We cannot deny the fact that the Central Bank of Sri Lanka had been
constantly publishing the lists of registered Banks and Finance
Companies through the media which is commendable.
With the staggering Cost of Living prevailing in the country today,
one must understand, that laymen are naturally being propelled to go for
higher rates not knowing the fundamentals of these transactions. Central
Bank is fully aware of the fact that investors (depositors) are
currently faced with a considerable loss of 7-8 per cent per annum i.e.
the difference between the inflation rate and average interest rates
offered by the reputed Banks of Financial Companies. The action taken by
the Government to enhance the limit to levy withholding tax from the
depositors is highly commendable. Special thanks should go to the former
Secretary to the General Treasury in this regard.
In this scenario, it is imperative that the Central Bank should take
more tangible measures with the Financial Institutions to eliminate the
corruptions and mismanagements to secure the deposits of the investors.
New laws and regulations should be enforced to publish their status of
accounts etc.
There should be stringent action and supervision on these finance
companies to the extent that deposits of the investors are highly
secured.
The laws should be implemented on these irresponsible media, which
are highly instrumental to draw customers with their elaborative
advertisements etc.
Even with the formidable task that the Government is faced with
today, reducing the inflation rate is most needed. One must understand
that, considerable segment of the society depends on their interest
earnings for their survival, which is dramatically depreciating.
Reducing fuel prices, which has a direct impact on the inflation,
would be another important factor and Ceylon Petroleum Corporation
cannot totally be responsible for the current position, and several
Government organisations including Central Bank are also responsible for
the stagnating fuel price levels in the country today. These are few
elements which eventually effect these innocent and gullible investors.
Mangalika Wijetunge Mattegoda
Galle Fort is a Heritage, so in future much attention should be
focused to protect its culture. We already speak of a 2500 years old
culture of our country. So let’s maintain it even for the years to come.
Recently a small virus in the shape of an Umbrella Romance is
spreading up in the ramparts facing the Galle esplanade. This is a much
dangerous virus that can destroy the full image of the Galle Fort.
Furthermore, the Galle Fort entrance is daily used by thousands of boys
and girls going to schools like All Saint’s College and Southlands
College which is situated inside the Fort.
Couples romancing under the umbrellas can attract the eyes of these
young boys and girls and can ruin their moral when they daily see these
sinful actions.
Theatres label movies as adults only because they do not want small
children to see it. In this case small children see this Umbrella
Romance because it is in Open Air.
When a sin in committed secretly, its harm is generally limited to
the sinner only; but when a sin is committed openly and those possessing
the capability do not prevent it, then it ultimately affects all the
people around.
M.H.S. Galle
It is encouraging to observe that adequate seminars/discussions are
being held at present to educate the public at large, in respect of
important matters such as law, health, tax, statutory obligations etc.
However, there is suggestion that may be taken into consideration.
The language in which the seminar is to be held should be
communicated in advance. Seminars/discussions could be held in Sinhala,
Tamil or English with or without translators.
However, the participants should know this in advance (at the time of
press release). This ensures proper audience and marketability of the
seminar.
There have been instances where, invitations were sent in all three
languages but the seminars were held in one language without
translators. This prevents active participation and leads to
frustration.
S.R. Balachandran
Council Member of the National Chamber of Commerce
of Sri Lanka
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