Regulatory Alerts2016-07-25 | Banking Act Determination No.1 of 2016Annual Licence Fee for Licensed Commercial and Specialised Banks
The Monetary Board of the Central Bank of Sri Lanka has determined annual licence fees for licensed commercial and specialised banks under Sections 8 and 76D(6) of the Banking Act. Banks must pay these fees by 31 January 2017 based on their total assets as of the end of 2016, with charges scaling from Rs. 2.2 million to Rs. 30 million across seven asset tiers. The structured schedule ensures larger institutions contribute proportionally more, requiring banks exceeding Rs. 750 billion to pay the maximum fee while those under Rs. 25 billion remit the minimum.
'25 July 2016 MONETARY BOARI) CENTRAL BANK OF SRI LANKA BANKING ACT DETERMINATIONS No.01 of20l6 ANNUAL LICENCE FEE OF LICENSED COMMERCIAL BANKS AND LICENSED SPECIALISED BANKS 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. In terms of Sections 8(l) and 76D(6) of the Banking Act, the Monetary Board has determined that every licensed commercial bank and licensed specialised bank shall pay the licence fee in respect of the calendar year 2017 to the Central Bank of Sri Lanka on or before 31't day of January of 2017, based on the total assets of such bank as at end of 2016 as set out in the table below. Total Assets as at the end of 2016 (Rs. Bn) Licence Fee (Rs. Mn) Above 750 30.0 Above 500 to 750 2s.0 Above 200 to 500 22.0 Above 125 to 200 16.5 Above 75 to 725 1 1.0 25 to 75 5.5 Less than 25 2.2 %x Dr. Indrajit Coomaraswamy Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka