Regulatory Alerts2016-10-27 | Rule No. 2 of 2016Microfinance Act Rules No. 02 of 2016: Licence Fee
The Central Bank of Sri Lanka issued the Microfinance Act Rules No. 02 of 2016 to establish the licence fee structure for Licensed Microfinance Companies. The rules mandate an initial fee of Rs. 50,000 payable upon licensing and require annual fees ranging from Rs. 50,000 to Rs. 250,000 based on the company's total assets. These annual payments must be submitted to the Central Bank on or before January 31st of each respective year.
MONETARY BOARD CENTRAL BANK OF SRI LANKA
27 October, 2016 MICROFINANCE ACT RULES NO. 02 OF 2016
LICENCE FEE
Issued under Section 13(2) of the Microfinance Act, No. 6 of 2016.
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Initial Licence Fee 1.1. The licence fee payable by a Licensed Microfinance Company (LMFC) in the year of licensing shall be Rupees Fifty Thousand (Rs. 50,000/-) and shall be paid to the Central Bank of Sri Lanka on or before the date of licensing.
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Annual Licence Fee 2.1. Every LMFC shall pay an annual licence fee for every subsequent year to the year of licensing, to the Central Bank of Sri Lanka, on or before 31st January of the respective year, as set out below, based on the total assets of the company;
| Total Assets as at end of the Previous Calendar Year | Annual Licence Fee (Rs.) |
|---|---|
| Rs. 250 million or below | 50,000/= |
| Above Rs. 250 million up to Rs. 500 million | 100,000/= |
| Above Rs. 500 million up to Rs. 750 million | 150,000/= |
| Above Rs. 750 million up to Rs. 1.0 billion | 200,000/= |
| Over Rs. 1.0 billion | 250,000/= |
[Signature]
Indrajit Coomaraswamy Chairman of the Monetary Board Governor of the Central Bank of Sri Lanka
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