Category: Banking and Finance

The Central Bank on Wednesday warned the public against using foreign currency bank drafts or membership charges to invest in pyramid or similar referral marketing schemes.The Central Bank on Wednesday warned the public against using foreign currency bank drafts or membership charges to invest in pyramid or similar referral marketing schemes. The notice, the fourth […]

The Central Bank on Wednesday warned the public against using foreign currency bank drafts or membership charges to invest in pyramid or similar referral marketing schemes.The Central Bank on Wednesday warned the public against using foreign currency bank drafts or membership charges to invest in pyramid or similar referral marketing schemes. The notice, the fourth […]

The Inland Revenue Dept has submitted a paper to overturn part of the tax amnesty bill presented by the previous government.The Inland Revenue Dept has submitted a paper to overturn part of the tax amnesty bill presented by the previous government. Once parliamentary nod comes through, the amendment will give the taxman powers to recover […]

Fulfilling the dreams and aspirations you have for your child becomes a reality with Arshirvada Child Life Plan launched recently by Life Insurance Corporation (Lanka) Ltd.Arshirvada provides financial security for your childrens education and marriage with yearly bonuses and gains to secure their future.rn rnR Gopinath, CEO of LIC Lanka Ltd. says that this policy […]

A Sri Lanka-US taxation treaty kicked in on Monday, harmonising joint tax laws and allowing for tax credit and concessions for investors in both countries. Representatives of both governments exchanged Instruments of Ratification for the Convention of Avoidance of Double Taxation and Prevention of Fiscal Evasion, on Monday.rn rnThe proposed Treaty will relieve Double Taxation […]

A proposal to reduce transaction fees for equity investments is now being debated among regulators and stockbrokers. SEC Director General Palitha Silva Gunawardene has long been an advocate for negotiable brokerage.He says high transaction costs are among the many factors that keeps investors away from playing in the market.rn rnThe Colombo Stockbrokers Association is now […]

Senkadagala Finance plans to shortly tap the market to raise up to Rs. 500 mn in debt to feed its growing leasing portfolio. The firms Managing Director Lakshman Balasuriya says the debenture will be listed, though the tenure and price have not been finalised yet.rn rnSenkadagalas unsecured senior debt was upgraded to BBB+ (sri) rating […]

The securities watchdog will shortly include fresh guidelines to the ongoing listing rules to facilitate close ended unit trust. The move comes after the Securities & Exchange Commission (SEC) unveiled a new code for mutual funds which included issuing licenses for close ended unit trusts.rn rnA close-ended fund or scheme has a stipulated maturity period […]

The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]

The Treasury says it has forked out Rs. 6 bn todate to subsidise essential items like petroleum, wheat, flour, fertilizer and sugar.The lion share of the subsidies is channeled towards petroleum imports, Treasury Secretary, Dr. P B Jayasundara said.rn rnSri Lanka imports all its oil needs, buying 2.0 mn MT of crude and 1.5 mn […]

A 22.46 percent larger loan book propped up by lower interest rates and growing demand for homes upped income at Housing Development Finance Corp., Bank (HDFC Bank to Rs. 829.85 million, 31.5 percent over 2002. Chief Executive C A Sarathchandra told Lanka Business Online that a concerted effort to increase the housing stock saw up […]

The securities watchdog has issued tough guidelines on the role of auditors and non-audit services, which will be made compulsory for listed firms from next April.Listed firms will also be required to rotate their auditors every three years from 2006. rn rnThe guidelines focus on two areas i.e. audit of listed companies and audit committeesof […]