Cigarette Prices go up by another Rs. 5/- sooner

Health Minister stated to the media that a Cabinet paper proposing to increase the price of a cigarette by Rs. 5 and the VAT on cigarettes upto 15% would be presented to Cabinet sooner.

It is learn that the Cabinet sub-committee that had been appointed to implement a proposal to increase the tax levy on tobacco companies to 90 per cent had recommended that the price of a cigarette be put up by Rs 5 and to increase VAT levy on cigarettes to 15%.

Solar Power and Wind Power replace Coal Power Plant in Sampur – Secretary to the Ministry of Power and Renewable Energy

The Secretary to the Ministry of Power and Renewable Energy stated to the media that President Maithripala Sirisena had held talks with Indian Prime Minister Narendra Modi, and together they had agreed to put a stop to the construction of the project in Sampur. Subsequently, the Indian government had extended willingness for a wind power plant instead of a Coal Power Plant in Sampur.

And the villagers in Sampur stated to the media that they were not against the setting up of a solar power plant or a wind operated power plant instead of the proposed coal power plant which was recently ordered to be stopped owing to environmental concerns. And they further stated that they believed that setting up a solar power plant or a wind power plant would not have a negative impact on the environment that a coal power plant would have had, just because they were opposed to the coal power plant coming up in Sampur, they were not against the development projects carried out by the government.

It’s a good movement by the government of srilanka to looking forward with renewable energy options than the coal power plant options. But the huge question ahead is how government is going to solve energy requirement of country in long run.

Technological city Project Launched at Pitipanna, Homagama

The laying of the foundation stones for the first stage of the technological city planned under the Western Megapolis Project and the opening of the Nano Investigation Laboratory took place under the patronage of Prime Minister Ranil Wickremesinghe at Pitipana, Homagama.

Foundation stones were laid for five technological centres including a national science centre, a satellite centre and technological universities.

Moratuwa and Sri Jayawardenapura Universities and the Arthur C. Clarke Centre are scheduled to launch science and technology projects affiliated to the proposed National Science Centre.

The Urban Development Authority will provide 25 acres each for building the three universities and 10 acres each to the other technological institutes.

The Sri Jayewardenepura University will invest Rs. 7,500 million, Colombo University Rs. 2,096 million, Science and Technology Ministry Rs. 3,000 million and the Sir Arthur C. Clarke Centre will invest Rs. 1,700 million during the first stage.

A total of 1,000 acres have been allocated for the Technological City and the UDA is presently involved in the acquisition of land for this purpose.

The land area covered by the entire project is 1,200 acres. It is planned to build a four lane road complex to Uduwana from the Makumbura exchange of the Southern Expressway to facilitate the development of infrastructure facilities at the Technological City.

Use Payment Cards – Advice by Central Bank of Sri Lanka

Payment and Settlements Department of Central Bank of Sri Lanka advises to general public to use payment card as much as possible; to avoid many problems such as shortage of coins, hassle to use cash, inconvenience to carry cash, not receiving change money, fear of cash being stolen.

The Payment cards can be issued only by institutions licensed by the Central Bank of Sri Lanka to issue payment cards. Currently 16 million payment cards are in use 60 million transactions take place annually using payment cards. Contact your bank for more details about the payment cards.

For more details contact to Payments and Settlements Department, Central Bank of Sri Lanka, #30, Janadhipathi Mawatha, Colombo 01.

Or see below image

Use Payment Cards – Advice by Central Bank of Sri Lanka
Use Payment Cards – Advice by Central Bank of Sri Lanka

Sri Lanka Economic Summit 2016 by The Ceylon Chamber of Commerce

Sri Lanka’s economic growth potential is not unknown. Its strategic geographical location, proximity and access to growing markets in Asia, high basic development indicators, and human and environmental assets, put it on a strong footing to be a star performer in Asia. Yet, the ability to transform this clear potential into strong performance seems to be elusive. What is required now is to move from issues to solutions, from potential to performance, and from rhetoric to action. The focus of this year’s Sri Lanka Economic Summit is precisely that; transforming Sri Lanka’s potential with action.

This year’s Summit brings together a unique mix of those who know it and those who have done it. Speakers include top names from across the world who, through focussed action and high performance, have made progress and made a change. Sessions are structured to ensure that participants understand the issues, but are swiftly moved on to discussing possible solutions and feasible action. Speakers will highlight good practices from other contexts and distill lessons for Sri Lanka’s own economic transformation.

The Session on Private-Public Partnerships will discuss specific actions that need to be taken to mobilise private investment to meet public policy challenges, including good practices in devising PPPs that balance investor and government interests.

The Session on talent and human resources will attempt to overcome conventional thinking, to take a

close look at practical options for Sri Lanka to meet emerging skill needs through liberalizing inward migration for certain sectors, attracting back skilled workers in the diaspora, and improving the climate for young people to thrive.

