2026-06-17
News Categories : Committee News
The Committee on Public Finance (COPF) granted approval for the Rules published in Extra Ordinary Gazette Notifications No. 2479/54 dated 12 March 2026 and No. 2492/10 dated 09 June 2026, made under the Central Bank of Sri Lanka Act, No. 16 of 2023 following its consideration.
The said approval was granted when the COPF met in Parliament on 09 June 2026 under the Chairmanship of Hon. Member of Parliament (Dr.) Harsha de Silva.
In the discharge of its functions, including the formulation of monetary policies under the Central Bank of Sri Lanka Act, No. 16 of 2023, the Central Bank of Sri Lanka is required to collect statistics and information from external parties. Accordingly, the Rules published in Extraordinary Gazette Notification No. 2479/54 dated 12 March 2025 under the said Act have been made to prescribe the statistics and information to be reported, the persons subject to such reporting requirements, and the administrative measures that may be taken in the occasion of a violation of the relevant requirements.
The Rules further restrict the authority to issue notices requiring the submission of statistics and information to authorized officers of the Central Bank of Sri Lanka (CBSL), namely the Deputy Governors, the Head of the Economic Research Department, and the Head of the Department of Census and Statistics.
In addition, the Rules provide for safeguards, including ensuring that the information equipped is used solely for the purpose for which it is collected.
The Committee also drew attention to the non-publication of certain government debt data by the CBSL. It was observed that such information is currently maintained by the Public Debt Management Office and that there are limitations in reproducing debt statistics in the format previously published by the CBSL. The Committee emphasized the importance of maintaining public access to government debt information through the publications of the CBSL and also noted the delay in the publication of reports relating to the secondary market for government securities.
Further, the COPF pointed out that accurately calculating tourism earnings has become a challenge due to the various payment methods used by tourists, and emphasized the need to improve data collection surveys to enhance the accuracy of such estimates.
The Committee also granted approval, following due consideration, for the Rules published in Extraordinary Gazette Notification No. 2492/10 dated 09 June 2026 under the Central Bank of Sri Lanka Act. These Rules, titled the "Repatriation of Export Proceeds into Sri Lanka Rules, No. 2 of 2026," further amend the existing regulatory framework governing the repatriation of export proceeds into Sri Lanka.
Accordingly, every exporter of goods who repatriates export proceeds into Sri Lanka during any given month is required to utilize such proceeds only for permitted payments, and to mandatorily convert the remaining balance into Sri Lankan Rupees on or before the 10th day of the following month. This amendment reduces the three-month period previously allowed under the regulations introduced in 2024 to a deadline of the 10th day of the following month.
The CBSL pointed out that, in view of the volatility in the exchange rate and the foreign exchange market, as well as the shortage of foreign exchange liquidity, it had become necessary to reduce the period granted to exporters for converting export proceeds into Sri Lankan Rupees.
The Committee pointed out that this measure could potentially affect market confidence and contribute to volatility in the foreign exchange market. In response, CBSL officials stated that the measure had been introduced as a short-term policy tool to address exchange rate volatility and the current shortage of foreign exchange supply, and that it would be relaxed once market conditions stabilize.
The Committee also discussed the alleged financial fraud involving NDB Bank. An extensive discussion was held on the relevant technical matters, including the role and responsibilities of the CBSL in relation to the incident. It was decided that the matter would be taken up again following the completion of the ongoing forensic audit.
Hon. Deputy Minister (Dr.) (Ms.) Kaushalya Ariyaratne, Hon. Deputy Minister Nishantha Jayaweera, and Hon. Members of Parliament Rauff Hakeem, Attorney-at-Law, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksha, Thilina Samarakoon, Champika Hettiarachchi, and Lakmali Hemachandra, Attorney-at-Law, together with Central Bank Governor Dr. Nandalal Weerasinghe and other officials, were present at the meeting. A delegation from the House Democracy Partnership (HDP) and the Congressional Budget Office (CBO) of the United States Congress, who were in Sri Lanka on a technical assistance mission on “Strengthening Budgetary and Economic Analysis in Parliament,” also attended the committee meeting as observers.
