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NEPPL receives Industry Ministry and BOI clearance
The Ministry of Industrial Development has granted the approval for fiscal incentives to NEPPL under this approval, Nilkamal Eswaran Plastics Ltd., is entitled to a 5-year tax holiday and duty free import of plant and machinery for their new project which is underway at Piliyandala to manufacture plastic moulded furniture.
The Rs. 165 million project is expected to start full-fledged commercial production of 80,000 chairs per month by mid-February this year. The machinery and equipment are under installation and commissioning. The marketing network and strategy to distribute the product throughout the country is also ready for execution.
At present, the country imports over 100,000 chairs per month. This project endeavours to substitute these imports and achieve the dual objectives of foreign currency savings and providing the consumers in Sri Lanka a competitive and quality product.
Commercial Bank re-launches Isuru with free life cover
Considering several requests received, the Commercial Bank’s popular minor’s account ‘Isuru’ has been re-launched. This scheme enables parents to save for their children on a regular basis over a short period of time and the children receive a lump sum when they reach the age of 18.
The first scheme of its kind when it was introduced in 1991, the Isuru Savings Scheme’s unique feature is the complimentary life insurance cover which guarantees full payment of the assured sum even in the event of the untimely death of the depositor during the period.
"In such an unfortunate circumstance the Bank will pay the minor the guaranteed sum even if only one instalment had been deposited. In fact there where several instances when Isuru minors benefited from this scheme" a spokesman for the Bank explained.
Isuru accounts may be opened at any of Commercial Bank’s 61 branches with a minimum deposit of Rs. 100 per month. The maximum allowed is Rs. 1000 per month. The minimum period of saving for Isuru is two years and the maximum is five.
The assured sum will depend on the amount deposited each month? The number of years over which such deposits are made and the age of the child. For example, a child on whose behalf an Isuru Account is opened at birth can get over Rs. 269,000.
An Entitlement Certificate in the beneficiary’s name guaranteeing the sum the child will receive on reaching 18 years will be issued upon completion of the agreed deposit.
Where one does not wish to make the deposits on a monthly basis? Even a single lump sum may be deposited where a higher return will be received by the beneficiary at the age of 18.
‘’The re-launch of this minors account is, in response to numerous requests from parents" the spokesman said. He said Isuru’s popularity stemmed from the fact that the scheme offers an affordable opportunity for parents and others to secure a child’s future.
Professional Development Training for Shadowline & Shadeline
The Outward Bound Trust of Sri Lanka (OBTSL) in association with Sri Lanka Business Development Centre (SLBDC) will conduct its 41st Outward Bound Training (Professional Development) Programme for Shadowline (Pvt) Ltd. & Shadeline (Pvt) Ltd. from January 29-31, 1999 at "Wayamba Training Institute" Wariyapola. Thirty Seven Employees from above organisation will be participating in this "Weekend Challenge" Programme.
Using the outdoors as a class room Outward Bound Training (OBT) provides an opportunity for young executives to get away from the routine and familiar day to day life style and set out on an adventure in life and learning. This programme introduces the participants to new skills and range of totally different opportunities and experiences. It builds determination, commitment, total involvement and team spirit. Outdoor activities such as rope course, obstacle course, rock climbing, abseiling, rafting are included in the programme. There will be a management consultant explaining the relevance of the principles of managements Theory to these exercises at the end of each activity. This programme is aimed at enhancing the management competencies of the Executives in a professional manner.
Outward Bound Training (OBT) was designed by Dr. Kurt Hahn founder of Gordonstoun School in England together with Chairman of P & O Lines, Lord Holt in 1941. It was first introduced to Sri Lanka by the legendary Dr. Hayman of St. Thomas’s College, Gurutalawa in 1950’s.
OBT Programmes are now conducted world-wide by Outward Bound International in the United States of America, Europe-UK, France, Germany, Rumania, Slovak Republic, Asian countries such as Japan, Singapore, Malaysia and Sri Lanka, in Africa and also in Australia and New Zealand.
+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of January 28th, 1999 were as follows:
Buying Selling 100 US Dollars Rs. 67.4883 Rs. 68.8517 The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System
Saudi Arabia Riyal Rs. 18.18 Bahrain Dinar Rs. 180.83 Kuwait Dinar Rs. 226.14 Qatar Riyal Rs. 18.73 UAE Dirham Rs. 18.56 Oman Riyal Rs. 177.08 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers
Buying Selling US Dollars Rs. 68.5580 Rs. 68.9180 Sterling Pounds Rs. 112.4829 Rs. 113.6742 Euro Rs. 78.0999 Rs. 79.1918 Swiss Franc Rs. 48.3404 Rs. 49.1631 Japanese Yen Rs. 0.5915 Rs. 0.6008 The European Commission Locking Rates of 11 member countries that came into existence from January 1st, 1999 are as follows:
Belgium Franc 40.339900 Spanish Peseta 166.386000 Irish Punt 0.787564 Luxembourg Franc 40.339900 Austrian Schiling 13.760300 Finish Markka 5.945730 German deutsche Mark 1.95583 French Franc 6.55957 Italian Lire 1936.27000 Dutch Guilder 2.20371 Portuguese Escudo 200.48200 The maximum and minimum Average Weighted Prime Lending Rate (AWPLR) during the week ended January 22nd, 1999 by all commercial banks were 14.3 per cent and 12.5 per cent respectively.
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended December 31st, 1998 was 9.2 per cent.
* Unit Trust Prices
Eagle Gilt Edged Fund
Manager's Selling Price Rs. 11.25 Managers Buying Price More than one year Rs. 11.24 Less than one year Rs. 10.13* Eagle Income Fund
Manager's Selling Price Rs. 11.19 Managers Buying Price More than one year Rs. 11.17 Less than one year Rs. 11.06* Eagle Growth Fund
Manager's Selling Price Rs. 8.43 Managers Buying Price More than one year Rs. 8.08* Less than one year Rs. 8.00* * After deducting exit fees applicable
National Equity Fund
Manager's Selling Price Rs. 7.96 (per unit) Managers Buying Price Rs. 7.48 (per unit)
Namal Growth Fund
Manager's Selling Price Rs. 9.21 (per unit) Managers Buying Price Rs. 8.61 (per unit)
Namal Income Fund
Manager's Selling Price Rs. 10.70 (per unit) Managers Buying Price Rs. 10.59* (per unit) Rs. 10.69** Note: *After deducting exit fees
**Without deducting exit fees
Pyramid Unit Trust
Manager's Selling Price Rs. 5.85 (per unit) Managers Buying Price Rs. 5.45 (per unit)
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