In the session on Tourism, speakers will discuss what it will take to position Sri Lanka strongly in overseas travel markets, attracting investment and quality tourists, and navigate new challenges brought on by the digital economy and informality.

The session on international logistics and trade will explore what concrete steps need to be taken to leverage on Sri Lanka’s location, including attracting international players into the country’s logistics industry, modernizing infrastructure with private sector partnerships, and linking into global value chains.

In the session on agriculture, speakers will take an incisive look at why existing agricultural and land policies are holding back productivity in the sector, what short and long term options are available to transform plantations given the political economy sensitivities, and how to boost agribusinesses.

With the state-owned enterprise sector still playing a dominant role in the economy and the public sector expected to deliver on economic transformation, the final session will explore what reforms are needed in the public sector to enable faster growth.

Sri Lanka Economic Summit 2016 -Day 1 (Tuesday, 2nd August 2016)

08:00 hrs: Registration

0900 – 0930 hrs: Inaugural Session

0930 – 1100 hrs: Session 1

Accelerating Growth, Pushing for Performance

Keynote Speakers:  Hon Ravi Karunanayake – Minister of Finance

Panelists: Mr Weerakoon Wijewardena – Former Deputy Governor, Central Bank of Sri Lanka, Prof Razeen Sally – Chairman, Institute of Policy Studies

Moderator: Mr Suresh Shah – Immdt Past Chairman, The Ceylon Chamber of Commerce

1100 – 1130 hrs Tea Break

1130 – 1300 hrs Session 2

Private Public Partnerships – Getting Them Done, Getting Them Right

Keynote Speakers: Mr Gajendra Haldea – Advisor, Government of Rajasthan, India,

Hon Eran Wickramarathne – Deputy Minister of State Enterprises and Entrepreneurship,

Mr Kamal Dorabawila – Principal Investment Officer, IFC

Panelists: Mr Romesh David – President, Transportation and Information Technology, John Keells Holdings,

Mr Thilan Wijesinghe – Chairman, TWCorp

Moderator: Ms Helani Galpaya – CEO, LIRNEasia

1400 – 1530 hrs Session 3

Tourism – Delivering the Potential

Keynote Speakers: Mr Michael Cottan – Executive Vice President, Shangri-La International Hotel Management Ltd

Mr Andrew Fairley – Director, Tourism Australia

Mr Mike Orgill – Director, Public Policy Asia Pacific, AirBnB

Mr Jörn Krausser – Vice President Intercontinental Travel, DERTOUR

Panelist: Mr Krishan Balendra – President Leisure Sector, John Keells Holdings PLC

Moderator: Ms Shiromal Cooray – Managing Director, Jetwing Travels

1530 – 1600 hrs Tea break

1600 – 1730 hrs Session 4

International Trade and Logistics – Leveraging on Location

Keynote Speakers: Mr Sarathkumara Premachandra – Managing Director, Sri Lanka Ports Authority

Mr Steve Saxon – Expert Partner, McKinsey & Company

Dr Saman Kalegama – Executive Director, Institute of Policy Studies

Panelists: Hon Dr Harsha de Silva – Deputy Minister of Foreign Affairs

Mr Tissa Wickramasinghe – General Manager (Commercial & Marketing), Colombo International Container Terminals

Moderator: Mr Thilan Wijesinghe – Chairman, TWCorp

 

DAY 2 (Wednesday, 3rd August 2016)

0900 – 1030 hrs Session 5

Growing Sri Lanka’s Talent Pool – Reality Check & Pragmatic Options

Keynote Speakers: Dr Mohd Gazali Abas – Deputy Secretary-General (Operations), Ministry of Human Resources, Malaysia

Mr Rajan Anandan – Managing Director, Google India

Panelists: Mr Ashroff Omar – Chief Executive Officer, Brandix Lanka

Mr Keith Modder – Chief Operating Officer, Virtusa

Mr Ranjith Gunatilleke – Managing Director, Sanken Construction

Moderator: Mr Shamindra Kulamannage – Editor-in-Chief, Echelon

1030 – 1100 hrs Tea break

1100 – 1230 hrs Session 6

Commercial Agriculture – Tackling the Competitiveness and Political Challenges

Keynote Speakers: Dr Romesh Dias Bandaranaike – Chairman, Science Land

Mr Desmond Sheehy – Managing Director / Chief Investment Officer, Duxton Asset Management

