The government in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL) introduced the Special Deposit Accounts on the April 8, with the objective of increasing foreign currency inflows to the country and to aid in overcoming the effects of the COVID-19 pandemic. DFCC Bank was one of the first banks in the country to launch the DFCC Special Deposit Account in compliance with CBSL guidelines with the objective of making a significant contribution towards the national cause of aiding Sri Lanka in this hour of need.
With the country’s economy still struggling to recover from this global crisis, DFCC launched the product and gained traction on various platforms including online, digital, and social media in order to encourage Sri Lankans residing in international territories to invest their funds back into the country.
Customers were able to place their funds in a fixed deposit for 6-month and 12-month periods in multiple designated currencies covering LKR, USD, EUR, GBP, AUD, JPY, SGD, CAD and CHF. Promising unparalleled service to customers and the best interest rates possible, those who placed a fixed deposit for 6 months were entitled to received 1% above the normal interest rate and customers who placed fixed deposits for 12 months were entitled to receive 2% above the normal interest rate. The funds are also freely convertible and repatriable upon maturity with customers having the option of transferring the money back overseas through an outward remittance or withdrawing the funds in Sri Lanka at maturity.
Any Sri Lankan individual resident in or outside Sri Lanka including dual citizens, citizens of other states with Sri Lankan origin, and any person resident outside Sri Lanka including funds, corporate bodies, association and other well-wishers are permitted to open and maintain the Special Deposit Account. These accounts can be opened during a 6-month period from the 08th of April 2020 to the 08th of October 2020 with funds received from abroad to Sri Lanka via inward remittances through the banking system during the mentioned 6-month period. Foreign currency legitimately acquired and brought by the account holder to Sri Lanka with proper declaration after 01st January 2020 can also be placed in Special Deposit Accounts up to a predetermined limit. Ensuring that customers enjoy higher returns for their investments and simultaneously contribute towards aiding the Sri Lankan economy, the DFCC Special Deposit Account proves to be a valuable investment for both local and international customers.
DFCC Bank Vice President Liabilities & Trade Business Development, Mr. Anton Arumugam Stated, “The response has been very encouraging with many customers from different countries across the world opening SDA accounts with DFCC and investing their funds. As the first mover, we gained the advantage of generating more deposits from various countries due to the unparalleled customer service offered by DFCC Staff members. They have been working 24×7 to respond to customers who are living overseas by using digital communication modes and assisting them to open the accounts and remit the funds while complying with the relevant requirements.”
This is an excellent opportunity for customers to enjoy higher returns for their investment by opening DFCC Special Deposit Account and also contribute towards the national cause.
Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’
The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.
The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.
This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.
Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.
Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties
Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.
Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.
The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.
The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.
Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
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