Archive for the 'Money Matters' Category

ALL Rs./ 5,000, 2,000, 1,000 & 500 Notes declared invalid !


As from midnight tonight, 31st March 2017

Qatar News 31/03/2017

President Sillysena has declared that all large notes in circulation will cease to be legal tender as from midnight, tonight (31st March, 2017)

This follows the overwhelming success of a similar masterstroke by his Indian Counterpart, Prime Minister MOGLI in November last year.
With one single directive, all black cash was eliminated and the banks recorded record deposits ever since. Being hard pushed to raise funds to repay foreign loans, the GOSL had to act swiftly.

The Victory Rs./ 1,000 note

Parliament was not privy to this bombshell announcement. Ministers and Members of Parliament were only told, in strict confidence, to  quickly dispose of their hordings of  the controversial Rs./ 1,000 “Victory”  note. This was issued by a former Government.
Many believe that a huge warehouse full of such notes still exists.
Largest legal tender note as from today:
This is enough to buy 2 Cigarettes.

 

Statement from Temple Trees:

“I have reached today’s decision to demonetize Rs./500 up to the Rs./5000 currency notes in circulation in the economy as bold and revolutionary, and one that will have tectonic impact on the ubiquitous parallel economy in the country. The move will significantly strengthen the government’s systematic efforts (including special investigation team on black money, amending DTAA with India, Mauritius and Cyprus, amending the Benami Transactions Act, and the more recent Income Declaration Scheme) over the last two years to curb black money in the economy”

 USAIDs Press release:

“In a single master stroke, the government of Sri Lanka has tackled all three malaises plaguing the economy—a parallel economy, counterfeit currency and terror financing”

 

Statement by Central Bank warden Mr. India Rancit Coma- Rastaswammy:

“I am honoured that the Government has followed my advice”

With our latest move, it is reasonably clear that the economy stands to benefit on several fronts:

 

1. Boost deposit base and savings

Global agencies have pegged the size of the parallel economy with the US $ at close to 23% as of 2007. Basis this, we estimate unaccounted cash in the economy to the tune of Rs./4500 billion, of which a certain significant proportion will make its way to the banks, thus boosting deposit base as well as financial savings:

  • The banks’ deposit base is expected to receive a fillip of 0.5-1.4% of GDP.
  • In turn, financing savings can be expected to rise by close to this proportion due to switch from savings from unproductive physical assets to financial assets.

2. Improve monetary transmission and reduce lending rates

  • A rise in deposit base will allow banks to lower the blended cost of funds as higher CASA (current accounts, savings accounts) deposits help to replace the high cost of borrowing and lower overall cost of funds. We expect banks to reduce deposit rates by ~125 bps over the next six months.
  • The new regime of MCLR (Marginal Cost of Funds based Lending Rate )will immediately take into account the lower cost and will thereby lead to a decline in lending rates, which will boost economic activity in the medium term.

3. Create room for further monetary accommodation

Continue reading ‘ALL Rs./ 5,000, 2,000, 1,000 & 500 Notes declared invalid !’

“Axit” Poll June 23rd, 2016 !

Break News
1/4/2016
Arugam Bay will vote for Independence from Sri Lanka
The AbaY EXIT (“Axit”) Vote
Will be held on the same day as the UK Exit (“Brexit”) poll
 A decisive AbaY / Ceylon Referendum has been announced for the 23rd June.
Unless the GoSL grants the promised SAR status to the Bay of Arugam.

President Srisena was regarded – just over one year ago- as a new strong leader.
A new, fresh breeze swept the island. It was widely reported that the new, more progressive  Government would be looking into the creation of an innovative  SAR (Self-Admin. Region) region within Sri Lanka. (arugam.info reported)

The remote enclave Bay of Arugam was earmarked to be a perfect Government designated Tourist Resort to implement and try  such forward thinking policies.
Sadly, NOTHING has happened since.
Apart from more and more power cuts than ever. As a result, AbaY relies again on it’s own generators, and residents wish to break all commercial ties with distant Colombo.