Panelists: Mr Waruna Madawanarachchi – Chief Executive Officer, CIC Seeds

Dr Upali Ranasinghe – Chairman, CR Exports

Mrs Indira Malwatta – Chairperson, Export Development Board

Mr Roshan Rajadurai – Managing Director, Kelani Valley Plantation

Moderator: Dr Anura Ekanayake – Past Chairman, The Ceylon Chamber of Commerce

1330 – 1500 hrs Session 7

The Future of Public Enterprises

Keynote Speakers: Dato Sri Idris Jala – Chief Executive Officer, PEMANDU

Hon Kabir Hashim – Minister of Public Enterprises Development

Hon Mangala Samaraweera – Minister of Foreign Affairs

Hon Anura Kumara Dissanayake – Member of Parliament

Moderator: Mr Anushka Wijesinha – Chief Economist, The Ceylon Chamber of Commerce

1500 – 1600 hrs Closing Session

1630 hrs Refreshments & Networking

Close of Summit

Investment:

Local Participants

Single participant (Patron Member company): @ LKR 25,000/- (including local taxes)

Single participant (Member company) : @ LKR 27,000/- (including local taxes)

Single participant (non-Member company) : @ LKR 30,000/- (including local taxes)

For 3 or more participants : @ LKR 25,000/- (including local taxes)

Foreign Participants: @ USD 250/-

Please send this form duly completed to: The Ceylon Chamber of Commerce, # 50 Navam Mawatha, Colombo 2, Sri Lanka contact 011 5588852 / 5588877

Sri Lanka Economic Summit 2016 by The Ceylon Chamber of Commerce
Sri Lanka Economic Summit 2016 by The Ceylon Chamber of Commerce

Financial grant for Research & Development projects of Manufacturing Industries by Ministry of Industry & Commerce

It is a necessity to start Research and Development projects for the improvement and upgrading of the industries in Sri Lanka. To encourage the industrialists to start Research and Development projects, the Ministry of Industry and Commerce has started a program to offer financial assistance for the suitable industrialists.

Applications are called for research and development projects under two sections

  1. Project proposals on innovative product development
  • New innovations and innovative product improvements
  • Low cost high quality product development

 

  1. Project proposals on existing production process development
  • Improvements to existing process development
  • Environmentally sustainable process development

 

Industries which are involved in product manufacturing process or promotion of industrial innovation are also eligible to apply

  • Fifty percent (50%) of the project cost will be born by the ministry after monitoring the process of research or promotion of industrial innovation.
  • Participation in skill development programs such as lectures, technical sessions and seminars.
  • The project must have innovative product or innovative development of production process.
  • Should have five year experience in product manufacturing.

Note: This condition will not be applicable to new innovators or promoters of industrial innovation.

  • The applicant must provide proof of concept.
  • The proposed project should have market potential.
  • Economical benefits should be gained by the proposed project.

It is noted that this grant will not be provided for business investments, business developments and to start new business.

 

All applications will be evaluated by a panel of judges who are qualified in manufacturing related product & process development. Short listed applicants will be invited for an interview by a selection committee appointed by the Secretary of the Ministry of Industry and Commerce. Technical feasibility of those applicants/projects will be evaluated and all necessary documents must be provide by the selected applicant.

Application forms can be down loaded by the ministry website www.industry.gov.lk or can be collected from the premises of Ministry of Industry & Commerce. Duly completed application should be sent by registered post to Director, Development Division III, Ministry of Industry & Commerce, 73/1, Galle Road, Colombo 03.

The Secretary,

Ministry of Industry & Commerce,

73/1, Galle Road,

Colombo 03

Financial grant for Research & Development projects of Manufacturing Industries by Ministry of Industry & Commerce
Financial grant for Research & Development projects of Manufacturing Industries by Ministry of Industry & Commerce

Malaysia and Thailand increases visa fees

The Malaysian entry visa fee has been increased by Rs. 900 for Sri Lankans again. The company which handles the Malaysian visa says that this was due to VAT been imposed by the government on them. The Malaysian visa which was earlier issued by the High Commission was around Rs.600 and as soon as it was given to the private company the fee increased to Rs. 4,600.

Later they also requested Sri Lankans to obtain traveller’s cheques to the value of Rs. 75,000 and several other documentation, similar to requirements of a European Embassy, making the traveller seek alternative destinations to travel.

Meanwhile the Royal Thai Embassy in Colombo will also be increasing their visa fee from July I due to the fluctuation of currency. The Royal Thai Embassy is more flexible with issuing visas. “Embassy has to extend the period of visa issuance to 5 working days from February 15,2016 due to additional handling of applications and also certain travel agencies and individuals failing to fill all required details in the visa application forms and also forwarding bogus documents.”

Generally, there are 300 to 350 applications per day which are submitted through individuals and travel agencies. As for the peak season the number of applications will drastically increase up to 500 to 600 per day. The Embassy emphasised that the submission of fake documents is a crime against the Embassy which is a government office and the Embassy will immediately stop issuing visas to travel agencies or individuals who submit fake documents to the Embassy. Indonesia has extended a free visa on arrival policy for Sri Lankans from late April.

