Connect with us

News

India discussing options to use rupee for South Asia trade

Published

on

India’s Federal Finance Ministry is discussing options for pushing the Indian Rupee as a common currency for trade with South Asian neighbours, New Delhi based NewsRise reported yesterday quoting a senior Indian Government official.

The report filed from New Delhi said: “The Finance Ministry is trying to figure out whether we can internationalise the rupee in South Asia,” the official, who didn’t wish to be identified, told NewsRise.

Currently, only Nepal and Bhutan have the option of trading in Indian rupee. 

The Government is looking at feasibility of expanding such arrangement to Afghanistan, Sri Lanka, Maldives and Bangladesh, the official added.

Acceptance of rupee in the region as common currency for trade will likely boost bilateral trade volume and cut reliance on US Dollar to finance chronic trade deficits.

However, internationalising the rupee demands full capital account convertibility, which India has yet to adopt.

India had scrapped all restrictions on its current account in the 1990s, soon after it rolled out sweeping economic reforms, and has since been gradually easing curbs on its capital account.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Govt. fleeces electricity consumers despite CEB’s Rs. 263 bn profit this year

Published

on

Ranawaka

Power sector workers shouldn’t be granted year-end bonuses

Leader of the Eksath Janaraja Peramuna (EJP) and former Power Minister Patali Champika Ranawaka said that CEB workers shouldn’t be granted year end/Christmas bonuses as they had not contributed to the much favourable current financial status of that state-owned enterprise.

Ex-parliamentarian Ranawaka said that the CEB had earned massive profits solely by implementing extremely unfair tariff structure, therefore workers shouldn’t be paid bonuses.

The former Minister was addressing the media at the EJP Colombo office. Referring to official records, the EJP leader said that the CEB had earned a profit of Rs. 6161 mn in 2023 and also saved Rs. 36 bn. So far this year (January to November), the CEB had recorded Rs. 263 bn profit but the government continued to fleece consumers.

Ranawaka also questioned the failure on the part of the government to provide electricity consumers relief as decided by the Cabinet during the previous government that there would be quarterly revision of pricing formula.

Ranawaka said that the government should explain why it couldn’t decrease fuel prices by a significant amount. The NPP administration should at least admit that it couldn’t do away with the current unbearable tax regime. The ex-parliamentarian asked the NPP to acknowledge that the government feared collapse in case of abolition of heavy taxes on fuel.

The ex-Minister challenged the NPP to prove accusations that had been directed at ministers of previous governments without propagating allegations. According to Ranawaka, both diesel and petrol prices remained high as the government levied Rs 50 and 72 on diesel and petrol, respectively, in addition to 18% VAT (Value Added Tax).

Ranawaka pointed out that in addition to Ceypetco, IOC and Sinopec had been levying taxes heavily with diesel (Rs 88-94) and petrol (Rs 110-117) imports per litre (SF)

Continue Reading

News

Isurupaya protest: Apprehended man from Army intelligence

Published

on

A person who had been apprehended by protesting Development Officers during a noisy demonstration outside the Education Ministry at Isurupaya and handed over to police was subsequently identified as a member of the Military Intelligence.

Police said that those demanding they be made permanent in the teaching service alleged that the apprehended man allegedly caused injuries to policemen deployed at the scene.

A Sub-Inspector of Police (SI) and two constables were injured. (HR)

Continue Reading

News

SLMC National List MP sworn in

Published

on

A smiling Muhammathu Saali Naleem walking towards the Speaker's Chair to be sworn in as a member of the Tenth Parliament yesterday(Pic courtesy parliament)

Muhammathu Saali Naleem was sworn in as a member of the Tenth Parliament yesterday before Speaker Dr. Asoka Ranwala.

Following the oath taking, Naleem signed the Members’ Roll in the presence of Secretary General of Parliament, Kushani Rohanadeera, marking his formal induction into the legislative body. Naleem was appointed as a National List Member of Parliament, representing the Sri Lanka Muslim Congress (SLMC).

The inaugural session of the Tenth Parliament took place on November 21st, 2024, with members taking their oaths the following day. On November 22nd, the Election Commission issued a gazette notification confirming Naleem’s appointment to the National List of the SLMC, paving the way for his oath-taking ceremony yesterday.

Before entering Parliament, Naleem served as the Chairman of the Eravur Urban Council, bringing valuable local governance experience to his new role as a lawmaker.

Continue Reading

Trending