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| Monday, 17 March 2003 |
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Letters | |
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Finance Minister presenting his first annual budget ventured a most feasible and attractive method of bringing to light indolent moneys inside iron safes, almirahs and even buried underground, etc. His suggestions were given a rousing welcome. Though he had fixed March 31, 2003 as the final date for the period of amnesty before which the miscreants have to declare their hidden wealth and become regular tax payers, it seems an impossible task for many, as they are not aware of the concessions granted and other beneficial facts. The citizens get first-hand instructions from the Government gazette which gives authentic information. But the gazette is long overdue. We are now stepping onto the third week of March and there are only about ten days to meet the deadline. When the gazette would be out for sale, no one knows for certain. I was made to understand that even the manuscript is yet not ready for the Govt. Printer. At this rate, it might not be published even after the end of March, 2003. The Govt. machinery moves at snail's pace and as a result, a good number of would-be tax payers would be shut out. Therefore, I suggest, the Finance Minister, extend the time limit
31.3.2003 to declaring the facts, till 31st July, 2003. By this time,
everyone would be aware of the facts and all would be happy and most would
readily declare the assets and help enrich the economy of the nation.
Please eliminate all the usual red tapes that hinder our progress. The
extension too should be confirmed by the Govt. gazette. Also, if the
present period of amnesty up to 31.3.2002 is allowed to include 31.3.2003
too, about 95% of the tax dodgers would readily come out into the open and
boost the economy of the nation, or else there is a possibility for them
to go into hibernation, as is now. There is lot of talk to re-introduce Death Penalty with a view to arrest the increasing rate of crimes in this Buddhist country, where serenity prevailed in the recent past. Now that the crime rate has gone up in unprecedent numbers, the State should look into a method to arrest them and save the lives of innocents. From my point of view putting a man to death, will no doubt, will be a deferent to others; but will that help to arrest the crimes such as Bank Robberies where the intention of the burglar is not to harm the Manager, Security Guards or the onlookers but to keep them under their command until such time their goal is achieved. However, when the resistance arises, they with fear for their safety will open fire not taking into consideration the number of deaths that will occur due to their greed for money. Death will result in unending sufferings for the dependants of the dead. In such instances, the man who commits the crime should undergo the same treatment. By the eyes of Law it is a well-balanced judgement. Death is the end of all sufferings; if otherwise the Farmers who are unable to pay their loans will not commit suicide. Will hanging bring end to all crimes. Therefore, if death occurs to an innocent party trying to resist the attempts of burglars, the State should acquire all assets held by the culprit and distribute them amongst the dependents of the victims. As a punishment for the crime committed death by hanging is not the proper answer; a man or a woman who commits the crime should be made to suffer for a long time. In addition to being jailed they should be caned monthly as decided by the learned Judge, at least for a period of six months and released. R.C.S. LENORA I refer to an article captioned "Col. Olcott was a Theosophist" (DN, March 5) Dr. K.D.G. Wimalaratne who delivered the oration cannot be held responsible for the inaccuracies reported by a paper correspondent who had been present at the lecture. For the sake of readers who would be mislead, I may take up the statement where it is reported that, "He (Col. Olcott) was not a genuine Buddhist, who had grasped the essence of Buddhism." This is a grave insult to a "National Hero of Sri Lanka". Col. Olcott is the only foreigner who was granted that honour. It was he who won for us in 1884, a holiday for Vesak, from the then British rulers. He pioneered the design of a Buddhist flag in 1885, now accepted internationally. Dr. Wimalaratne may find at the Archives the two documents signed by Ven. H. Sri Sumangala and six other monks, certifying that Col. Olcott was administered 'Pancha Sila'. Not only that he was the only layman in history given a certificate by the same monks, permitting Col. Olcott to administer Pancha Sila to any national who wants to be a Buddhist. That speaks eloquently of the high regard and respect Col. Olcott received from the Sangha, who considered him competent to perform religious rites in the absence of the Sangha. Dr. Wimalaratne may also find the following books written by Col. Olcott, "The Golden Rules of Buddhism", "The Life of the Buddha and its Lessons", Buddhist Catechism", Asceticism" to mention a few. Apart from all this the magnitude of his social work, specially in the education field in Sri Lanka, India and other countries is beyond estimation. I do not want to touch on the other howlers as reported in the paper. I presume Dr. Wimalaratne will deal with them in due course. Let me end by saying that if not for the arrival of Col. Olcott in Sri Lanka in 1880, this "Dhamma Deepa", would have become a little England in the Indian Ocean. G.P. DHANATUNGA,Kolonnawa. Bank secrecy What is the basic principle regarding the Contract in a Bank/Customer relationship? Any primary student of Banking will know, it is none other than secrecy!!! Does the authorities at the Investigation Department at the Central Bank of Sri Lanka know that a well-known foreign commercial bank operating in Sri Lanka sent an unsigned circular dated four months prior to its 150th Anniversary advising customers, text of which is as follows: Quote - Dated 4 months prior to 150th Birthday. Amendments to terms and conditions