 

Colombo Light Rail Transit Project will starts soon

The Cabinet has approved the proposal by the Megapolis Project to introduce a Light Rail Transit (LRT) system for mass transit in the Western Province. While the long term plan developed by the Megapolis team includes an LRT network of approximately 75kms. The initial investment is to cover around 25kms, connecting Fort, Kollupitiya, Bambalapitiya, Borella, Maradana, Rajagiriya, Battaranmlla and Malabe.

The LRT system is also expected to interconnect with the rail and bus networks to provide part of an integrated solution. The government will looking for financing from Japan for the LRT. The Megapolis transport strategy places a sharp focus on improvement of mass transit. The overall plan includes introduction of a light rail system, electrification of railways, modernisation of the bus transportation system as well as an introduction of canal transport. It also includes the implementation of some immediate measures such as introduction of CCTV monitoring to strengthen enforcement, introduction of staggered working hours, synchronisation of traffic.

Light rail, also referred to as light metro, is a proven I technology used in many countries as the preferred mode of mass transit. It forms the backbone of transport networks in Bangkok, Kuala Lumpur, New Delhi, Calgary, Gold Coast, Dallas, Los Angeles and many other major cities worldwide.

Dr. Indrajit Coomaraswamy Appointed as Governor of Central Bank of Sri Lanka – Brief Introduction about Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy
Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy has been appointed as Governor of Central Bank of Sri Lanka by President today July 2, 2016.

Brief of Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy born April 3, 1950  hails from one of the country’s most respected Tamil families and the son of the iconic diplomat ‘ Roving Raju’, is  one of  Sri Lanka’s best known and most respected economists.

Dr. Indrajit Coomaraswamy, who was also a dashing sportsman having  captained the Sri Lanka and CR & FC rugby teams. In addition, he captained the Harrow School and Emmanuel College, Cambridge cricket XIs. He also played cricket for the Tamil Union C & AC and confesses that of the many hats he has donned, the sportsman’s is what lies closest to his heart. Married to Tara de Fonseka, his two sons Imran and Arjun

Dr Coomaraswamy Educated at the Royal College, Colombo and at Harrow School in England, he gained his undergraduate degree at Cambridge University and obtained his Doctorate at the University of Sussex. Joining the Central Bank of Sri Lanka in 1973 he served in the Economic Research, Statistics and Bank Supervision Divisions as a staff officer till 1989. From 1981 to 1989 he was seconded to the Ministry of Finance and Planning. Thereafter he worked for the Commonwealth Secretariat from 1990–2008, holding the posts of Director, Economic Affairs Division and Deputy-Director, Secretary-General’s Office and was brought back to the Commonwealth Secretariat to head the Social Transformation Programme Division, as Interim Director.

Dr. Coomaraswamy was an independent non-executive director of JKH and Tokyo Cement. He is also associated with several think tanks.

Sri Lankan Airline Suspend flights to Paris & Frankfurt

SriLankan Airlines will suspend flights to Frankfurt and Paris. Accordingly, the last flight between Frankfurt and Colombo will be on October 30, and the last flight from Paris to Colombo on November 6.

Sri Lankan Airline publish a statement stated that the Government of Sri Lanka has made it clear that it will no longer fund continuing losses…the route network is being continuously evaluated in the context of changing market dynamics in order to maximize on sustainable routes which bring in more contribution towards the bottom line. It said that while the drop in fuel prices had contributed to improved performance, that benefit was significantly eroded with the airline’s revenue for the financial year ending 2015/16 declining when compared to the previous year.

And it stated that the particularly by Middle Eastern carriers, accompanied by a drop in airfares in European markets has seen the contribution of the European network drop in comparison to the other routes, and it has been further exacerbated by the depreciation of the Euro against the Dollar.”

however SriLankan operates daily flights to both Doha and Abu Dhabi and has a strong code share relationship with Etihad and Qatar through which it will continue to provide onward connectivity to the European destinations it has been serving via Paris and Frankfurt. And London will remain the Airline’s gateway to Europe, where the Airline has deployed its state-of-the-art A330-300 fleet for daily non-stop operations, providing a greater comfort and an enhanced flying experience to its passengers.

Mihin Lanka Losses accumulated Rs. 17 Billion by Now

Finance Ministry stated that the state run airline Mihin Lanka has recorded a loss of Rs. 17 Billion over its 7 years operation.
Finance Ministry said it had been given a Rs. 15 Billion letter of comfort in 2015 to continue its operations and the ministry is expected to reduce losses to Rs. 938 million, from Rs. 1.48 Billion in last year.

Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond

First Capital Treasuries PLC invites potential investors in Sri lanka and aboard to invest on US$ 150 million Sri Lanka Development Bond. This Sri lanka Development Bond is a Risk – free, Tax – free, Higher rates than bank deposits and  its available for the period of 3Months, 6 Months, 1Year and 2 Years.

