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.
Explanatory Note No. 05 of 2019 (3rd Explanatory Note for Circular No. 07 of 2019) Bank Supervision Department 27 August 2019 INTERPRETATIONS FOR CIRCULAR NO. 07 OF 2019 ON CONCESSIONS GRANTED TO TOURISM INDUSTRY The following interpretations are issued in relation to the Circular No. 07 of 2019 dated 08 May 2019 on Concessions Granted to Tourism Industry.
- Registration Requirements In line with the Cabinet decision to extend the concessions granted to tourism sector to music groups who are registered at the Department of Cultural Affairs, licensed banks are informed that such persons and entities are exempted from the requirement to register with Sri Lanka Tourism Development Authority, in order to avail the concessions granted to tourism industry.