pertaining to Current, Savings, Call, Fixed and Foreign Currency accounts of Personal, Company, Partnership, Sole Proprietorship, and any other types of customer accounts held with Xxxxxxxx Xxxxxxxxx Bank, Colombo, Sri Lanka. We wish to advise all deposit, savings and current account customers, that the following clause is included in our terms and conditions. "Bank's Books and records, customer information The Customer acknowledges and agrees the Bank may utilise the services of third party contractors and that such third party may have access to the Bank's books and records including information regarding the Customer and the Account" - Unquote Isn't this a violation of basic banking law? With the recent collapse of Pramuka Bank, shouldn't the Central Bank take immediate action if this circular contravenes The Banking Act of Sri Lanka. The poor customers deserve to be paid damages for breach of contract. How could this Bank force upon amendment clauses into existing contracts without the signature of the customer while the Bank refuses to effect payment on cheques without customer authenticity with full signature for any alterations? Quite apart from the legal angle, customers especially the high networth who received this circular should act wisely according to their conscience. In this era where crime is rampant, if third party contractors obtain information on bank deposits there could be kidnapping of customers, their kith and kin, asking for ransom amounting to the bank balance. Therefore, customers of this 150 year old Bank should seriously consider what action they should take, and act fast. P.S.
Bank mergers - will only drive down deposit rates further The analysis in your paper on the profitability of banks could not have come at a more appropriate time. It showed how the main 4 or 5 banks were using the current low interest rate policy of Government to enrich themselves instead of giving the trickledown benefit to the depositors and borrowers. These banks have been further helped by the Pramuka failure which have eroded the little confidence public had in small banks. Even such little confidence had been built up with difficulty and it is unfortunate that Pramuka has undone all that. When few large private banks mint money in this manner, politicians are helping them further by passing legislation that would force the smaller banks to merge with bigger ones even when the former does not face any difficulty. For quite some time the public had lost faith in finance companies and were depending on the smaller banks for a reasonable rate of interest on fixed deposits. The action proposed by the Government and new laws will mean that the many retirees and the ever increasing number of those being compelled to leave employment under "voluntary" retirement packages are left with no safe avenues for investment. Anticipating the proposed legislation the bigger banks are now smacking their lips greedily at the chance of swallowing a couple of smaller banks. Thereby the few bigger ones remaining will have a field day dictating lowest possible rates for the hapless small-time depositors. It is well-known that big bosses of the large banks are already selecting their prey, which they could easily gulp down with the proposed change of the legislation. D.L.C. FERNANDO Bi-lateral aid: EU decision and Third World governance A recent decision by EU on development aid and practices, in a way, will come to remain much more in line with current problems in the Third World countries. The EU decision, had been based on a practice by Denmark, over the past 35 years, since the inception of "bi-lateral aid", the country, continuously forced Third World countries to purchase goods from Denmark, which were linked up with its bi-lateral aid programmes. The EU decision now puts a stop to this practice and Denmark has to abide by these regulations. The fact is, Denmark is not the only culprit in this procedure. So many other countries, too, now in the EU had this practice all along. Bi-lateral aid programmes always bound the aid receiving countries to purchase equipment or services from the donor country. Fair enough... but the argument always sponsored the developing countries idea, that it should be permitted to purchase the goods, services,equipment or whatever, from any place, which it was cheaper or agreeable to it own forms. On the other hand 60% of budget expenses of such aid programmes, always covered the well-known "administrative expenses" mainly, the salary component in that particular project. The decision by EU is timely and is bound to have an impact on - bi-lateral investments, rather than aid in that form. The chances for a country like Sri Lanka, the decision is timely and is bound to activate SL experts and industry in future, furthering their own innovations, on other countries, funds. The SL experts and professionals attitudes through State guidance is now to become more real, than before Bi-lateral aid linked to projects, most of it, are not the very serious types, which need a foreign experts' participation or guidance. This means, SL will have to do the job and prove it equally well done on other peoples funds and with valid enhancements in salaries coupled with defined challenges. SL already has the required legislations on accountability and transparency etc. On the other hand, a line of manufacturers and consultants in these EU countries have no other option but to look for investments, in cooperating, joint venture or any other with SL or the Third World countries. This again is bound to push foreign investment into SL, if looked for, in a more selective manner and other countries looking for such investments from the West too. For example, SL could go into a joint venture project, related to development with Indian or Asian experts, with SL's own experts with bi-lateral funds. Money is not the problem again but tapping our own talent is the issue. The decision forces a dialogue which is fair and have reason to undermine debate on "Foreign dictates" and the running of SL. LAL KEERTHIE FERNANDO |
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