 

SAMSUNG CAMERA PICTURES

The only access into the Arugam Bay enclave

Disillusioned, frustrated and following the British/Scotland vote, the recent New Zealand Flag issue as well as the pending UK  / EU “BREXIT” referendum Arugam Bay Residents have got totally fed up waiting Continue reading ‘“Axit” Poll June 23rd, 2016 !’

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Taxi. Transfers. Feedback

Still as Good and Reliable as ever

The Arugam Bay Taxi Initiative has linked up with innovative
Taxisurfr.com
Amazing deals – Safe & trusted drivers – Best rates – Cost effective
Voted Best Taxi System on the Island

Environmentally conscious. By avoiding empty runs.
Share your ride and half your expenses!
100% Positive Passenger Comments.
For a small sample of what our satisfied travelers had to say:
see below

May Traveler's comments

April’s  Traveler’s comments

To book. Simply
Use the “Book a Taxi” link on or the above web site shown on this page

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Surf Competition in July

Red Bull Ride my Wave Competition

Arugam Bay gets ready for Red Bull Ride My Wave
Details and online Entry Form

On 23rd July, Red Bull Ride My Wave returns to the Sri Lanka’s surf capital, Arugam Bay.

Red Bull Surf Competition at Arugam Bay

Red Bull Surf Competition at Arugam Bay

Competing surfers will take on the waves in a head to head competition to be crowned champion of Red Bull Ride My Wave 2015.

Driven by the popularity of the 2014 event, this year’s edition of Red Bull Ride My Wave will see domestic and international surfers compete over three days on the island’s eastern coastline.

Red Bull Ride My Wave will be hosted by officials from the Association of Surfing Professionals, who will run the event as per international surfing rules and regulations, including three days of heats before culminating in the Finals on July 25th

The islanders will play with home advantage, but will no doubt face stiff competition from the international surfers. The combination of home grown and international talent promises to promote Sri Lanka as one of the best surfing destinations.

Red Bull has been actively involved in surfing events for several years, hosting competitions on every continent around the world. Surfing in Sri Lanka has seen a considerable movement from being a healthy pastime and tourism tool to one of professional sport. This has been driven by both passionate surfers within the country and Red Bull’s very own series of surfing projects. In 2013, Red Bull Sri Lanka held the Local Hero Tour with Peruvian Pro Surfer, Gabriel Villarán, who ran workshops and judged an intense competition where 30 young Sri Lankans showcased their talent on the beaches of Arugam Bay. The success of this event set the foundation for an international surfing stage in Sri Lanka, activating the inaugural Red Bull Ride My Wave last year. The competition pitted the sport’s greatest local surfers from the Eastern and Southern waters against each other in a quest to determine which region was home to the island’s best surfers. Hosted by Costa Rican Pro Surfer, Diego Naranjo, the East Coast team emerged victorious and went on to represent Sri Lanka at Red Bull Both Ways in the Maldives, where they placed 2nd, 3rd and 4th respectively.

To register for Red Bull Ride My Wave 2015, sign up before July 19th 2015 at

www.redbull.com/ridemywave.

Red Bull  Background Info.

Red Bull
Background Info.

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PM makes revelations about a “mansion” in Arugam Bay

…….“Sri lanka’s best beach is in Arugam Bay” ……
Addressing a public meeting on Sunday, Prime Minister Ranil Wickremesinghe revealed facts about a mansion that was being built in Arugam Bay.

Google Earth View of the Peanut Farm Hotel project, Panama - AbaY

Google Earth View of the Peanut Farm Hotel project, Panama – AbaY

The meeting was held in the Uluwitige area in Galle.

