2022-11-18
The Report of the Committee on standing orders related to two committees to be established as per the President's proposal was presented to Parliament by Speaker Hon. Mahinda Yapa Abeywardena today (Nov. 18).
Accordingly, the composition, powers and functions of the the Committee on Banking and Financial Services and the Committee on Economic Stabilization are contained in this report.
On November 16, 2022, the Committee on Standing Orders met and approved that the Committee on Banking and Financial Services and the Committee on Economic Stabilization be established and accordingly, be included the Committee on Banking and Financial Services and the Committee on Economic Stabilization as 122 and 123 respectively (Annexure I and II) in the amended Standing Orders of Parliament.
According to the report, the composition, powers and functions of these two committees are as follows.
Committee on Banking and Financial Services
(1) There shall be a Committee to be designated the Committee on Banking and Financial Services consisting of sixteen Members, who are not members of the Cabinet of Ministers nominated by the Committee of Selection.
(2) The Committee shall have power as follows:—
(a) to consider and report on professional standards and culture of the Sri Lankan banking, insurance and other financial sector services;
(b) to make recommendations on reforms for creating improved functioning and diverse banking, insurance and other financial sector services, in order to empower consumers and provide greater discipline on these institutions to raise standards and provide recommendations for legislative and other regulatory actions;
(c) to study and review on a comprehensive basis, matters relating to international economic policy, overseas financial services Regulations, and its effects on Sri Lankan monetary affairs, credit and financial services and economic growth;
(d) to review on a continuous basis, matters relating to monetary policy including Central Bank Reserve System, export and foreign trade promotion, export controls, import controls, financial aid to commerce, industry and small and medium enterprises, financial markets, financial procedures, performance and management of financial institutions, issuance and redemption of notes, coinage and currency, matters relating to disbursement and recovery of loans; and provide recommendations to ensure the stability and continuance of the financial sector;
(e) to conduct and examine regulatory and competitive investigations into the Sri Lanka Inter Bank Offered Rate (SLIBOR) setting process;
(f) to review the co-operate governance, performance and management, transparency and conflicts of interest relating to state financial institutions and financial services provides including insurance;
(g) to conduct policy reviews of the responsibilities of the Government, and of future Governments and Parliament in respect of financial policy and financial institutions including insurance;
(h) to examine and report on the performance and management of the Securities Exchange Commission and capital market developments;
(i) to examine and report on the performance and management of the Colombo Stock Exchange.
(3) The Committee shall, every three months report to Parliament on its findings of any state-owned Bank, or of any other institution providing financial services including Insurance, or other undertaking vested under any written law in the Government and on any matter arising therefrom. The report shall also include observations on matters that require remedial action, and recommendations if any.
(4) A report of the Committee, once tabled in Parliament shall be referred to the Minister in charge of the subject of Finance and the Ministers in charge of the institutions who shall fulfil the recommendations laid down in the report within a period of eight weeks, and also submit a statement on actions they propose to take with regard to observations, or if the Minister is of the view that particular recommendations may not be fulfilled, the Minister shall explain the reasons for this in writing and indicate alternative action the Minister proposes. If the Committee requires, the Committee may invite the relevant Minister to explain the position in person and to answer the questions that arise as to such matters within eight weeks.
(5) (a) The Committee shall as required appoint Sub-Committees of its Members to look at any institution, provided that other Members of Parliament may attend any such Sub-Committee meeting if they so wish. Such Sub-Committee shall report to the Committee on such matters as the Committee deem necessary; and
(b) The Committee or any Sub-Committees appointed by the Committee shall as required have sittings in Parliamentary Complex or any relevant institutions as decided by the Committee.
(6) Members of Parliament who are not Members of the Committee may be allowed to observe the proceedings of the Committee with the permission of the Chair.
(7) The Committee on Banking and Financial Services or any of its Sub-Committees shall for the performance of its duties have the power to summon before it and question any person and call for and examine any paper, book, record or other document and to have access to stores and property.
(8) The quorum of the Committee on Banking and Financial Services shall be five Members. Any Member not attending three consecutive meetings of the Committee without good reason acceptable to the Committee shall be deemed to have vacated his membership of the Committee.
Committee on Economic Stabilization
(1) There shall be a Committee to be designated the Committee on Economic Stabilization consisting of sixteen Members, who are not members of the Cabinet of Ministers nominated by the Committee of Selection.
