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Asian Tribune is published by E-LANKA MEDIA(PVT)Ltd. Vol. 20 No. 101

Prime Minister reassures continuance of interest rates paid on Senior Citizens Deposits

By Manjari Peiris
Colombo, 08 July, (

Prime Minister Mahinda Rajapaksa reassured that there will be no reduction of interest rates of Senior Citizen's deposits

When addressing a gathering in the South, he categorically mentioned on this issue and rejected reports in several media that the government has taken a decision to reduce the high interest rates on accounts of senior citizens.

"As the Finance Minister, it is I who should first to know if such a move was taken. Therefore, I was really surprised to read about it and inquired immediately from the Treasury Secretary who reassured me that no such decision has been taken by the government." the PM added.

He added that such mischievous and false reports are being circulated by certain media and opponent political parties to affect SLPP's electoral success which is to be achieved on August 5th. "There is no such change in our programmes, it will continue uninterrupted and with much success." he said.

Higher Education, Technology, Innovation and Information & Mass Media Minister, Dr. Bandula Gunawardena too dismissed this false information saying, "The government has not taken such a decision. The new government has increased tax-free monthly interest income of Rs. 150,000 up to Rs. 250,000 with effect from 1 January 2020.

As such income up to Rs. 3,000,000 per year has been exempted from tax, hence the tax exemption granted on interest income has not been abolished as stated in certain media.

Dr. Gunawardena elaborated that the Special Interest Scheme for Senior Citizens has been implemented since 2014 with the aim of safeguarding the income status of senior citizens who have dedicated their youth for the development of the country.

"No amendment has been made to this incentive designed for senior citizens and the program would continue as usual." he confirmed.

- Asian Tribune -

Prime Minister reassures continuance of interest rates paid on  Senior Citizens Deposits
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