Prime Minister Wickremesinghe speaking at the meeting expressed these views,

”Recently I located a palace. It is bigger than the Buckingham palace. This was found in Arugam Bay. This palace also has a name. It is called the International Coordinating Headquarters. What we have found here are chalets, in other words holiday bungalows. There were 57 chalets. They were VIP chalets with pools. There are three pools. This is in the sea and it is 100 feet long. Sri lanka’s best beach is in Arugam Bay. There are pools here. What is the purpose of this. Can international coordination be done from Arugam Bay? For whom are these built? Now we have put a halt to it. They have already built 15. Only walls have been put up and we have stopped further work. The Parliament has not given approval for this. Money from the Presidential Secretariat has been given for this. All financial regulations have been violated. Who paid for these? When these expenses were stopped, we could lower the fuel prices.”

Minister of Mass media and Parliamentary affairs Gayantha Karunathilake too expressed views at the meeting.

”They filled their pockets with commissions from road construction. This government will initiate a new beginning where everything will be done in a transparent way. All this would be done within the one hundred day programme.”

http://newsfirst.lk/english/2015/02/pm-makes-revelations-mansion-arugam-bay/78216

Lessons Learned?

Arugam Bay. Pushed from pillar to post And largely left on it’s own. 10 years ago.

All beach front dwellings were destroyed. Waves up to 17 meter high

All beach front dwellings were destroyed. Waves up to 17 meter high

Sri Lanka, the tsunami and the evolution of disaster response COLOMBO, 24 December 2014 (IRIN) – On the morning of 26 December 2004, Mohideen Ajeemal, a fish distributor from Sainathimaruthu, a village on Sri Lanka’s eastern coast, hurriedly climbed a coconut tree to escape rapidly rising seawater. As he did so he saw his young daughter and son struggling to save themselves. “I found both bodies later that afternoon. My son’s body was swept away about a mile, my daughter’s had got stuck in a fence,” he

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said. A decade later, the 45-year-old said he finally feels safer next to the sea. “Now I check the weather regularly, I have SMS alerts on my phone that warn me of possible dangers,” he said. On 15 November 2014 when a 7.3 magnitude earthquake was reported 150km northeast of the Indonesian island of Maluku, an SMS alerted Ajeemal that there was no danger to Sri Lanka. Continue reading ‘Lessons Learned?’

“Tourist” Police shuts down Info pages


“Tourist” Police action shuts down AbaY’s Info pages

This week the so-called “Tourist” Police raided the premises of arugam.info‘s only sponsor.
The resulting fine – for a small technicality, held up by the local in-famous ‘Red Tape’ came to about 1 year’s salary.
That alone took everyone by surprise.
With no funding we can no longer continue to support this as well as all of our other Tourist Promotion initiatives.
Sorry!

Arugam’ “Tourist” Police Station


This Community and Tourist promotion web site
Plus all our other, associated  Info & promo pages, worldwide
are strictly non-commercial.
They are paid for and maintained by a private initiative only
As bad luck has it, all annual hosting fees are due now.
Our sponsors are forced to pay a huge fine (Rs./ 100,000) or $780

That means that any further support for Tourism will come to a halt, due to cash flow problems. This usually pretty minor case was caused by weird police action over the sale of a few bottles of local BEER.

All other “Tourist” Resorts in Sri Lanka do NOT face similar drastic action and totally over the top penalties. Why Arugam Bay?
Sorry for the inconvenience.

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Invest? In Asia’s No.1 Resort of the Future?

There is NO doubt that many investment opportunities exists on Sri Lanka’s under developed East Coast.
We are certain, that this area has our island’s greatest potential.
And everyone will do well here, specially at ARUGAM BAY
We are often asked to assist in finding investors.

Our mission is to support some small business in the Bay.
(But we are also concerned about investor’s safety & security)
Here is – without our own comment – the most recent and also rather professional one:

Investment offer.

Please be advised that arugam.info (and all of our associated sites and pages) do not check, endorse or recommend any of the published  ofers or any financial transactions.
This is a matter purely between you and the advertisers!

