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In order to raise Rs.12 million for the war effort, the government yesterday moved a motion in parliament, to increase borrowing limits by Rs.20 billion. The Defence Levy raised by one percent yesterday is expected to bring in Rs.2.5 billion as revenue. The government plans to issue treasury bills for a further Rs.10 billion as a second major measure to raise funds. The non-immediate availability measure was being adopted as a means of sustaining the war effort of the government, and the government planned to spend about Rs.two billion immediately Deputy Finance Minister, G.L Peiris said. According to him the government did not want to put any undue hardship on the public by way of taxation, except by raising the Defence Levy by one percent. He also said that the measures to increase funds would not include the imposition of a surcharge on income tax nor an increase in GST but said that the government envisaged a Rs.1.5 billion return by raising the price of cigarettes and liquor.
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