(2) The functions of the Committee on Economic Stabilization are:-
(a) to examine the performance, management, operational efficiency, policy framework, legal framework and risk management of state-owned enterprises;
(b) to examine the financial stability, debt management, profit and investment management of state-owned enterprises;
(c) to examine the requirements for divestiture, opportunities for public-private partnerships and strategies to minimize losses and enhance profits of state-owned enterprises; and
(d) to examine human resource management, reduction of excessive or surplus staff, non-payment of wages and statutory dues, over payments of wages and allowances pertaining to those who are employed by the state-owned enterprises.
(3) The Committee shall, every three months report to Parliament on its findings of any state-owned enterprises governed by the Finance Act, No 38 of 1971 and the Companies Act, No. 7 of 2007.
(4) A report of the Committee on Economic Stabilization, once tabled in Parliament shall be referred to the Minister in charge of the subject of Finance and the Ministers in charge of the institutions who shall fulfil the recommendations laid down in the report within a period of eight weeks, and also submit statement on actions they propose to take with regard to observations, or if the Minister is of the view that particular recommendations may not be fulfilled, the Minister shall explain the reasons for this in writing and indicate alternative action the Minister proposes. If the Committee requires, the Committee may invite the relevant Minister to explain the position in person and to answer the questions that arise as to such matter within eight weeks.
(5) (a) The Committee shall as required, appoint Sub-Committees of its Members to look at any institution, provided that other Members may attend any such Sub-Committee meeting if they so wish. Such Sub-Committee shall report to the Committee on such matters as the Committee deem necessary
(b) The Committee or any Sub-Committees appointed by the Committee shall as required have sittings in Parliamentary Complex or any relevant institutions as decided by the Committee
(6) Members of Parliament who are not Members of the Committee may be allowed to observe the proceedings of the Committee with the permission of the Chair.
(7) The Committee on Economic Stabilization or any of its Sub-Committees shall for the performance of its duties have the power to summon before it and question any person and call for and examine any paper, book, record or other document and to have access to stores and property.
(8) The quorum of the Committee on Economic Stabilization shall be five Members. Any Member not attending three consecutive meetings of the Committee without good reason acceptable to the Committee shall be deemed to have vacated his membership of the Committee.
2026-09-09
The Chief of Defence Staff (Repeal) Bill was passed in Parliament today (Sep. 09).The debate on the second reading of the Bill was held in Parliament from 11.00 a.m. to 5.00 p.m. today, following which the Bill was passed without a division.The Bill was presented to Parliament for its first reading on 4th August 2025.The Bill has been introduced to repeal the Chief of Defence Staff Act, No. 35 of 2009. The Act was enacted in 2009 to carry out functions including the coordination of activities between the Armed Forces and the Ministry of Defence, in accordance with the requirements of the time.Accordingly, with the repeal of the Chief of Defence Staff Act, No. 35 of 2009, the position of Chief of Defence Staff is also set to be repealed under this Bill.Furthermore, upon the commencement of this Act, all movable and immovable property belonging to the Office of the Chief of Defence Staff will be transferred to the Ministry of Defence.
2026-09-09
The Hon. Prime Minister and Minister of Education, Higher Education and Vocational Education, Dr. Harini Amarasuriya, stated in Parliament that plans have been prepared to modernize the Government Printing Corporation by gradually phasing out old and outdated machinery that has been in use for more than 50 years and procuring efficient equipment equipped with modern technology.She further stated that the modernization programme aims to establish a modern printing unit equipped with advanced technology, capable of targeting international markets and providing Smart Security Printing capabilities.The Prime Minister made these remarks in response to Questions for Oral Answers raised by Hon. Member of Parliament Major General (Retired) G.D. Sooriyabandara.The Prime Minister stated that the Government Printing Corporation currently employs 445 permanent employees, along with a further 21 employees on a contractual basis.She further noted that the printing facility of the Government Printing Corporation, which is currently operational in Wataraka, Padukka, carries out printing work based on orders received from the Government. These services include the printing of school textbooks and modules, as well as security printing, including the printing of provincial examination papers, lottery tickets and confidential documents.In addition, the Corporation undertakes the printing of SPC exercise books, printing requirements of various government institutions, other commercial printing work, private printing orders and election-related printing. The Corporation also maintains a network of SPC outlets across several districts of the country, the Prime Minister said.The Prime Minister also pointed out that the Government derives numerous benefits from having a printing institution operating under the Ministry.Accordingly, these benefits include the presence of the Government Printing Corporation as a factor that helps regulate market prices, maintain market standards and quality, meet the requirement for a reliable Security Printing facility, and maintain the Corporation as the only state-owned enterprise in the printing sector.She further highlighted the Corporation’s role in meeting the need for large-scale printing capacity, ensuring access to government-owned printing facilities, and reducing the costs associated with printing activities.Furthermore, the Prime Minister emphasized that the continued existence of the Government Printing Corporation provides employment opportunities as a state institution, maintains a skilled and trained workforce, and enables the Government to derive financial benefits as its state share.
