Vehicle permits of MP's suspended for 1 year

Colombo (News 1st) - The Government in order to ease the pressure on the Sri Lankan rupee has decided to take several temporary measures with effect from midnight today (September 29). Accordingly, issuing of vehicle permits to members of Parliament will be suspended for a period of one year. The Ministry of Finance and Mass Media says importation of vehicles for Government Ministries, Departments, Statutory Boards, State-owned Enterprises will be suspended until further notice. Importation of vehicles using the concessionary permits issued to entitled State Sector employees will be suspended for six months. No Letters of Credit will be permitted to be opened based on these permits during this period. Loan to Value Ratio for Hybrid vehicles will be revised from 70:30 to 50:50 basis. Importers of all vehicles other than buses, lorries, and ambulances will have to keep a 200% cash margin at the time of opening LCs. Further, the requirement of 100% cash margin has been extended for the import of Refrigerators, Air Conditioners, Televisions, Perfumes, Telephones including Mobile phones, washing machines, footwear, and tires.