CB circular to reduce vehicles on Lankan roads -(Circular attached)
Posted on September 15th, 2015
Adaderana
The Central Bank of Sri Lanka (CBSL) has introduced a circular last night (14 September) preventing the purchase of vehicles on a 100 per cent or ‘Full Lease’ or ‘Hire Purchase’ basis without any initial down payments, in a bid to reduce the number of vehicles on Sri Lanka’s roads.
A senior official from the CBSL said that according to this circular, lease facilities could be obtained only on 70 per cent of the value of the vehicle being purchased. The balance 30 per cent has to be paid by the buyer of the vehicle, added the official.
At present, any vehicle could be purchased on a full lease basis even without a single cent in hand. However, under this circular lease facilities could be obtained only on 70 per cent of the vehicle’s value,” he reiterated.
Currently a large number of vehicles are being imported into Sri Lanka and traffic congestion has become a common feature.
September 15th, 2015 at 5:56 am
Another act by Mahendran and Mahendran. Will destroy small scale vehicle businesses and ownerships and businesses dependent on motor vehicles. This will affect mostly the Sinhalese who are unable to raise 30% of the value.
September 15th, 2015 at 11:18 am
Ranil is on the march to destroy Sinhalese (Buddhists).