2026-09-08
Determination of the Supreme Court in respect of the Bill titled “Chartered Institute of Media Professionals of Sri Lanka”The Hon. Speaker Dr. Jagath Wickramaratne today (Sep. 08) announced in Parliament that he had received the Determination of the Supreme Court in respect of the Bill titled “Chartered Institute of Media Professionals of Sri Lanka” which was challenged in the Supreme Court in terms of Articles 121 (1) of the Constitution. Accordingly, the Supreme Court has determined that; (i) Clause 3(i) of the Bill is vague and is therefore inconsistent with Articles 12(1) and 14(1)(g) of the Constitution and may only be passed by the special majority required under Article 84(2) of the Constitution. The inconsistency would cease if the said clause is deleted.(ii) Clause 4(o) of the Bill is inconsistent with Articles 12(1) and 14(1)(g) of the Constitution and may only be passed by the special majority required under Article 84(2) of the Constitution. The inconsistency would cease if the said clause is amended as proposed by the Court.(iii) Clause 5(4)(b) of the Bill is inconsistent with Article 12(1) of the Constitution and may only be passed by the special majority required under Article 84(2) of the Constitution. The inconsistency would cease if the clause 5 is amended as proposed by the Court.(iv) The rest of the clauses of the Bill are not inconsistent with the Constitution.Petitions filed at the Supreme Court in terms of the Article 121(1) of the Constitution, in respect of the Bill titled “Twenty Second Amendment to the Constitution”The Hon. Speaker also informed the Parliament that, he had received copies of petitions filed at the Supreme Court in terms of the Article 121(1) of the Constitution, in respect of the Bill titled “Twenty Second Amendment to the Constitution” as mentioned below, in addition to the receipt of nine Petitions mentioned in his announcements dated 19th, 20th & 21st of August 2026: —• Seven Petitions on 21st of August 2026• Four Petitions on 24th of August 2026• Eight Petitions on 25th of August 2026• Five Petitions on 28th of August 2026• Thirty-one Petitions on 31st of August 2026• Ten Petitions on 01st of September 2026• Three Petitions on 03rd of September 2026• Two Petitions on 04th of September 2026Petitions filed at the Supreme Court in respect of the Bill titled “Anti-Corruption (Amendment)”The Hon Speaker announced that he had received copies of fifteen petitions filed at the Supreme Court in terms of the Article 121(1) of the Constitution in respect of the Bill titled “Anti-Corruption (Amendment)”.Petitions filed at the Supreme Court in respect of the Bill titled “Judicature (Amendment)”The Hon. Speaker Dr. Jagath Wickramaratne further informed the Parliament that he had received seven more copies of Petitions filed at the Supreme Court in terms of the Article 121(1) of the Constitution in respect of the Bill titled “Judicature (Amendment)”, in addition to the receipt of the Petition mentioned in his announcement dated 19th of August 2026.
2026-09-08
Hon. Speaker of Parliament Dr. Jagath Wickramaratne endorsed the certificate on the Employment of Women, Young Persons and Children (Amendment) Bill today (Sep. 08).The Bill, which seeks to amend the Employment of Women, Young Persons and Children Act No. 47 of 1956, was presented to Parliament by the Minister of Labour and was passed by Parliament on the 20th August.The primary objective of this amendment is to update the fines imposed for offences under the Act relating to the employment of women, young persons and children, in order to bring them in line with current circumstances.The Employment of Women, Young Persons and Children Act No. 47 of 1956 completely prohibits the employment of children under the age of 16. As the fines that may be imposed by a court for offences under the Act are no longer adequate in view of prevailing socio-economic conditions, the new amendment provides for the revision of those fines. Accordingly, the Bill has been introduced to increase the fines imposed for offences under the Women, Young Persons and Children (Employment) Act No. 47 of 1956, from Rs. 10,000 to Rs. 100,000.Accordingly, the Bill will come into force as the Employment of Women, Young Persons and Children (Amendment) Act No. 21 of 2026.
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