Sri Lanka relaxes rules on imports of reconditioned cars

   Apr 18, 4:54 pm

Colombo, April 18 (Xinhua-ANI): Sri Lanka has accelerated imports of reconditioned vehicles after a special appeal was made by vehicle importers to President Mahinda Rajapaksa, an official said here on Wednesday.

Vehicle Importers Association President Yoga Perera told media that the appeal came after the government, under pressure from a 10 billion U.S. dollar trade deficit, increased taxes on vehicle imports last month, which would have strangled the industry.

According to Sri Lanka's regulations imported cars can only be one year old but this has been increased to two years while commercial vehicles have had their age increased from three and a half years to four.

"We are very happy over this outcome as it would give the chance for more Sri Lankans to afford vehicles," Perera said.

The association had maintained that if the extension was not given, it could result in the closure of reconditioned vehicle importers' business and render one million people jobless.

At the time the government revised rules and import duty, around 2,000 reconditioned vehicles were already at the Colombo port whilst 6,000 were on order.

Last year the value of imported vehicles doubled to a record 1 billion U.S. dollars from 546 million U.S. dollars in 2010. (Xinhua-ANI)

Greek crisis behind Indian stock market fall, says expert Jun 29, 10:20 pm
Mumbai, June 29 (ANI): Market expert Sunil Shah on Monday blamed the financial crisis in Greece for the Indian stock market losses, adding that no country today can insulate itself from a financial crisis in another nation.
Full Story
CG's technology to fortify electricity networks in Philippines Jun 29, 4:53 pm
Mumbai, June 29 (ANI-Businesswire India): Avantha Group Company, Crompton Greaves (CG), has bagged two important orders, one for 8 bays of 138 kV, 60 Hz, (Air-Insulated) AIS Switchyard in the Philippines for MINERGY Coal Corporation and the other for 30 MVA, 132 kV mobile substations for Wellington Turbines, a Venezuelan enterprise.
Full Story
TV18, CNN to conclude 10-year licensing arrangement in January 2016 Jun 29, 4:18 pm
New Delhi, June 29 (ANI): TV18 and CNN will successfully conclude their 10-year licensing arrangement in January 2016 for CNN IBN.
Full Story
Nightingales Home Health Services partners with DaVita for home nephrocare Jun 29, 2:58 pm
Bengaluru, June 29 (ANI-Businesswire India): Nightingales Home Health Services on Monday announced its association with DaVita, the global major in kidney care and the largest chain of standalone dialysis and kidney care centers in India.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY