Five firms fined for importing gold unlawfully

Five establishments have been found guilty of bringing in gold unlawfully into Sri Lanka during the year, and they have  been fined 1243 million rupees, according to the State Minister for Finance Ranjith Siyambalapitiya.

The Minister emphasized that going forward, all licensed institutions that import gold commodities should abstain from these unlawful activities.

In addition, the relevant institutions will be subjected to fines for any gold that is purchased by third parties without direct importation, taking into account the production reports.

According to Mr. Siambalapitiya, efforts are now being made to stabilize the nation's state revenue by gradually reducing the loopholes connected to loss of revenue.

“When the Government initially began to focus on this issue, there were many obstacles and threats since certain parties who import gold commodities converted it into a large-scale racket. As a result, there is a mafia surrounding it,” noted State Minister Siyambalapitiya.

The Minister added that despite several threats, forms of coercion, and acts of intimidation, the Government persisted and proceeded to the next phase.

Last year, an extraordinary gazette notice was issued on the instructions of President Ranil Wickremesinghe imposing restrictions on gold importation to prevent smuggling and address past incidents.