For confidential, impartial & non commercially minded advice contact:
arugamsurf@gmail.com

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AbaY’s first ATM

Good News!

“Seylan” Bank beats all others. To be AbaY’s 1st


Arugam Bay has today become a proper Tourist Resort!
This ATM is located at the #31 Pacific Hotel
(formerly “Royal Garden”)

*********************************************************

However, here is a piece of history:
10 years ago, 2003
A forward thinking local manager of the
Bank of Ceylon
Established Arugam Bay’s FIRST ever BANK:

This was Arugam Bay’s 1st and only Bank

This was situated under the Siam View Hotel
And washed away end 2004
Never to be re-opened
Below is the story about this bank:
http://www.arugam.info/?p=702

Jet Ski trials at Arugam Bay

Navy The S.L. Navy recently entered the lucrative Tourist market. In a big way, with cruises, boat trips, hospitality and whale watching,

Army The Army also has been taking keen interest in the sport of Surfing. Locally based, Commissioned Officers are said to have been observed to Surf Arugam Bay.

Air Force Jet Ski trials at AbaY

STF – Special Tusk Farce The STF is already actively engaged in life-saving duties and Fishery protection excercises

Fishy protection Duties

Air Farce Not to be outdone, arugam.info has learned that SLAF is now also set to enter the lucrative Tourist sector. So far, none of the Armed Forces appear to be profitable. As jet.

Recently, secret trials were held in the area. Just West of Arugam Bay.

Rigorous training program. Earlier attempts were promising

Jokey Club Furthermore, it is understood that other organisations are considering to jump on the popular Surfing “Band Wagon”

Even the Sri Lanka Jockey Club seems to be considering to divert into some off shore activities:

Jockey Club training session @ Arugam Bay

AbuDubai Race Horses Rulers from the UAE have also spotted Arugam’s potential. Already they have send some of their best Race Horses to be conditioned and trained in the clean air of Arugam’s beaches. Apparently, the humidity and the heat will give Arab based horses a distinct advantage over European competitors in forthcoming races in Dubai’s high Tech race course.

Dubai Horse Race training & conditioning at Arugam Bay

Chinese Interest The Chinese meanwhile have copied popular Jet Ski Designs by Yamaha, Suzuki and Bomadier. Seen here on HD sea trials at AbaY

Ps.: NAAFI? Navy, Army & Air Forces Institutes in action at Arugam Bay 1st April, 2012

Combined Forces. At work in AbaY

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Good Opportunities at Arugam Bay

Arugam Bay has not enough quality rooms.
To cope with the unprecedented demand.

So far, there have been few improvements since 2004.

Aerial View of the Bay


Room capacity just has not kept up with the amount of visitors wishing to explore the Bay and  its unique surroundings.

Below are just two examples of current projects in the Bay looking for suitable partners:

Owner driven Apartments with Surf Point View

3 Star Hotel planned

Some excellent opportunities exists now.
Arugam Bay is very popular and will have a brilliant future.
Property prices are set to rise sharply.
Wise investors are looking at the Bay.
They seem to realize that good profits will be made .

last weekend "Arugam Surf" passed 80,000+ friends

Basically, the entire Country just had 800,000 visitors last year, 2010.
Arugam Bay has attracted more than 10% of them on its Facebook page.
A strong indication how popular the remote, little Bay will become!

Cool Idea!

“……No more plastic bottles would be littering the beautiful Bay…”

This article was first published on arugam.info on 14th March, 2007
We re-publish it today, in response to “The Island” article above.
*****************************************************************

Fresh drinking water at Arugam Bay still presents a major problem, to this very day.
None of the educated (?) NGO’s, who claim to be “experts” in their chosen fields ever managed to came up with a true, ‘sustainable’ idea which actually worked.
In more than two years (after our Tsunami) .
Instead, they managed to waste millions of donor’s hard earned cash.