2026-06-16
The Third Report of the Committee on Public Petitions was presented to Parliament on 12th June by the Chairman of the Committee, Hon. Member of Parliament R.M. Gamini Rathnayake.The Third Report of the Committee on Public Petitions, submitted in terms of Standing Order 125(5) of Parliament, contains the recommendations made by the Committee in respect of public petitions examined during the period from 1st September 2025 to 31st December 2025, as well as noteworthy observations made during the Committee’s investigations.During the period from 1st September 2025 to 31st December 2025, the Committee on Public Petitions held 15 sittings to examine petitions and has so far considered 89 petitions. Of these, recommendations were made in respect of 43 petitions, relief was not recommended in respect of 33 petitions and recommendations on 13 petitions were deferred. Information relating to all 89 petitions is included in this report.In accordance with Standing Order 125(5) of Parliament, the Committee on Public Petitions of the Tenth Parliament previously presented its First and Second Reports (Parliamentary Publications Nos. 250 and 390) to Parliament on 7th August 2025 and 5th December 2025, respectively.
2026-06-12
The committee on Hogh Posts has approved the nomination of Mr.P.R.S.S. Gunaratna as the new Ambassador of Sri Lanka to the French Republic and as the Permanent Representative of Sri Lanka to the United Nations Educational, Scientific and Cultural Organization (UNESCO).The approval was granted at a meeting of the Committee on High Posts held recently (10th June) and chaired by Hon. Member of Parliament Dr. Nihal Abeysinghe. Hon. Ministers Dr. Anil Jayantha, Attorney-at-Law Harshana Nanayakkara, Ramalingam Chandrasekar, Dr. Upali Pannilage, Saroja Savithri Paulraj and Dr. Hiniduma Sunil Senevi, Hon. Deputy Minister Dr. Hansaka Wijemuni and Hon. Members of Parliament Rishad Bathiudeen, Kumara Jayakody, Kathiravelu Shanmugam Kugathasan and M. Nizam Kariapper, PC were also present at the meeting.
2026-06-11
The Committee on Public Finance convened in Parliament recently (Jun. 08) to deliberate on the report submitted by the Ministry of Finance regarding the missing of US$ 2.5 million held by the Treasury for the settlement of government debt. The Committee, chaired by Hon. (Dr.) Harsha de Silva, was attended by Hon. Deputy Ministers: Chathuranga Abeysinghe, (Dr.) (Ms.) Kaushalya Ariyarathne, Nishantha Jayaweera, and Hon. Members of Parliament: Ravi Karunanayake, Harshana Rajakaruna, Nimal Palihena, Chithral Fernando, Attorney at Law, Wijesiri Basnayake and (Ms.) Lakmali Hemachandra, Attorney at Law.The discussion was attended by Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, Planning and Economic Development, Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and a number of other officials, including officials of the Sri Lanka Computer Emergency Readiness Team (CERT). An extensive discussion was held on the report submitted, during which officials of the Central Bank informed that, upon examining the report, they would submit another report on the matter to the Committee on Public Finance. Accordingly, the Chair of the Committee on Public Finance stated that, after considering both reports, a final report would be prepared and submitted to Parliament.
2026-06-09
The motion to refer the report containing the findings of the investigations conducted by the Committee on Public Accounts (COPA) in relation to the Department of Motor Traffic to the Attorney General for observations and any necessary further action was approved by Parliament today (Jun. 09).The report contains the findings of the investigations carried out by COPA regarding the Department of Motor Traffic on 10 and 21 March 2025 during the First Session of the Tenth Parliament. It had previously been presented to Parliament on 25 July 2025 as Parliamentary Series No. 243.In terms of the provisions of Standing Order 119(4) of Parliament, the relevant report had been referred to the Minister of Finance and the subject Minister for their observations and following the tabling of their responses in Parliament, the COPA reconsidered the matters contained in the report on 04 March 2026.During its deliberations, the Committee emphasized the necessity of taking prompt legal action in relation to the financial irregularities and frauds that had been revealed in the Department of Motor Traffic. Accordingly, it was unanimously decided to seek the approval of Parliament to refer the Committee’s report to the Attorney General for necessary legal action.Accordingly, Parliament today approved the motion, “The report bearing Parliamentary Series No. 243, which was tabled in Parliament on 25 July 2025 and contains the findings of the investigations conducted by the COPA on 10 and 21 March 2025 in relation to the Department of Motor Traffic, be referred to the Attorney General for observations and necessary action.”No committee report previously tabled in Parliament has been referred to the Attorney General for observations and further legal action, and marks the first occasion on which a committee report has been referred in this manner.
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