Sri Lanka

Two amendments have been made to the agreements signed between Sri Lanka and its new fuel suppliers.Accordingly, it has been decided that the conversion of Sri Lankan Rupees (LKR) to US Dollars (USD) must take place immediately with regard to money earned from fuel sales, while the recent tax of Rs.

50 imposed per litre of fuel will replace the 1% royalty fee imposed on suppliers, Minister of Power and Energy Kanchana Wijesekera said in Parliament.Speaking with regards to the first amendment, the Minister explained that albeit the initial condition mandating that funds being brought into Sri Lanka be maintained as LKR in an account for a period of nine months, after which it may be converted to USD, the Central Bank of Sri Lanka (CBSL) recently suggested that the money being recovered from fuel sales, in LKR, be immediately converted to USD and be kept in an account for a period of one year.It is only the conversion of Rupees into Dollars that will be allowed immediately, but the repatriation of funds will still remain for 12 months.

So, the repatriation of profits are allowed, repatriation of funds will remain in Sri Lanka, as per the original condition, for 12 months.

Because there will be significant amount of pressure on the foreign reserves if we try to convert bulk amounts after a nine-month period, and that might lead into variations in the exchange right”, Wijesekera explained.Meanwhile, explaining the second amendment made to the agreements, the Minister stated that while it was initially suggested to impose a royalty of 1% on the three existing fuel suppliers and other future suppliers, this was later withdrawn following the imposition of a Rs.

50 tax by the Ministry of Finance, prior to the implementation of the former.Explaining the matter further, Wijesekera stated that the decision to remove the royalty fee was taken in a bid to prevent double-taxing the consumers.“Since a Rs.

50 tax has already been introduced after this scheme had come into play, that’ll be a double tax on the suppliers, and that will be passed on to the consumer again.

So, since an already implemented tax is in place, the 1% royalty has been taken out”, he said in this regard.The Minister assured, however, that the Rs.

50 collected from suppliers will be used to recover the payments made for the Indian Line of Credit (LoC), and the funds obtained from Iran in 2000.





Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021


Buy Our Merchandise (Peace Series)

 


Contribute US to Start Broadcasting



It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm


STRIPE


[Sri Lanka] - 15 Sri Lankan fishermen apprehended in Myanmar jails repatriated


[Sri Lanka] - US Ambassador nominee pledges to support marginalized populations, accountability, truth and reconciliation in Sri Lanka


Advisory issued over thundershowers and extreme lightning


? Yukthiya?- Over 111,000 suspects detained up until now in anti-drug operation


Certain parties unwilling to join dispute as they lack appropriate financial program - Sajith


Strong solar storm strikes Earth, could disrupt interactions


[Sri Lanka] - US highlight Sri Lanka s need for good governance and openness


[Sri Lanka] - Financial obligation owed by Pakistan, Sri Lanka and Bangladesh to China increase to record levels- Data


Decision to be reached on interest rates for elderly people savings


Heavy showers over 100mm expected in parts of the island


UN General Assembly backs Palestinian quote for subscription


[Sri Lanka] - President reveals plans to pass women-empowering expenses in Parliament by June


Male shot in Ahungalla succumbs to injuries


Sri Lanka Cricket increases player fees across all formats


Exams chief assures no paper leak reported in O'L examination


Warning provided over thundershowers and lightning in parts of the island


[Sri Lanka] - BASL expresses issue over extended hold-ups in judicial appointments


South Korea to create new ministry to take on plummeting birth rate


[Sri Lanka] - Fatal bus and tuk accident leaves one dead, 4 hurt


Heavy showers about 100 mm expected today


Two Italians arrested over attempt to smuggle endemic insects from Yala National Park


Bill to amend Telecom Regulatory Act to be presented in Parliament tomorrow


[Sri Lanka] - Mujibur Rahman s name gazetted as SJB MP


[Sri Lanka] - Sri Lanka team named for T20 World Cup 2024


Former NMRA chief remanded


Traveler apprehended with Gold Gel worth Rs. 40 million at BIA


SC begins hearing of petitions against proposed Electricity Bill


[Sri Lanka] - Six Sri Lankans sent by human traffickers to sign up with Russian military validated dead


43-year-old hacked to death over drug-related disagreement


[Sri Lanka] - PUCSL yet to receive CEB proposals to slash electrical power tariffs


Advisory issued for severe lightening- Heavy showers expected tomorrow


[Sri Lanka] - Not the right time to talk about retirement Chamari Athapaththu


[Sri Lanka] - Election Commission statement on Presidential Poll date


Abroad travel restriction imposed on Diana Gamage


Minister warns of foreign employment scams pretending to offer lucrative positions in Russian army


Health trade unions introduce 4-hour strike in hospitals at provincial level


Salary increments for govt employees can only be considered next year - President


Election Commission notified of uninhabited MP seat in Parliament


New circular released on leave approval for government employees


[Sri Lanka] - Operation released to stop unlawful recruitment of Sri Lankan Army veterans for Russian-Ukrainian war


State Minister Diana Gamage loses MP seat


Australia raises minimum cost savings for trainee visa, warns on phony recruitment


[Sri Lanka] - Sri Lanka thrash Scotland to win Women s T20 World Cup qualifiers


Establishment of the National Teachers Council


Retirement age of nurses and other healthcare staff to be increased


Bill related suspension of Parate Law passed in parliament


President s Fund initiates two new scholarship programs


Fowzie s child arrested over attack incident


Putin sworn in as Russian president for fifth term


Appeals Court rejects Wijeyadasa s petition against interim order


Adani Green signs 20-yr agreement for wind power stations in Sri Lanka


Police obtain 72-hour detention order on Manna Ramesh


45-year-old murdered by son-in-law with garden hoe


Body of missing youth from Kuliyapitiya discovered in Madampe


Unknown body recovered from Diyawanna Lake


[Sri Lanka] - Sri Lanka s official reserves as much as USD 5.43 bn in April


Public warned of rise in online phishing scams targeting mobile devices


[Sri Lanka] - Industry EXPO 2024 set to take place from June 19-23 at BMICH


Grama Niladhari officers to report sick for two days


Panama s Mulino wins presidency with assistance from founded guilty former leader


[Sri Lanka] - Sri Lanka clinch ICC Women s T20 World Cup 2024 certification


2023 O'L exam to commence at over 3,500 centres


[Sri Lanka] - Guest detained over effort to smuggle gemstones at BIA


Heat level to reach extreme care in parts of the island


Israeli cabinet votes to close down Al Jazeera s local operations


[Sri Lanka] - India to bear most expenses to make Sri Lanka ferryboat service cost effective and appealing


[Sri Lanka] - Almost 10,000 army deserters given legal discharge within two weeks


Horana shooting- Suspected gunman detained at BIA trying to get away country


[Sri Lanka] - Sri Lanka Cricket doubles payments for Test players


Panama election- Voters to select president after front-runner sentenced


A single person hurt in shooting at Horana


Teenager eliminated in knife attack throughout musical show


Re-scrutinized outcomes of 2022( 23) A'L examination released


[Sri Lanka] - ADB praises Sri Lanka s constant progress on economy and action plan


[Sri Lanka] - Sajith goes over Sri Lanka s existing circumstance with Japanese FM


Sri Lanka, UK to convene 2nd Strategic Dialogue in Colombo next week


[Sri Lanka] - Sri Lanka win Asian Rugby Division 1 Championship





68