Despite Denials, Ravi Karunanayake Forced to Admit on TV Interview that Last year Budget Propsals Benefiting Senior Citizens Havent Been Implemented.

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By Shamindra Ferdinando

A key government proposal to enhance benefits provided to Senior Citizens in Budget 2016 budget hadn’t been implemented by the Central Bank, Finance Minister Ravi Karunanayake acknowledged on Monday night.

Minister Karunanayake said action would be taken to implement 2016 budget proposal along with budget 2017 proposals.

Minister Karunanayake castigated interviewer Rangana de Silva during Monday’s ‘Salakuna’, a live political programme on Hiru when the issue was raised.

In spite of Minister Karunanayake repeated denials, the interviewer insisted that the much-advertised benefits for Senior Citizens hadn’t been implemented.

An irate Minister Karunanayake accused interviewer of raising an issue without verifying facts. Challenging the interviewer to prove his accusation, Minister Karunanayake promised punitive action in case the proposal hadn’t been implemented.

The Minister said the government had implemented what it promised.

However, due to the interviewer strongly pressing the minister, the latter had inquired from relevant authority during a break and then acknowledged that the promised benefit hadn’t been given due to a lapse on the part of the Central Bank. In November, 2015, Minister Karunanayake said the 15 per cent interest rate offered to senior citizens limited to Rs.1 million and only to citizens above 60 years would be expanded to citizens above 55 years of age and the 15 per cent interest rate to be applicable to deposits up to Rs.1.5 million.

The minister said that the facility would be granted through Licensed Finance Companies where an interest subsidy of 1.5 per cent would be granted by the Government.

The minister proposed to allocate Rs 1,500 million for the project. Minister Karunanayake asserted that Central Bank guarantee of deposits would increase the confidence of the depositors.

Rangana de Silva said that many Senior Citizens had complained during 2016 that the government didn’t implement the budget proposal. Minister Karunanayake assured that it would be implemented now.

Courtesy:The Island