Arugam.info sees no real problem.
Forward thinking Thais,  just 2,000 km due East of Arugam Bay, have long embraced popular reverse osmosis water dispensers.
Even in the USA some, unlike “Mercy Corpse”  may have heard of it….:

osmosiswaterdispenser.jpg
Indeed, on every street corner in the Kingdom of Siam you will see residents refilling their PVC bottles and containers with fresh, clean, and fully trusted water.
A good contribution to the environment:
Every sane person should be concerned about PVC waste piling up and spoiling the environment! And this  for ages, maybe even 500 years ahead. Continue reading ‘Cool Idea!’

Daily News

Arugam's second 'Tsunami'

….. several illegal constructions in Arugam Bay were demolished last week……

Illegal constructions out in coastal belt

Disna Mudalige

* More powers to CCD by new law

*Demolition costs to be recovered from offenders

The Coast Conservation Department (CCD) has decided to take strict action against illegal constructions in the coastal belt using the new powers vested in it under the amended Coastal Conservation Act approved by Parliament recently.

CCD Director General Anil Premaratne told the Daily News that court cases will be filed against owners of these illegal buildings and a fine not less than Rs 5,000 and not more than Rs 25,000 will be imposed on them at the first conviction.

He said that if the offenders who maintain the illegal constructions continue the same offence disregarding the court decision, the amended Act has the provisions to impose a fine not less than Rs 1,000 and not more than Rs 5,000 per day on them.

He said that unauthorized constructions in the coastal belt have resulted in accelerated coastal erosion and pollution and therefore the CCD has decided to strictly implement these laws.

Premaratne said that the unauthorized buildings which are built very close to the sea will be demolished and the expenses spent on them will be recovered from the offenders. He said that several illegal constructions in Arugam Bay were demolished last week and this process will also be carried out in other coastal areas.

He observed that the coastal stretch in the Southern Province comprises the majority of illegal constructions.

He also explained that legal action will also be sought for the illegal fillings of water bodies and sand mining. The amended Act has also made provisions to arrest an offender without a warrant for violating its laws and regulations aiming for an efficient coastal conservation and coastal resource management.

source:

http://www.dailynews.lk/2011/10/26/news26.asp

Link to  Facebook page “Save Arugam Bay”:

http://www.facebook.com/profile.php?id=100003041452272&ref=ts

Finally!

Donated surfboards finally reach surfers in Sri Lanka

The Arugam BaySurfers

Paddle4Relief (P4R) Founder, Tim Tanton, with the help of representatives from both Arugam Bay Surf Club and West Coast Surf Club, have finally managed to get the donated shipment of surfboards cleared from Sri Lankan Customs!
The 36 boards were sent out by the Braunton charity in February, but were delayed at customs. Tim, was in Sri Lanka for a prolonged period of three months trying to free the shipment from the country’s border, which he said only seemed possible through financial contributions.
“It was a very stressful time because being a charity we run on minimal costs and in the end it led to me paying £750 out of my own pocket.”
Quite an expensive donation but well worth it when one sees the joy of the youngsters as their eyes light up and they have the chance to learn to surf.The boards are crucial to Sri Lankan surfing communities to give talented surfers the opportunity to improve and for the the little ones to learn. The majority of the surfboards have now been distributed around the island. More will be handed out on Tim’s next visit to a few more obscure places that he was unable to get to this time.
The trip has been exhausting and traumatic. Emotions have run high, and tears have been shed. Frustration has been evident, both from Tim, himself, and the surfers of Sri Lanka. They have been upset that their fellow countrymen have caused so much disruption both through bureaucratic nonsense, corruption and jealousy.
What one could describe as a nightmare, it has been a success. One can see from the photos, whether it is Geeva, a young female Sri Lankan teenager learning to surf, or Asanka, Sri Lanka’s Number one surfer, or Chumphikha who doesn’t surf but enjoys the vibe, that all the blood, sweat and tears are worth it.

