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| Sunday, 16 January 2005 |
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Features |  |
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A letter : Bargains in gold The Bank of Ceylon, The People's Bank and the National Savings Bank that come under your purview would be holding in its custody a sizable quantity of gold belonging to dead and surviving victims of the tsunami who pawned their gold chains, rings, etc. to raise emergency loans before disaster struck. When these loans are not repaid within one year of the date of transaction the banks send three consecutive monthly reminders informing him or her that the gold given to the bank as collateral will be sold to recover the debt. If repayment is not made in spite of the reminders on the 13th, 14th and 15th months, the pawned items are sold by public auction while weeping owners look on as their treasured and sentimental items are snatched by people looking for bargains in gold. This pitiful, if not a deplorable, state of affairs can be prevented if you as Finance Minister cancels the debts of those who have succumbed due to the tsunami and decree a moratorium on redemption of pawned gold of those survivors who are left with nothing. May I suggest that the national banking institutions named above that dealt in pawn brokering in the tsunami affected areas waste no time and compile lists of names of those who have pawned gold to the bank. The bank should hold the gold belonging to those who have died until a lawful next -of- kin is identified and the pawned items returned to them without repayment of the debt to the bank. Those who are mercifully alive should be given the stipulated grace period of one and a quarter year for repayment of the loan beginning 26 December 2004 and the date of the actual transaction ignored allowing them more time to recover from their plight. If state-owned institutions make this gesture, the private pawnbrokers will follow suit. I am sure, the Edirisinghe Family, who can be rightly described as "Pawnbrokers to the Nation" will give the lead by readily adopting the proposed charitable policy, notwithstanding your decision, as the noble and honourable person who heads the group is well-known for her benevolent work among the unfortunate and under-privileged and whose meritorious deeds towards the tsunami victims have already received wide publicity on television. - Nalin Fernando |
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