Eligibility Criteria:

  • Foreign Citizens & Entities
  • Non – Residents of Sri Lanka
  • Sri Lanka Dual Citizens
  • Non – Resident Foreign Currency (NRFC)
  • Resident Foreign Currency (RFC)
  • Resident Non – Nationals Foreign Currency (RNNFC)
  • Foreign Exchange Earners Accounts (FEEA)
  • Authorised Dealers in Foreign Exchange
  • Primary Dealers in Government Securities
  • Board of Investment of Sri Lanka Approved Companies
  • Specified Insurance Companies
  • Licensed Specialised Banks and Licensed Finance Companies
  • permitted to accept foreign currency deposits

Now open for subscription through First Capital Treasuries PLC Contact: +94 11 2639881, 2639889, 2639885

For more details see below image

Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond
Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond

Sri Lanka Electricity Board Emergency Number: 1987

The Ceylon Electricity Board had activated a new hotline number of 1987 from any telephone lines, this hotline would cater to all your problems of electricity power failure, blackout, electric shortage and all other electricity issues.

This Hotline Number have been announces after the several issues face by public to calling to electricity board when the country came under blackout situation in recent past.

New Airports to build in Sri Lanka

Ministry of Transport and Civil Aviation said an airport was to be constructed in Haputale under a scheme to develop domestic air travel in the country very soon. As per the budge reading there are 4 new airports to be build in Srilanka for focusing more into tourism and local transport. Such as Haputale, Puttalam, Hinguragoda and Kandy.

As stated, above 4 highlight locations are main attraction of tourist itinerary, therefore the government is more focus to setting up these airport to boost the tourism segment in Sri Lanka to handle 4 Million travelers by 2020.

The airport would consist of a brand new airport terminal and a runway which would measure 1.2 km in length and 75 m in width. The cost of the project was estimated to be in the region of Rs. 700 million. The airport would be a boon to the area frequented by tourists, both local and foreign who visit Ella, Bandarawela, Nuwara-eliya, Badulla and Diyathalawa.

But in most common observation, only a small portion of the tourist are using the air travels between the domestic locations and majority of the tourist arrive is sort of budget tourist; who likes to explore srilanka at low cost and get more experience.

Therefore as my thought is about to improve the road transport such as improve the quality of roads and introduce new discipline government Buses (SLTB), increasing number of trains between the main destinations, create new railway lines to cover all over sri lanka to cater faster train service and introducing metro in main cities to avoid traffics in urban.

But in overall, all these development programme would be cost to government and increasing more financial burden to Srilanka for short term.

List of Airports in Sri Lanka

City Airport Code Airport Name
Koggala KCT Koggala Airport
Minneriya MNH Minneriya Airport
Wirawila WRZ Wirawila Airport
Kandy KDW Vic Resevour Kandy Airport
Trincomalee TRR China Bay Airport
Gal Oya GOY Amparai Airport
Colombo CMB Bandaranayake Airport
Sigiriya GIU Sigiriya Slaf Base Airport
Katukurunda KTY Katukurunda Slaf Base Airport
Dambula DBU Dambulu Oya Tank Airport
Hatton NUF Castlereigh Reservoir Airport
Dickwella DIW Mawella Lagoon Airport
Bentota River BJT Bentota River Airport
Ampara ADP Ampara Airport
Batticaloa BTC Batticaloa Airport
Hingurakgoda HIM Hingurakgoda Airport
Mahaweli KDY Mahaweli Airport
Ampara AFK Kondavattavan Tank Airport
Katugastota KDZ Polgolla Reservoir Airport
Kelaniya KEZ Kelaniya River Airport
Jaffna JAF Kankesanturai Airport
Anuradhapura ACJ Anuradhapura Airport

 

New Terminal Building to construct for Bandaranaike International Airport

Transport and Civil Aviation Ministry Nimal Siripala de Silva said a new terminal building will be built at the Bandaranaike International Airport (BIA) at a cost of Rs. 65 billion. He further state that the present terminal building can accommodate only six million passengers. Where the BIA capacity is not sufficient to handle all passenger movements and air freight as last year alone there had been over 8.5 million passenger movements. That is why the government planned to construct a new terminal building for the airport.

He said accommodation facilities should be improved to attract tourists to the country and If we do not follow international standards in building airports and improving facilities according to passenger demands, airlines will not come to Sri Lanka.

And he further state the existing runaway will repair at a cost of Rs. 200 million while new runaway will be constructed at a cost of Rs. 8 billion as there is a necessity of a new runaway to accommodate more aircraft.

New Vehicle Prices after Budget for 2016

As expected the new government budget for 2016 introduce new valuation system for imported vehicles, this valuation lead to increase prices of imported vehicles by Rs. 200,000 up to Rs. 2.5 million.

