Regulatory Alerts2021-10-05 | Circular No. 12 of 2021Concessions for Lease Facilities Obtained by Businesses and Individuals in the Passenger Transportation Sector
The Central Bank of Sri Lanka directs licensed commercial and specialized banks to extend lease facility concessions to businesses and individuals operating in the passenger transportation sector. This directive integrates tourism-related operators under Circular No. 10 of 2021 and other passenger transport entities under Circular No. 08 of 2021, expanding the original March 2021 relief framework. Licensed banks must implement these expanded concessions expeditiously to alleviate financial pressures on COVID-19 affected transport providers and individual operators.
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MONETARY BOARD CENTRAL BANK OF SRI LANKA
05 October 2021 | CIRCULAR | No. 12 of 2021
CONCESSIONS FOR LEASE FACILITIES OBTAINED BY BUSINESSES AND INDIVIDUALS IN PASSENGER TRANSPORTATION SECTOR
The Central Bank of Sri Lanka (CBSL), with a view to meeting the challenges faced by businesses and individuals providing public and private passenger transportation service including tourism sector, amidst COVID-19 pandemic, requests licensed commercial banks and licensed specialised banks, (hereinafter referred to as licensed banks) to extend the concessions granted under Circular No. 03 of 2021 dated 10 March 2021 on concessions for lease facilities obtained by businesses and individuals in passenger transportation sector as follows:
(i) accommodate the lease facilities obtained by COVID-19 affected businesses and individuals providing passenger transportation services to tourism sector, under Circular No. 10 of 2021 dated 13 September 2021, and
(ii) accommodate the lease facilities obtained by other COVID-19 affected businesses and individuals engaged in passenger transportation services under Circular No. 08 of 2021 dated 01 September 2021.
Licensed banks shall make necessary arrangements to implement (i) and (ii) above, expeditiously.
(Signature)
Nivard Ajith Leslie Cabraal Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka