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Prevention Of The Avoidance Of Income Tax Act
The Prevention of the Avoidance of Income Tax Act (No 26 of 1970), was an act passed in the Parliament of Ceylon in on 26 October 1970 that demonetized all currency notes in circulation in the island at the time with the denominations of Rupees 50 and 100. With all high value currency notes bearing a date prior to 26 October 1970, demonetized new Rupees 50 and 100 notes were introduced. The demonetization was brainchild of the Minister of Finance, Dr N. M. Perera who had the replacement notes printed by Thomas De La Rue instead of its regular printers, to ensure secrecy. The Governor of the Central Bank William Tennekoon was not informed until the notes arrived at the bank. The objective of the demonetization, was to flush out black money, by forcing those holding the high value notes to turn them in before 3 November 1970 and there by exposing them to the Inland Revenue Department. The demonetization failed to increase government tax revenue, the Central Bank had to bear the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Ceylon
The Parliament of Ceylon was the legislative body of British Ceylon & Dominion of Ceylon (now Sri Lanka) established in 1947 by the Soulbury Constitution, prior to independence on 4 February 1948. Parliament replaced the State Council of Ceylon. Parliament was based on the Westminster model with an upper house, the Senate, whose members were indirectly elected or appointed, and a lower house, the House of Representatives, whose members were directly elected or appointed. The House of Representatives consisted of 101 members, of whom 95 were elected and six appointed by the Governor-General (increased to 157 in 1960, 151 elected and six appointed). The Senate consisted of 30 Members, of whom 15 were elected by the House of Representatives and 15 appointed by the Governor-General. The Senate was abolished on 2 October 1971 by the eighth amendment to the Soulbury Constitution. The new Republican Constitution of Sri Lanka, adopted on 22 May 1972, replaced the House of Representative ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Some jurisdictions allow contract law to overrule the status of legal tender, allowing (for example) merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister Of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries: * in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank); * in some countries the finance minister might be assisted by one or more other ministers (some supported by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas De La Rue
Thomas de la Rue (24 March 1793 – 7 June 1866) was a printer from Guernsey who founded De La Rue plc, a printing company which is now the world's largest commercial security printer and papermaker. Biography Born on Le Bourg, Forest, Guernsey to Rachael () and Eleazar de la Rue. Thomas was the seventh of their nine children. Thomas de la Rue was apprenticed to a master-printer, Joseph Antoine Chevalier in Saint Peter Port in 1803. He went into business with Tom Greenslade and together they launched the newspaper ''Le Publiciste''. Having fallen out with Greenslade, Thomas de la Rue launched his own publication, ''Le Miroir politique'', first published on 6 February 1813. In 1816 he left Guernsey, for London, where he initially established a business making straw hats. Then in 1830 together with Samuel Cornish and William Rock he founded a business of "cardmakers, hot pressers and enamellers". in 1831, de la Rue was granted the right to print playing cards, making it the first co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governor Of The Central Bank Of Sri Lanka
The Governor of the Central Bank of Sri Lanka (CBSL) functions as the chief executive of the Sri Lankan central bank. The post is the ''ex-officio'' chairperson of the Monetary Board of Central Bank of Sri Lanka. Since its establishment in 1950, the CBSL has been headed by sixteen governors. The governor has two deputies and several assistant governors. The inaugural officeholder was the American John Exter who served the Government of Sri Lanka in helping found the central bank. The position is currently held by Nandalal Weerasinghe who was appointed to the office on 8 April 2022 following the resignation of Ajith Nivard Cabraal. Privileges The term of office last for six years and includes serval privileges in form of allowances. This includes use of the Bank House as the official residence, transport and security provided by the CBSL. The governor is entitled to a pension. In the order of precedence, the governor is equivalent to a cabinet minister. List of governors of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Tennekoon
William Tennekoon was a Sri Lankan banker. He was the Governor of the Central Bank of Ceylon. Educated at St. Anthony's College, Kandy and Trinity College, Kandy, he studied economics at Ceylon University College. In 1938, he served as an visiting lecturer at the economics department of the Ceylon University College. In 1939, he joined the Bank of Ceylon as an accountant and thereafter became the manager of its head office. In 1950, he joined the newly formed Central Bank of Ceylon as its first Chief Accountant and functioned as head of the banking and currency department. He then became the director of the bank supervision department. He was seconded to the IMF in 1953, 1962 and in 1954 he was seconded to the World Bank. In 1957, he was appointed Deputy Governor, Senior Deputy Governor in 1964 and Governor in 1967. He did not request an extension to his appointment and retired in 1971 following Finance Minister N. M. Perera's demonetized with the denominations of Rupees 50 and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2016 Indian Banknote Demonetisation
On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes. Prime Minister Narendra Modi claimed that the action would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. The announcement of demonetisation was followed by prolonged cash shortages in the weeks that followed, which created significant disruption throughout the economy. People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash. According to a 2018 report from the Reserve Bank of India ₹15.3 trillion of the ₹15.41 trillion in demonetised bank notes, or approximately 99.3%, were deposited in banks, leading analysts to state that the effort had fail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970 In Ceylon
Year 197 ( CXCVII) was a common year starting on Saturday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Magius and Rufinus (or, less frequently, year 950 ''Ab urbe condita''). The denomination 197 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * February 19 – Battle of Lugdunum: Emperor Septimius Severus defeats the self-proclaimed emperor Clodius Albinus at Lugdunum (modern Lyon). Albinus commits suicide; legionaries sack the town. * Septimius Severus returns to Rome and has about 30 of Albinus's supporters in the Senate executed. After his victory he declares himself the adopted son of the late Marcus Aurelius. * Septimius Severus forms new naval units, manning all the triremes in Italy with heavily armed troops for war in the East. His soldiers embark on a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970 In Law
Year 197 ( CXCVII) was a common year starting on Saturday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Magius and Rufinus (or, less frequently, year 950 ''Ab urbe condita''). The denomination 197 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * February 19 – Battle of Lugdunum: Emperor Septimius Severus defeats the self-proclaimed emperor Clodius Albinus at Lugdunum (modern Lyon). Albinus commits suicide; legionaries sack the town. * Septimius Severus returns to Rome and has about 30 of Albinus's supporters in the Senate executed. After his victory he declares himself the adopted son of the late Marcus Aurelius. * Septimius Severus forms new naval units, manning all the triremes in Italy with heavily armed troops for war in the East. His soldiers embark on an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Legislation
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics Of Sri Lanka
Sri Lanka is a semi-presidential representative democratic republic, whereby the President of Sri Lanka is both head of state and head of government, and it relies on a multi-party system. Executive power is exercised by the President on the advice of the Prime Minister and the Cabinet of Ministers. Legislative power is vested in the Parliament. For decades, the party system was dominated by the socialist Sri Lanka Freedom Party and the conservative United National Party. The Judiciary is independent of the executive and the legislature. Sri Lanka's politics reflect the historical and political differences between the three main ethnic groups, the Sinhala majority and the Tamil and Muslim minorities, the latter two being concentrated in the north and east of the island. Executive branch , President , Ranil Wickremesinghe , United National Party , 21 July 2022 , - , Prime Minister , Dinesh Gunawardena , Mahajana Eksath Peramuna , 22 July 2022 The president, directly elected ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
