Category: Other
Overhaul of key financial legislations
The Central Bank is seeking consultancy expertise to help overhaul key financial legislations early next year.The US$ 30 mn World Bank grant project will cover the Monetary Law the Banking Act, Exchange Control Act and Finance Companies Act.rn rnOfficials say Institution specific legislation governing the NDB and DFCC will also come under review. They point […]
Legal Clean Up
The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]
Bankruptcy Law Coming
US style bankruptcy protection laws are on the pipeline covering sole traders and partnerships in addition to limited liability companies.The Private sector has been asking for bankruptcy protection laws for some time to give troubled businesses breathing space while they restructure.rn rnThe government is considering a separate act to cover business failures, since this would […]
Tinkering With Monetary Laws
The amended Monetary Law will refocus the Central Bank to key objectives of economic, price and the financial system stability. The Central Bank presently handles activities like Exchange Control, the Employees Provident Fund and public debt.rn rnEconomists say that these functions are not performed by Central Banks in the modern world and could be in […]
Fresh Look
The Act will be brought in line Basle requirements and international best practices.rn rnThe Banking Law governs commercial and specialized banks.rn rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn rnThe amendments will give the Central Bank the power to […]
Oxidising Tea
At the laboratories of the tea research centre, scientists are brewing a new cup of tea.They are testing the properties lquote Ceylon Tea grown in various regions of the island. Tea Board officials are hoping they will produce the marketing and branding break through the industry has been waiting for. ” If we could prove […]
Fast Track
Cabinet has rubber stamped a Labour Ministry proposal to clear a backlog of fifteen thousand labour tribunal cases on a fast track basis. The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month. rnThe […]
Stretching Rubber
Out-grower schemes for rubber in non-traditional planting areas are being developed as one way to bridge an expected shortfall in top quality grades for the local rubber products industry. Spearheaded by the Southe Development Ministry, a smallholder project is being developed in Moneragala to produce rubber that will then be processed into high quality grades […]
Freeing Labour
Cabinet has rubber stamped a Labour Ministrys proposal to clear a backlog of 15,000 labour tribunal cases on a lquote 4:2:1 solution.The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month.rn rnTo cut back […]
Recovery Mode
Sri Lankan tea production has swung into rapid recovery mode following a weak first quarter, to end at 181.8 mn kilos to date, up from 3.6 mn kilos the previous year. This follows a pick up in monthly production for each of the three months in the second quarter, which exceeded intakes for the same […]
Checkmate
Clamping down on excessive government spending, cabinet on Wednesday passed the Fiscal Responsibility Act, the UNF governments solution for the growing problem. The Act seeks to reduce the budget deficit to 5 per cent of GDP by 2006 and hold state institutions responsible for spending public funds. rn rnFinancial analysts say the move will prompt […]
Social Watch
The government is introducing a new law that will de-politicise welfare payments and improve targeting.“People will no longer be able to claim benefits due to political connections,” Deputy Finance Minister Bandula Gunewardene told the media. rnrn”The poorest of the poor who have no connections will now have a legal right to claim benefits.” rnrnThe government […]