The new valuation system was introduced recently taking full option manufacturers price as the tax base and the Finance Minister Ravi Karunanayake said  in budget proposal that this is to further strengthen this process of collecting the payable taxes said that the unit rate of excise duty for the vehicles on the basis of cubic centimeters and duties on the percentage basis on certain vehicles would be revised.

Automobile sellers has indicated the main selling automobiles like Nissan leaf, Suzuki WagonR, Suzuki Alto, Suzuki K10, Toyota Aqua, Toyota Prius and Toyota, Nissan Van prices will be increase as follow

Nissan Leaf Electric Vechile by Rs 2.5 Million

Wagon R by Rs. 400,000/-

Auto & K10 by Rs. 250,000/-

Toyota Aqua by Rs. 500,000/-

Toyota Prius by Rs. 700,000/-

Van by 2.5 Million

Meanwhile, 2016 budget has reduced excise duty to 2.5 percent for the vehicles which are run entirely on Solar, Hydrogen or Helium.

And the Vehicle Entitlement Certificate for each vehicle was also introduced and therefore motor cycle and three wheeler is unchange, Rs.15,000 for a motor car and Rs.10,000 per vehicle for all other vehicles would have to pay as fee

University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

The MBA Alumi Association University of Colombo organized a forum of Budget 2016 with the Finance Minister, Hon. Ravi Karunanayake & key industry leaders at the Post-Budget forum. Take part of this forum and knew unseen background of Budget 2016 and thoughts of industrial leaders.

Date: 24th November 2015

Time: 9am to 12pm

Venue: Hotel Galadari

Ticket Price: Rs. 3,500/-

This would usefull for businessmen, Financial analyst and those who key concern on budget 2016.

For more details contact to The MBA Alumi Association University of Colombo on 0772 224 994 or see below image

University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake
University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

Maradana to Battaramulla Train Service about to start in January 2016

The newly proposed Maradana to Battaramulla railway line hoping to reduce heavy traffic from maradana, boralla, rajagiriya and battaramulla. The government is considering its options in obtaining financial support from Asian Development Bank (ADB) to construct a new railway line from Maradana to Battaramulla.

Official stated that government is planning to negotiate with the Asian Development Bank in January about the project. Initially, ADB informed that they would support the project, but the it is necessity to clarify the exact nature of assistance and finalize the agreement.

The feasibility study on the construction of a 10km railway line would be based on the recommendations of a steering committee which had been appointed with the participation of the Transport Ministry, Sri Lanka Railways and Urban Development Authority officialsand the railway project would cater to over 20,000 government servants who travel to and from Battaramulla daily as most of the government institutions are now located in Battaramulla.

SriLankan Airline New Business Strategies of MRO and Domestic Flight services

SriLankan Airlines will negotiate with an Asian based air service company to begin a Maintenance, Repair and Overhaul (MRO) centre at the Mattala airport in Hambatota.

SriLankan Airlines Chairman Ajith Dias states proposal for an MRO at the Mattala international airport was in the pipeline for several years but it never got off. We are now in talks with an Asian counterpart to get this project of the ground at least now and this MRO will help the bottom line of the airline to a great extent as they could harness big business due to SriLankan Engineering’s track record.

He further said Srilankan Airlines are going to re-evaluate to begin domestic operations next year by acquire two 40 seater aircraft for this operation and hope to operate regular flights to selected domestic airports out of total 12 domestic airports in Sri Lanka. and with increased tourism we see great potential in this project.

Commenting on the re fleeting of the airline by the end of this year they will have seven new aircraft increasing the total fleet to 20. In the next two years we will get eight more. Subsequently all ageing A340 aircraft will be retired and Sri Lankan will have a fleet less than 3 years of age. All these aircrafts will be for SriLankan Airlines and not for Mihin.

With the new aircraft the national carrier will add more frequencies to key destinations. The airline may not look at new routes but will increase frequencies to existing destinations that include China, London and India.

Korean company keen to start Mega City project in Sri lanka

Top officials from one of the world’s leading township developers, Korea Land and Housing Corporation were in Sri Lanka looking for a township development project to the value in excess of USS 5 billion.

The team met senior officials of the Megapolis Authority last week and informed that they are here on a fact finding mission to build a mega township development project which would be one of the biggest in South Asia.

The official said We are keen to create a new city in the Western Province in an area of around 300 hectares of land. He further said that with the new political developments, Korea Sri Lanka relations have reached a new dimension and they were also very impressed with the concept of Megapolis. This is the new trend of the world and we are happy to note that this is being followed by Sri Lanka even at this late stage.

The official said that they would clear the given land and have modem infrastructure in place for a ‘Mega City’ and then invite Korean and other investors from around the World to build housing, recreation, commercial and other facilities in it.

The company, then plans to link the proposed ‘City’ with a speed train which too would be included under the project. And ministry also said that they have similar projects located 50 km off the capital and they are connected with a speed rail link. Due to this link a resident in the ‘Township’ could get to the Capital in less than 20 minutes.

