The Cabinet of Ministers has approved a proposal to provide assistance to individuals who have pawned gold jewellery in banks.
This follows a proposal tabled by President Ranil Wickremesinghe, in his capacity as Minister of Economic Stabilization and National Policy.
The country’s recent severe economic crisis has had a direct and indirect impact on all sectors of the economy, and as a result, gold pawning has increased rapidly, according to the Cabinet Office.
By March 2024, the outstanding amount of mortgage advances which was approximately 210 billion rupees in 2019 had increased by 172 percent to approximately Rs. 571 billion.
The necessity to offer assistance to low-income people who have received mortgage advances from authorized banks has also been recognized in light of circumstances.
In view of this, a proper framework to offer an interest subsidy by the Treasury up to 10 percent annually for mortgage advances not to exceed Rs. 100,000 taken by customers on a personal basis from licensed banks by June 30, 2024, has been recommended.
My memory takes me back to 1979, to a moment etched in time when a strikingly tall and impeccably dressed military officer, a Master in charge of Cadeting at Prince of Wales College commanding a guard of honour presented to President J.R. Jayawardene by the cadets of 3CCC, consisted of Ananda, Nalanda and Prince of Wales Cadet platoons at the Prince of Wales College grounds.
An American national, who had been staying in Sri Lanka for nearly ten months without a valid visa while using a Sinhala name under his American passport, was arrested by the Tourist Police of the Kandy.
Read this week’s Sunday Times for your interesting articles including the ’’5th Column.’’
The only orangutan held at the Dehiwala National Zoological gardens had passed away yesterday.
The Secretary of the Bodu Bala Sena Organisation Ven Galagodaatte Ganasara Thera was today imprisoned for the third time.
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