trees and stolen several coconuts. How the residents of the household did not wake up to the sounds of falling coconuts was a mystery. Our fabulous trio – more out of curiosity than empathy and [...]
Markets paralysed…!
My last week column on “red rice and red-coloured rice” has drawn many commendations as well as numerous criticisms. While the criticisms are too appreciated, sadly none of them contained any alternative solution to the puzzle I presented. Here is the puzzle, as stated last week: We all agree that our rice farmers should receive [...]
Sri Lanka secures 350 biometric hardware for digital ID
The Sri Lankan government has procured 350 units of biometric hardware, including high-resolution cameras and fingerprint scanners, for its upcoming Sri Lanka Unique Digital Identity (SL-UDI) project which seeks to convert the country’s standard identification card (ID) to a digital ID. The tender for the balance 400 units of the same hardware was awarded, Deputy [...]
E-learning platform for Homestays
Aimed at improving the standards of the homestays across Sri Lanka, an innovative e-learning platform was launched last week by the Sri Lanka Tourism Development Authority (SLTDA) and the Asian Development Bank (ADB). The initiative is part of the ADB’s technical assistance programme and is designed to build resilience and sustainability within the tourism sector, [...]
Sri Lanka to fast-track Singapore Free Trade Agreement
Sri Lanka plans to expedite the long-delayed Free Trade Agreement (FTA) with Singapore (SLSFTA), ensuring policy continuity, Deputy Finance Minister Harshana Suriyapperuma revealed at a recent parliamentary Committee on Public Finance (COPF) meeting. The FTA, initially signed in 2018 under a previous administration, had faced several delays, including a temporary suspension by former President Maithripala [...]
Coconut crisis
Officials representing the Ceylon Chamber of Coconut Industries (CCCI) this week raised serious concern over the coconut crisis facing the country. Pic by Indika Handuwala
LOLC Life unveils new paradigm in healthcare with Health Maxx
LOLC Life Assurance recently introduced Health Maxx, Sri Lanka’s most comprehensive and innovative health insurance plan, designed to set an exceptional standard in healthcare coverage. With a coverage limit of Rs. 100 million and 20 flexible plans, Health Maxx offers financial security whether in Sri Lanka, across Asia, or globally (excluding the USA and Canada). [...]
HNB launches trilingual Mobile App
Hatton National Bank (HNB) has introduced a trilingual version of its mobile banking application. This development comes as a strategic move to enhance accessibility and provide users with a more personalised banking experience in their native languages. With over 1 million active users, HNB’s mobile app claims to lead the market as the top-rated banking [...]