He said this proposed ‘Mega City’ would be self sufficient in every need of a modem population. ‘The project would have its own sewerage and garbage clearing system. They would also generate electricity from this waste and give it back to the Mega City.”

“Security too would be a prime concern and special cameras would be installed to even track each vehicle entering and departing. This would be based on vehicle registration number plates.”

Another first for Sri Lanka would be the special bus and speed train service where the station and the bus stand would have the route, arrival and departure times of each bus/train on a digital screen. He also disclosed that Indian Prime Minister, Narendra Modhi too had requested them to build six similar models in India and they are currently engaging this.

Solar power electricity for over 800 houses in Hambantota

The solar power plant set up at Buruthakanda in Hambantota under the clean energy programme supplies electricity to over 800 rural houses. This is to fulfill the target is to achieve 10 percent of power generation using renewable energy.

The pilot project will try to realize the full potential of solar energy by mitigating risks associated with it, said an engineer attached to the project. According to a survey conducted recently, 11,000 families in Hambantota use kerosene oil lamps as they are not provided with electricity.

Government loan for Samurdhi Officers

Social Empowerment and Welfare Minister S. B. Dissanayake stated that all officers in the Samurdhi scheme are entitled to receive an instant Rs. one million (Rs. 10Lakh) loan from the Samurdhi Fund. The Samurdhi Fund has exceeded Rs. 100 billion and all the Samurdhi officers can obtain a Rs. 1 million soft loan.

Samurdhi officers can utilise this soft loan for house constructions, other development activities or to settle a loan, which they have already obtained.

Sri Lanka is to face huge traffic near soon and suggestion to avoid traffic in Colombo

Motor Traffic Department of Sri Lanka has made a statement stated that they received 491,628 vehicles registration for first 8 months of this year.

Last year first 8 month vehicle registrations were 429,556 and it has increase by 14.45% over the year.

The highest numbers of vehicles registered this year were motorbikes and three-wheelers, which are 243,165 Motor Cycle registrations and 84,592 Motor Cycle Registration. In the meantime, Finance Minister Ravi Karunanayake said made a statement that the maximum loan-to-value ratio for vehicle leasing has been increased from 70 to 90 percent from4th October 2015.

Gradual increment of the vehicle registration shows, the country’s urban cities and sub-urban would face a huge traffic in near future. It is government responsible to develop a proper transportation infrastructure such as below,

Improve Public transports of Buses (SLTB and Private)

SLTB ultra luxury passenger bus
SLTB ultra luxury passenger bus

Government should taken steps to improve their SLTB bus services into Normal and comfortable ultra luxury passenger bus at an affordable cost. They could run their SLTB ordinary bus service at low price as usual and ultra luxury passenger bus at premium price.

This would help the SLTB to improve their standard and makes Profitable venture into Government Sector,

Proper Time Schedule for Buses

If the Transport ministry could taken steps to improve timely services for Buses and control the bus movement by GPS and makesure same route buses would be compete at any given time. If any bus drivers drown over speed or misbehave with passengers should be fined and taken action against to them.

Improve Train Services

Government should take actions to improve Train service between main cities and urban rail service on demand. Still many of working crowed has using train transport to reach their work place on time, if government could offer frequent train services with much comforable in peak time, many people would not considered to by a vehicle on their own.

Introduce Metro Rail Services

there were some rummer articles state that government is planning for metro services within western provinces and it stated that the Metro is from Negombo from North to Panadura to South and Kottawa from West to hub at Fort Colombo.

If that news was not rummer, this would be great help to avoid Colombo traffic and this would help to save millions of dollars as fuel and time.

In overall Sri Lanka need an ultimate transport solution to avoid traffic in city, unless we may face huge problems when Srilanka reaches 2.5 Million Tourist arrival in 2020.

Better Transport system will make Better Eco Friendly Sri Lanka to cater many industry in near future.

Lets Develop Sri Lanka

How to take ERP Loan of 30% before retirement

Ministry of Labour stated that In pursuant to the Employees Provident Fund Act No. 15 of 19S8, as amended by the Act No. 02 of 2012, for each member of the Employees Provident Fund employed at present, release of thirty per cent (30%) of the sum having credited to his personal account, for the purposes of Housing / Medical Treatments is scheduled to be commenced from 27th May 2015.

It is compulsory to fulltill the following basic requirements of qualifications to be eligible to apply for these benefits (EPF Loan)

  • Should be employed at present.
  • Should have contributed to the fund for a period not less than ten years.
  • Should have a sum of not low than Rs. 300,000/ “ (Three lakhs) credited to his personal account (I.e., His membership account balance, audited by the Central Bank of Sri Lanka, should be not less than Rs. 300,000/ -(Three Lakhs).

