Category: Other
Wider Definition
The countrys banking laws will be amended this year to regulate dozens of unlicensed deposit taking companies.Authorities are considering Amendments to the Banking Act with a fresh definition of what constitutes a lquote Deposit.rn rnExperts say the Amendments will prevent unregulated Limited Liability Companies from taking public deposits unless they come under the Banking Act.rn […]
Green Blues
Lawmakers are starting to take the mushrooming finance and investment companies seriously.A high-powered committee looking at financial sector reforms is now trying to widen the regulatory net to cover all companies collecting public funds. While most of these operate beyond the scope of regulators some are using loopholes in the law the to avoid regulation […]
Changing Gears
The brands owner Watawala Plantations Ltd., the biggest exporter of Ceylon Tea to Malaysia, has held detailed discussions with Sri Lankas High Commissioner designate to that country and former Mrs. World Rosy Senanayake on this initiative. Plans announced this week by Watawala include the setting up of Zesta shops modeled on the prototype at Colombos […]
Making Of A King
Consumer protection has been a concern of every administration but analysts say that Sri Lankan consumers are far from being kings. A new Act is trying to put the consumer on top, suing professionals and traders in the process.But analysts warn that over-regulation may put off the private sector and worse still, potential foreign investors.rn […]
Acting Against Pirates
A new Act to strengthen Property Rights covering all areas in Intellectual Property from patent rights to trade marks is coming into force this month. Hundreds of retail outlets selling pirated computer software and music could disappear overnight if the full force of the law is used.rn rnToday from adventures in cyberspace at the click […]
IDD Crunch
International call charges are expected to fall further, when a new system of short codes that will allow customers to access an external gateway of their choice comes operational.rn rnExperts say that the move also cements could help reestablish the island as a regional leader in telecom regulation. rn rnInternational call costs fell by over […]
Gassed!
The Court of Appeal issued an interim order on Friday stating a Consumer Affairs Authority (CAA) direction allowing all LP Gas traders to refill and sell LPG in any cylinder given to them.The court order was made following a writ filed by Shell Gas Lanka Limited (SGLL) against the Consumer Affairs Authority and two other […]
Online On Time
Businesses are going online to deliver customer needs round the clock. While 24-hour accessibility has opened up new opportunities there is also the added responsibility of being operational all the time. For every time the system goes offline the company loses business and credibility. rn rnA concept known as Managed Availability is fast catching on […]
Adding Muscle
Laws to give banks and finance companies more muscle to tackle bad debts have got regulatory approval and are now before the Legal Draftsmens Dept. Under the amendments to the Debt Recovery Laws, finance companies registered with the Central Bank will be given similar parate rights as banks, says Dr.Wickrema Weerasuriya, Central Banks Consultant on […]
Warming Up
Average prices for tea at the Colombo auctions dropped to Rs.145.02 by April from an average of Rs. 156.82 in 2002. Low grown prices lead the drop, affected since February by the US led incursion of Iraq. The tension in the Middle East saw low grown sales average in February drop below the high grown […]
Adding Glitter
As a British colony, Ceylon was favoured for sourcing raw material and other commodities to satisfy the boundless tastes of the English. From its teas to exotic spices all exports went out in raw commodity form.Over half a century after independence, things have changed very little.rnSome of the countrys top exports still go out in […]
The Cabinets Axe
The Cabinet of Ministers rejected a decade old draft Companies Act over its departure from English Law principles.A Cabinet sub committee that had a look at the draft Act, which is based on the New Zealand Companies Act, says it goes against the English Law practiced in the country.rn rnThe corporate and legal profession, which […]