2024-02-27
News Categories : Committee News
Hon. Mahindananda Aluthgamage, Committee Chair of the Sectoral Oversight Committee on National Economic and Physical Plans stated that he will convey the need to maintain the Valaichchenai Paper Mill as a public private joint venture without allowing a situation of closure is presented to the concerned ministers and the Hon. President
The Committee Chair stated the above when the National Paper Company Limited annual reports for the years 2013, 2014 and 2015 were taken into consideration by the Sectoral Oversight Committee on National Economic and Physical Plans recently (Feb. 20).
Ms. Thilaka Jayasundara, Secretary to the Ministry of Industry stated that since the machines of the Valaichchenai factory were imported in 1956 and thus 1.2 million dollars are required for repairs. However, since no financial allocation was received from the treasury, a cabinet paper was submitted to run this as a public private joint venture, but was not approved as the land was allocated for tourism.
It was also disclosed that if USD 1.2 million is spent and repairs are made to the machines in the factory, a profit of 22 million rupees per month can be made by producing 5 tons per day. It was also discussed that this entire land, which is spread over an area of 340 acres, could be considered for a tourist zone instead of only a part of it. The Committee Chair stated that if the Valaichchenai Paper Mill is to be closed down, instead of selling it, it is important to run it as a public private joint venture, and thus, the recommendation of the Committee shall be forwarded to the Ministry of Finance and industry and the Hon. President.
Moreover, the Committee emphasized the need to build a manufacturing economy by developing the industries of the country instead of depending on the tourism industry itself. The Secretary to the Ministry of Industries pointed out that the contribution of the manufacturing sector is only 15% of the country's gross domestic product, while in a developed country this figure is 30%. She stated that the land reserved for industries is 0.04 percent of the total land in the country and it is usually 3 percent in a developed country.
Furthermore, attention was paid to the concern of not having a specific region for the leather industry and it was pointed out that plans should be prepared taking into account the development of both industry and tourism sectors.
Moreover, taking into account the 2022 annual report of the Department of Fiscal Policy, the Committee Chair drew attention to the weaknesses in the tax collection process in this country. The Committee pointed out that it is unacceptable for people with large incomes to sneak through the tax net and collect taxes from people with low incomes and advised to conduct a more extensive study on the tax policy and streamline the related mechanism. The Committees emphasized that the Inland Revenue Act should be amended and the officials including the Ministry of Finance should take the initiative for the said.
The Committee Chair expressed his displeasure that although a number of recommendations were made to connect the Land Registry Department and the Motor Transport Department with the Ramis system of the Inland Revenue Department, it has not been done so far. He also stated that the government will lose a considerable amount of tax due to the provision of temporary VAT number by the Inland Revenue Department.
Additionally, the 2022 Annual Report of the Public Accounts Department, the 2020 Annual Report of the HDFC Bank, the 2022 Performance Report of the Ministry of Commerce, the 2021 Annual Report of the Sri Lanka Accreditation Board, the 2022 Performance Report of the Cooperative Employees Commission, the 2022 Annual Report of the Ministry of Urban Development and Housing and Condominiums The management authority's annual report for the year 2021 was also considered at the Committee meeting held.
Members of Parliament Hon. Eran Wickramaratne and Hon. Madhura Withanage, officials from relevant government institutions were also present at the Committee meeting held.
2026-02-16
The Microfinance and Credit Regulatory Authority Bill was considered and approved by the Committee on Public Finance.This took place at a meeting of the Committee held in Parliament on 10.02.2026 under the Chairmanship of Hon. Member of Parliament Dr. Harsha de Silva, with the participation of Hon. Deputy Ministers Chathuranga Abeysinghe, (Dr.) Kaushalya Ariyaratne, and Nishantha Jayaweera, as well as Hon. Members of Parliament Attorney-at-Law Rauff Hakeem and Nimal Palihena.The Bill has been drafted with the objectives of establishing the Sri Lanka Microfinance and Credit Regulatory Authority, regulating the money lending business and microfinance business, protecting customers engaged in such businesses, repealing the Microfinance Act, No. 6 of 2016 and providing for matters connected therewith or incidental thereto.The Chair of the Committee stated that the original draft of this Bill, which had been presented in 2024, was challenged before the Supreme Court, and that the constitutional inconsistencies identified by the Court appear to have been addressed in this new draft. The Committee expressed its appreciation for the Bill, which had been prepared after obtaining the views of all stakeholders.Officials stated that the Authority to be established under this Bill will issue licenses to and regulate persons engaged in money lending and microfinance businesses, and that the Authority will be governed by a Board of Directors. It was further noted that no person may conduct a money lending business without a license issued by the Authority.The Committee inquired whether online lending activities would also fall under the purview of the Authority. Officials clarified that online lending may also be carried out only by licensed entities. They further emphasized that customer protection is a primary objective of the Bill.Discussions were also held regarding whether the Bill adequately covers the social empowerment role of community-based financial institutions, including through the introduction of relaxed regulatory fees or simplified compliance requirements. Practical operational issues and consumer protection were also identified as areas requiring further attention.Officials noted that certain lenders, such as e-commerce operators, would not fall within the scope of this Act.Taking into account the prevailing public mistrust and uncertainty surrounding legislative reforms, the Committee recommended that the Ministry of Finance, Planning and Economic Development implement effective communication programs to raise awareness among the public and all stakeholders. As an initial step, the Committee suggested publishing a document containing Frequently Asked Questions (FAQs).As the Authority will be vested with statutory powers to determine maximum interest rates in both the lending and deposit sectors, the Committee advised officials to exercise such powers in a manner that preserves the nature of the various financial instruments used by microfinance institutions for savings and lending activities.The delegation of powers to Divisional Secretariat offices was also discussed at length. Officials stated that small-scale lenders would not be required to travel to Colombo to engage with the Authority, and that limited powers relating to connected functions (such as processing applications and other routine matters) would be delegated to the Divisional Secretariat level. The Committee emphasized the need for a robust information technology system to ensure the effective and efficient implementation of this process.Furthermore, at the same meeting, the Committee also considered and approved the Resolution published in Extraordinary Gazette No. 2464/15 under the Customs Ordinance (Chapter 235), as well as three Orders issued under the Special Commodity Levy Act.