For Housing Purpose Loan

  • Constructing a house in his own land.
  • Purchasing a land to build a house.
  • Purchasing a housing property.
  • Settlement of a mortgage on a housing property
  • Settlement of a balance amount of a housing loan obtained from approved bank.

by the member

For Medical Treatments purpose Loan

  • Heart surgery / operation
  • Bypass Surgery / operation
  • Treatment for cancer, including surgery
  • Kidney transplant or Surgeries / Operations
  • Caesarian Surgery / Operation Or
  • Hospitalization for a period not less than fourteen (14) days, due to occurrence of an accident.

Applications for The health benefits could be made on behalf of the member, spouse and children.

The maximum sum that could be obtained for one of the matters of above purpose should net I exceed rupees Two Million (Rs 2,000.000.00).

Specimen application for the perusal of basic qualification* for the payment of 30% pre-retirement benefits is annexed herewith. Duly completed applications, as per the specimen should be sent by registered post, addressed to the Commissioner of Labour. Employees’ Provident Fund, Department of labour. Colombo 05. The top left hand corner of the envelope, should be clearly marked as ‘Payment of 30% pre-retirement benefits”. Pre-retirement benefit applications and brochures of instructions will be issued only to the members who have fulfilled basic qualifications, after the perusal of Information given In the aforementioned application sent.

For more information see below image or contact to Head office at 011-2368917, 0112368252, 011-2368349, 0112368350,0112368351

How to take ERP Loan of 30% before retirement
How to take ERP Loan of 30% before retirement

Commercial Bank open its new Bank services in Maldives

The Commercial Bank of Ceylon PLC has announced It is plans to extend their services to the Maldives following the receipt of regulatory approval.

Commercial Bank of Ceylon PLC is a Sri Lanka’s largest private bank  have obtained an approval from both the Maldives Monetary Authority and the Central Bank of Sri Lanka to set up a Commercial Bank of Ceylon PLC  banking subsidiary in the Maldives. This would be name as Commercial Bank of Maldives Pvt Limited and Commercial Bank of Ceylon PLC will invest 55% of stake and balance will own by leading group of Maldivian companies.

The bank start focusing into a new regional expansion after successful operation in Bangladesh, which entered in 2003, and Myanmar in June 2015.

Commercial Bank of Ceylon PLC  is enter to Maldives with single branch at male and increase their presence and increase upto 3 branches in near future and The Bank is to offer Mobile Units and ATM service at a strategic locations and the bank is willing to offer range of services like savings and current accounts, fixed deposits, personal loans, housing loans, credit cards, overdrafts, commercial loans, trade financing services, internet banking, mobile banking, remittances and foreign exchange.

Bus Fare for Kadawatha to Matara by Express Highway

Kadawatha to Galle – Rs.400/-

Kadawatha to Matara – Rs. 500/-

Sri Lanka Transport Board (SLTB) formally known as CTB operaing luxury buses from Kadawatha to Matara from today 17th September 2015.

Buses will be start from every hours to Matara and Galle from 6.30 in the morning. The bus fare will be Rs 400 per person to Galle and Rs. 500 per person to Matara.

There are buses will be commence from the Kadawatha bus stand and stop at Galle and Matara bus stands respectively.

First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000/-

This new open ended fund will invest in shares that are listed on the Colombo Stock Exchange and it is brought to you by the Unit Trust Fund Management Company that delivered the best fixed income returns in 2013 and 2014.

The First Capital Equity Fund is regulated by the Securities and Exchange Commission of Sri Lanka and is managed by qualified professionals.

Acquire a diversified equity portfolio investment from little as Rs. 1000/-

  • Terms and conditions apply
  • The price of units may fluctuate
  • Past performance is not a reliable indicator of future performance

For more information Tel No: + 94 11 7639813 / +94 11 2639898 or see below image

First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000.00
First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000.00

Free Wi-Fi around Colombo – Now Viharamahadevi Park covers Free WiFi

The Colombo Municipal Council (CMC) had taken measures to install a Wi-Fi zone at the Viharamahadevi Park to provide free Wi-Fi facilities to people visiting there.

The CMC said the project would be launched toda at the Viharamahadevi childrens theme park. Colombo Mayor A J. M. Muzammd together with chairman of SLT. P.G Kumarasinghe Would be present to inaugurate the Wi-Fi zone to the use of the public thereafter.

The Wi-Fi facility and the equipment for it were provided by the Sri Lanka Telecom (SLT) on a request made to it by the CMC.

The government had previously established Wi-Fi zones at 26 public locations including the Fort Railway Station, Pettah Public and Private Bus Stand, the Pettah Floating Market, Colombo Law College, Colombo Public Library, Dehiwela Zoo, Colombo Racecourse, Colombo Police Headquarters, Galle Face Colombo, Foreign Employment Bureau in Battaramulla and Colombo Museum.