State banks asked to stop auctioning pawned jewellery: Finance Minister (Watch Video)

State banks asked to stop auctioning pawned jewellery: Finance Minister (Watch Video)

Written by Staff Writer

11 Feb, 2015 | 8:44 pm

Minister of Finance Ravi Karunanayake says that the state banks have been informed to hold off the auctioning of pawned jewellery until April this year.

He adds that this measure was taken so that the interest that is charged on jewellery pawned at state banks is waived as proposed by the Interim Budget.

The Interim Budget proposed that the interest payments on pawned jewellery to a value not exceeding Rs. 200,000 held at state banks will be waived.

Questions were posed to the Minister of Finance at a press conference on Wednesday as to why this relief is not being provided by the state banks.

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