2026-02-13
Select Committee of Parliament to look into and Report to Parliament on the release of 323 Containers from the Port of Colombo without undergoing mandatory physical inspection and submit its proposals and recommendations in that regard, met for the third consecutive day on 11.02.2026 in Parliament. The meeting was chaired by the Hon. Minister of Justice and National Integration, Attorney-at-Law Harshana Nanayakkara.A group of officials from Sri Lanka Customs, including Director General of Customs Mr. Seewali Arukgoda, were summoned before the Committee, and evidence relating to the incident was recorded.Prior to the commencement of evidence, the Chair informed the Committee that the Hon. Minister of Ports and Civil Aviation, Mr. Anura Karunatilaka, had tendered his resignation from the membership of the Committee, and that another member would be appointed in due course to fill the vacancy.The meeting was attended by Committee members: Hon. Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Hon. Deputy Minister of Public Security and Parliamentary Affairs, Attorney-at-Law Sunil Watagala, Hon. Deputy Minister of Energy Arkam Ilyas and Hon. Members of Parliament Attorney-at-Law Dayasiri Jayasekara, Ajith P. Perera, D. V. Chanaka, Mujibur Rahuman, Dr. Najith Indika and Attorney-at-Law Lakmali Hemachandra.
2026-02-13
Officials from the Ministry of Digital Economy stated that there are plans to provide every person in the country with High-Speed Broadband connectivity by the year 2029.These remarks were made during a meeting of the Sectoral Oversight Committee on Science, Technology and Digital Transformation, held in Parliament on 06.02.2026 under the chairmanship of Member of Parliament (Dr). Janaka Senarathne, to discuss the action plan related to the allocation of 2026 budget provisions for the Ministry of Digital Economy and the Ministry of Science and Technology.At this meeting, (Dr.) Hans Wijayasuriya, Senior Advisor to the President, made a detailed presentation before the Committee regarding the programme planned to provide High-Speed Broadband connectivity to every person in the country. He pointed out that steps are being taken this year to install 100 new telecommunication towers. He further stated that between 600 to 1000 telecommunication towers would be required to fully meet the national requirement, and that this would be carried out in stages.He also emphasized that although approximately 98% internet coverage currently exists in the country, it does not meet the requirements for High-Speed Broadband coverage. Therefore, he stated that the existing capacity must be increased by around 25% in order to provide High-Speed Broadband facilities to every child.Furthermore, he noted that a commercial model will be prepared in relation to telecommunication towers, and opportunities will be given to the private sector to submit bids for this purpose.The Committee also focused attention on the need to improve digital literacy in areas outside Colombo, and it was proposed that programmes be organized through District Secretariat offices for this purpose.In addition, discussions were held regarding the action plan for allocating 2026 budget provisions for the Ministry of Science and Technology, and several annual reports and performance reports of institutions were approved.The meeting was attended by Hon. Deputy Minister Chathuranga Abeysinghe, and Members of Parliament Chandima Hettiarachchi, Lasith Bhashana Gamage, Chathura Galappaththi, Aboobucker Athambawa and Ruwan Wijeweera.
2026-02-13
The Committee on High Posts of parliament has approved the nominations of four Heads of Mission. The approval was granted when the Committee met in Parliament recently (Feb. 06) under the chairmanship of Prime Minister Dr. Harini Amarasuriya.Accordingly, the Committee approved the nominations of Mr. Horana Mahawatte Gedara Saman Kumar Chandrasiri as the Ambassador of Sri Lanka to the State of Israel, Mr. Warnakulasuriya Peter Rohan Dhammika Fernando as the High Commissioner of Sri Lanka to the Republic of Kenya, Anura Withanage as the Ambassador of Sri Lanka to the Lebanese Republic, and Mohamed Farook Mohamed Fawzer as the Representative of Sri Lanka to the State of Palestine.
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