Regulatory Alerts2014-12-18 | Banking Act Determination No. 1 of 2014Annual Licence Fee of Licensed Commercial and Specialised Banks
The Monetary Board of the Central Bank of Sri Lanka has issued a determination setting the annual licence fees for licensed commercial and specialised banks for 2015 and 2016. The fees are calculated based on each institution's total assets at year-end, ranging from Rs 2.2 million for banks with under Rs 25 billion in assets to Rs 30 million for those exceeding Rs 750 billion. Each bank must remit the calculated fee to the Central Bank on or before January 31 of the applicable calendar year.
Determination made by the Monetary Board of the Central Bank of Sri Lanka under Sections 8 and 76D(6) of the Banking Act, No. 30 of 1988, as amended. A|, \h-J q rl Nivard Ajith Leslie Cabraal Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka Colombo | ( December 2014 BANKING ACT DETERMINATION NO. I OF 2OI4 ANNUAL LICENCE FEE OF' LICENSED COMMERCIAL BANKS AND LICENSED SPECIALISED BANKS Annual licence l. In terms of Sections 8(1) and 76D(6) of the Banking Act, the fee for the years Monetary Board has determined that the licence fee that shall be 2015 and 2016 paid by licensed commercial banks (LCBs) and licensed specialised banks (LSBs) for the years 2015 and 2016 shall be based on the total assets as follows: Total Assets as at the end ofthe previous year Licence Fee Above Rs 750 bn Rs.30.0 Mn Above Rs 500 bn to Rs.750 bn Rs. 25.0 Mn Above Rs 200 bn to Rs 500 bn Rs. 22.0 Mn Above Rs 125 bn to Rs 200 bn Rs. 16.5 Mn Above Rs 75 bn to Rs 125 bn Rs. I1.0 Mn Rs 25 bn to Rs 75 bn Rs. 5.5 Mn Less than Rs 25 bn Rs. 2.2 Mn Payment of 2. Every LCB and LSB shall pay the licence fee to the Central Bank licence fee of Sri Lanka on or before 31't day of January of the respective year. 3. The licence fee shall be paid on calendar year basis.