Regulatory Alerts2019-08-27 | Explanatory Note No. 5 of 2019Interpretations for Circular No. 07 of 2019 on Concessions Granted to Tourism Industry
The Bank Supervision Department issued Explanatory Note No. 05 of 2019 to clarify registration requirements under Circular No. 07 of 2019 for tourism industry concessions. Licensed banks must recognize that music groups registered with the Department of Cultural Affairs are exempt from registering with the Sri Lanka Tourism Development Authority. This exemption allows qualified music groups to directly access existing tourism sector concessions without duplicate administrative registration.
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