Geeva . . . . . loves learning to surf

Tim said that developing the deprived country’s natural asset of great surfing conditions is an obvious way of building a sustainable economy for those providing surfing lessons and equipment hire.
The surfers in Arugam Bay are now able to use the soft top surfboards to run surf lessons for both tourists and for the younger children in the community. This enables them to earn a salary and to give back something to their community. They are now fortunate to have an office to use as a base, and where they can take bookings for lessons, store surfboards and inform tourists of where and when to surf.

Chumphikha . . . . . . loves the vibe

We, Paddle4Relief, have been instrumental in empowering the young surfers of Arugam Bay to realise the potential of their sport and in taking responsibility for their environment, their playground. They have previously realised the need to carry out Beach Cleans, and they are presently involved in establishing a working committee with other organisations and officers within the community to develop a sustainable programme where they can protect their environment.

Asanka . . . . . Sri Lanka's Number 1 surfer

The support from the North Devon Community, the Sri Lanka Surfing Community, Christian Surfers UK, Surf Relief UK, Tiki Surf International, Fluid Juice, Constantine Surf, Croyde Surf Life Saving Club and the team of friends that support Tim at Paddle4Relief have made this possible. Special thanks must go to Phil Williams of Christian Surfers UK for his continued committment to the surfers in Sri Lanka and his ability to provide both spiritual and financial support.
It is still hard to put the experience into words. Tim explained that he been at a very low ebb on number of occasions throughout the episode and yet he says
“there is the enormous satisfaction that we stuck by our committment and came out the other side”
Realisation is that it did cost a lot more money than expected. Money that the charity, P4R, didn’t have. So somehow P4R need to raise more at this years event in August to rebalance the accounts. It has taken a lot of energy but it has brought something to others that money cannot buy . . . . . . . . . it has given them opportunity, hope, enjoyment and realisation that they are not alone. That complete strangers from around the world, care, care enough to help, to sacrifice, and hopefully this humanity will continue with them, through their lives.

The Arugam Bay Surf Club & their own office

Now the focus is on getting a Surf Instructor out to Sri Lanka to enable the young surfers to gain a recognised Surf Instructors Qualification.
The quest is never ending it seems. So the plan is to recharge the batteries and gather everyone together to continue the quest.
So, if anyone, or any business, would like to help in any way what so ever then please contact tim@paddle4relief.co.uk
Or, if there is a qualified Surf Instructor that can head out to Sri Lanka and train the young surfers to achieve a recognised Surf Instructors Qualification then please contact Tim. There is funding for a flight ticket, transfers, accommodation and possibly meals for such a person.
We desperately need funding for this years event on Sunday August 21st. We need sponsors for the event t-shirts and hoodies. We are also looking for prizes for the Paddle Race and Fancy Dress Surf Competition, let alone the raffle and tombola.
Many thanks again to all those that have supported and continue to support P4R.

Entry Filed under: 2011 P4R, Arugam Bay Surf Club, Sri Lanka 2011

source:

http://www.paddle4relief.co.uk/blog/index.php/2011/05/finally/

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“Arugambay” challenges Quicksilver & Billabong

Fashion News

A start up Sri Lankan ‘beach brand’ aspires to challenge Billabong and Quicksilver

Arugambay Beach T-Shirt

Sri Lanka’s emerging apparel brands inspired by a stray dog and an East coast beach

Arugambay T-Shirts and Shorts

Developing local brands is challenging because the market is flooded with cheap knockoffs of international brands

Bubble gum coloured flip-flops are the rave among teenagers in Colombo since the Arugambay brand launched its multi hued slippers in 2009. In a simple but crucial way Arugambay improved and made flip- flops in to something surprisingly flattering and fashionable.

Arugambay Flop-Flips

Ajay Virr Sing an Indian living in Sri Lanka and once a fulltime ad-man, launched the Arugambay beachwear brand in 2009, ““We started with flip-flops Continue reading ‘“Arugambay” challenges Quicksilver & Billabong’

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Protected: Surfing Mag (June2011) on Abay

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