News
SLPP rebels propose amendments to 2017 Foreign Exchange Act to overcome financial crisis
By Shamindra Ferdinando
The economy was in such a precarious situation that the Wickremesinghe-Rajapaksa government couldn’t further delay the restoration of the relevant provisions of the 1953 Foreign Exchange Act to compel the private sector to bring back export proceeds, rebel SLPP MP Prof. G.L. Peiris said yesterday (30).
Referring to a spate of declarations made by Justice Minister Dr. Wijeyadasa Rajapakshe, both in and outside Parliament, Prof. Peiris emphasised the urgent need to amend the 2017 Foreign Exchange Act enacted by the Yahapalana administration to discard the tried and tested law that existed since 1953. Altogether 94 MPs voted for the new Bill whereas 18 voted against. The rest skipped the vote.
The former minister dealt with the issue at the weekly media briefing held at the SLPP rebels’ office at Nawala.
Prof. Peiris explained how tangible measures, if taken to amend the Yahapalana Foreign Exchange Act, could help the government to ease pressure on the Treasury. “People do not have to be further burdened in a bid to bridge the Budget deficit. The government shouldn’t hesitate to pressure exporters to bring back export proceeds by amending the 2017 Bill,” Prof. Peiris said, warning the government of dire consequences if it failed to act immediately.
The academic alleged that the country was paying a very heavy price for the deliberate failure on the part of the government to collect taxes and tax concessions granted to those near and dear to the powers that be.
Prof. Peiris asked whether the Treasury and the Inland Revenue Department deliberately allowed influential private sector persons to skip paying taxes. Referring to statements issued by MP Patali Champika Ranawaka and Minister Wijeyadasa Rajapakshe, Prof. Peiris said that the IRD and the Excise Department pathetically failed to meet revenue targets.
The former minister said that the overall failure of revenue collection apparatus consisting of IRD, Excise and Customs to meet revenue targets over the years had contributed to the developing economic crisis and the powers that be were yet to take remedial measures.
Prof. Peiris said that massive fraud perpetrated by liquor manufacturers with the connivance of the interested parties is a case in point. The former minster discussed how the Treasury suffered heavy losses and how two liquor manufactures were allowed to continue without paying what they owed the Excise Department.
News
Members of the TPA meet with President Dissanayake
A group of Tamil Progressive Alliance (TPA) members, including its Leader Mano Ganesan, met President Anura Kumara Dissanayake on Thursday (02) morning at the Presidential Secretariat.
Extensive discussions were held on the issues faced by the Malayagam communities, particularly in relation to education, housing and land, as well as on the urgent measures required to address these concerns. The President paid special attention to all these matters.
Attention was also drawn to the recruitment of qualified Tamil-medium teachers to address the teacher shortage in estate sector schools and this too was discussed at length.
Members of Parliament P. Digambaram and V. Radhakrishnan, along with several other party members, were present at the meeting.
News
Lanka secures Russian support with oil supply amidst energy crunch
Minister of Foreign Affairs, Vijitha Herath, held talks with Deputy Foreign Minister of Russia Andrey Rudenko at the Foreign Ministry, in Colombo, on Thursday (02), with both sides reaffirming their commitment to strengthening bilateral relations.
The Sri Lanka Ministry of Foreign Affairs said the visiting Russian Deputy Minister noted that Russia regarded Sri Lanka as a long-standing friend.
Rudenko assured that Russia stood ready to support Sri Lanka when required, including in the swift supply of Russian oil to help address the current energy challenges, encouraging Russian investors to explore new opportunities in the country and promoting increased tourist arrivals.
He also expressed Russia’s readiness to provide compensation for Sri Lankan war veterans who had lost their lives in the ongoing conflict between Russia and Ukraine.
Minister Herath welcomed Russia’s willingness to assist, emphasising that Sri Lanka valued the support extended by its “old friend”, particularly at a time when the country was facing pressing energy needs.
He noted that the two countries shared nearly seven decades of diplomatic relations and said the present moment provided an opportunity to further strengthen ties, including through long-term trade agreements.
The discussions focused on enhancing cooperation in the fields of energy, investment, tourism and diplomacy, with both sides reiterating their commitment to further deepen the longstanding friendship between Sri Lanka and Russia.
News
157 foreigners arrested for engaging in online financial scam from hotel at Iranawila
Police yesterday arrested 157 foreign nationals in connection with an alleged organised online financial scam, conducted from a hotel in the Iranawila area in Chilaw.
The suspects were taken into custody during a raid carried out by the Police while they were staying at the hotel in Iranawila.
Police said the arrested group included 143 nationals from China, 13 from Bangladesh and one from Vietnam.
Investigators suspect the group had been involved in a coordinated online financial scam, targeting victims through digital platforms.
The suspects are being detained for further questioning while investigations are continuing to determine the full extent of the operation and whether additional individuals were involved.Police said further inquiries are underway.
By Norman Palihawadane
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