#2016 Archives - Ceylon Independent

New Regulations and Orders made on the Foreign Exchange

27Nov

By Faraz ShauketalyNo Comments

Business

New Regulations and Orders made on the Foreign Exchange

With a view to further liberalizing capital flows and simplifying the processes associated with current account transactions and various types of foreign currency/Rupee accounts, the Government declared in its Budget Proposals for 2016, that a new foreign exchange law will be introduced. In keeping with this announcement, a new legislative and policy framework for foreign exchange operations has been introduced by the Foreign Exchange Act, No. 12 of 2017 with effect from November 20, 2017, repealing the Exchange Control Act, No. 24 of 1953. Provisions of the new Act are being implemented through the newly established Department of Foreign Exchange in the Central Bank of Sri Lanka. Relevant Regulations and Orders made under the new Act by the Minister of National Policies and Ec...

8Nov

By AdminNo Comments

Opinion

This Week In Bond

By Shonel Perera Bond is back at it again this week with the Presidential Commission of Inquiry (PCoI) investigating the controversial Issuance of Bonds saying that it now requires a testimony from none other than Prime Minister Ranil Wickremesinghe himself in order to "obtain a few clarifications and any other evidence which may be necessary". A statement issued at the beginning of today's session noted that it had carefully examined the affidavit which was given to the Commission by the Prime Minister and that the Commission had a few clarifications to be made with regard to it. It was said, "With regard to the questions forwarded to the Hon. Prime Minister by this Commission of Inquiry, we have received an affidavit affirmed to by the Prime Ministe...

WHO praises Sri Lanka for the reduction of prices of 48 essential medical drugs

6Nov

By Faraz ShauketalyNo Comments

Top Story

WHO praises Sri Lanka for the reduction of prices of 48 essential medical drugs

The price reduction of the 48 essential medical drugs by the Sri Lankan government in 2016 is a major achievement in safeguarding patients' rights to access affordable medicine in Sri Lanka, says World Health Organization (WHO) in its 2016 annual report. The WHO report also praised the Health, Nutrition, and Indigenous Ministry's decision to introduction of a color code to reduce the consumption of sugar, the government Information Department said. These steps have an enormous impact on the health of the population, particularly in field of treatments in non-communicable disease including diabetes, heart disease, high blood pressure, high cholesterol and other common diseases, the report added.

Cricket awards ceremony held to felicitate ‘The Best’

1Nov

By Faraz ShauketalyNo Comments

Top Story

Cricket awards ceremony held to felicitate ‘The Best’

Left-arm Spinner Rangana Herath was crowned ‘Best Cricketer of the Year’ at the annual awards ceremony organised by Sri Lanka Cricket. The event was held in Colombo on Tuesday.. Players who performed well in 2016 and 2017 season, umpires and journalists were felicitated at the event. Kusal Mendis was named as the ‘Best Test Batsman’, while the award for ‘Best Test Bowler’ was awarded to Rangana Herath. Dilruwan Perera bagged the award for ‘Best All-rounder’.Kusal Mendis and Suranga Lakmal were named as ‘Best ODI Bowler’ and ‘Best ODI All-rounder’, respectively. Asela Gunaratne was awarded the prize for ‘Best T20 Batsman’ and Lasith Malinga was named as the ‘Best T20 Bowler’.

Western Province major contributor to Sri Lanka’s economic growth in 2016

31Oct

By AdminNo Comments

Business

Western Province major contributor to Sri Lanka’s economic growth in 2016

As in previous years, Gross Domestic Product (GDP) of Sri Lanka's Western Province continues to be the highest contributor to the national GDP, its share declining marginally to 39.7 percent in 2016 from 39.9 percent in 2015. Statistics Department of Central Bank has computed the Provincial Gross Domestic Product (PGDP) for 2015 based on the disaggregation of the nominal Gross Domestic Product (GDP) compiled by the Department of Census and Statistics (DCS). In nominal terms the national GDP for 2016 was Rs. 11.839 trillion recording a growth of 8.11 percent and a per capita income of Rs. 558,363 (US$ 3,835). Continuing the trend observed in recent years, the GDP share of the Western Province declined in 2016 contributing to reduce disparities among provinces. However, th...