Category: Banking and Finance

The analysis follows the long standing criticism that commercial banks resort to parate executions extensively, killing the entrepreneur sprite in the country.rn rnThe study which looked at a three year period states that banks initiated parate executions only as a last resort when restructuring and rehabilitation of the loan failed. rn rnThe Central Bank also […]

Foreign companies can now invest up to 100 percent of the equity capital of financial sector companies, free of exchange controls, the Central Bank said in a statement. rnThe move is “subject only to the rules and regulations stipulated by the relevant regulatory authorities pertaining to the activities of the companies in which investment is […]

Recently, several commercial banks have pointed out the severe restrictions imposed by the forex holding limit, impedes the growth of a local derivatives and futures market. rnrnThe Central Bank has considered these concerns and plans to replace the restriction on holdings with a risk based capital requirement, as a prudence measure to prevent capital been […]

NDB is also planning to diversify its leasing business to under-banked Maldives with the expectation of boosting its forex earnings. rnrnldblquote We will be the first leasing company in Maldives, which is a dollarised economy. If the tourism industry recovers in the near future, there would be a wide scope for the leasing business dblquote […]

A steering committee set up under the aegis of the Finance Ministry is also scouting for restructuring expertise to help guide the process. rnldblquote The restructuring proposal has been sent for cabinet approval. Once the government quote s direction is clear, we will get an investment banker in to do a valuation, dblquote SLIC Chairman, […]

Peer Review is a popular practice in developed markets, where the auditing industry ensures that best practice is maintained by subjecting the audits carried out by one firm to a review by another member firm. rnrnThe recent Enron collapse in USA, brought the peer review programmes to limelight with the emphasis on growing instances of […]

The 100 percent Capital Allowance for a company quote s IT investments and Capital Allowance to buy up existing commercial property, are identified as key concessions to boost operating leases. rnrnEarlier, Capital Allowances were only available for newly constructed commercial property and approved condominiums. rnrnIn the new tax regime, operating leases offer twin tax benefits […]

Neville Ubeysinghe Jayawardene quote s contribution to the banking industry and his various enterprises was a hallmark in the local business community. He courted both fame and controversy during his life. rnrnStarting his career as a Junior Clerk in 1925 at the District Road Committee in Hambantota, he later moved on to become the Controller […]

Finance Minister K N Choksy plans to enact fresh legislations to lure tax evaders.The law, he said, will not place a premium on tax evasion nor is it a form of tax amnesty. rnTax dodgers can park their monies in specified development areas like agriculture, industry or utility services; or in treasury bonds or in […]

The budget proposals today scrapped the 20 percent surcharge levied on corporate taxation and raised the tax exempt personal income to Rs. 240,000 per annum from Rs. 144,000.

Forex licences are currently limited to licensed commercial banks and money brokers. rnrnFinancial Institutes like DFI quote s are currently barred from carrying out trade financing activities due to the lack of a forex licence. rnrnldblquote There is no reason why the commercial banks should be the only forex dealers. Licenses should be broad based […]

A senior government official warned that the economy is in a silent crisis, which is evident in the balance sheets of the banks.rnArjuna Mahendran, BOI Chairman and a key player in the government economic think tank, unveiled a structure of a debt recovery agency called lquote Recovery and Collection Agency quote or RACA as a […]