Gazette – Newswire https://www.newswire.lk Sri Lanka's largest News aggregator Fri, 17 Jul 2026 04:02:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.6 https://www.newswire.lk/wp-content/uploads/2020/05/favicon.png Gazette – Newswire https://www.newswire.lk 32 32 Gazette : Packaging standards for soap tightened https://www.newswire.lk/2026/07/17/gazette-packaging-standards-for-soap-tightened/ Fri, 17 Jul 2026 04:02:29 +0000 https://www.newswire.lk/?p=245651

The Consumer Affairs Authority (CAA) has issued a special gazette notification introducing mandatory labeling requirements for a wide range ofContinue Reading

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The Consumer Affairs Authority (CAA) has issued a special gazette notification introducing mandatory labeling requirements for a wide range of soap products sold in Sri Lanka.

The order, enacted under Section 10(1)(a) of the Consumer Affairs Authority Act No. 9 of 2003, applies to manufacturers, importers, distributors, warehouse keepers, and traders.

Under the new rules, product names must be printed in bold letters in Sinhala, Tamil, and English, or at least two of these languages on the main panel, with the third language on any other panel.

In addition, the total fat content must be clearly displayed as a percentage, using bold letters not less than 2 millimeters in size.

The regulation covers multiple categories, including baby soap, toilet soap, shaving soap, carbolic soap, laundry soap, bathing bars, and soft soap.

The gazette will come into force on July 9, 2027. (Newswire)

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Consumer Affairs Authority rescinds ban on use of rice for animal feed https://www.newswire.lk/2026/07/06/consumer-affairs-authority-rescinds-ban-on-use-of-rice-for-animal-feed/ Mon, 06 Jul 2026 11:12:53 +0000 https://www.newswire.lk/?p=243963

The Consumer Affairs Authority (CAA) has officially rescinded the order that prohibited the use of rice and paddy for animalContinue Reading

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The Consumer Affairs Authority (CAA) has officially rescinded the order that prohibited the use of rice and paddy for animal feed production.

According to the latest Gazette notification issued on July 3, 2026 (Order No. 97) under the Consumer Affairs Authority Act No. 09 of 2003 (as amended), the CAA annulled Order No. 84 published in June 2022, which had banned producers, traders, and distributors from selling, stockpiling, transporting, or purchasing rice and paddy for animal feed purposes.

The 2022 order had come into effect on June 24, 2022, and was introduced as part of measures to safeguard food supplies.

With the latest decision, the restrictions imposed on the use of rice and paddy for animal feed have now been lifted. (Newswire)

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President appoints Salaries and Pensions Commission to address public sector pay anomalies https://www.newswire.lk/2026/06/23/president-appoints-salaries-and-pensions-commission-to-address-public-sector-pay-anomalies/ Tue, 23 Jun 2026 08:03:48 +0000 https://www.newswire.lk/?p=241923

President Anura Kumara Dissanayake has appointed a 15‑member Salaries and Pensions Commission under powers vested in him by Article 33Continue Reading

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President Anura Kumara Dissanayake has appointed a 15‑member Salaries and Pensions Commission under powers vested in him by Article 33 of the Constitution, with a Gazette Extraordinary issued yesterday (22).

The Commission is chaired by Thelge Asoka Peiris, with D.M.C. Nalaka Dissanayake was named Secretary. 

Other members include Kuruppuge Khema Anne Vidurya Swarnadhipathi, Premalal Abeysingha Gunasekara, Monty Ranatunge, Nadaraj Ravichandar, Dr. Wimal Jayantha, Dr. Mudith Sujeewa, Thilakawardhana, Brigadier (Retd.) Piyal Jude Fernando, Ahamed Lebbe Mohamed Mukthar, Senerath Tissa Bandara Ratnayake, Lal Chandra Weerakoon, Piyal Pathmanatha, Jayaweera Pathirana, and Sarath Lal Perera.

The Commission has been tasked with recommending solutions to longstanding salary and pension anomalies affecting public officers and pensioners, proposing structural reforms for the public service, in line with Supreme Court rulings and Cabinet decisions, incorporating technological advancements and global trends in its recommendations, and developing strategies for building a technologically empowered, citizen‑centric, ethical, and accountable public service.

The Commission is authorized to conduct inquiries, issue instructions, and submit reports directly to the President, with all tasks to be completed within one year. 

Gazette : https://documents.gov.lk/view/egz/2026/6/2494-05_E.pdf (Newswire)

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Sri Lanka introduces stricter controls on import payments under new regulations https://www.newswire.lk/2026/06/19/sri-lanka-introduces-stricter-controls-on-import-payments-under-new-regulations/ Fri, 19 Jun 2026 05:42:23 +0000 https://www.newswire.lk/?p=241325

A Gazette Extraordinary notification has been issued under the Imports and Exports (Control) Act, No. 1 of 1969, introducing newContinue Reading

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A Gazette Extraordinary notification has been issued under the Imports and Exports (Control) Act, No. 1 of 1969, introducing new regulations to strengthen monitoring of outward remittances linked to import transactions.

Signed by President Anura Kumara Dissanayake on June 18, the Imports and Exports (Control) Regulations No. 06 of 2026 amended earlier provisions and imposed stricter requirements on banks and importers.

Under the new rules, banks must assign a unique number to each transaction and immediately notify the Sri Lanka Customs Department with detailed information, including the importer’s Taxpayer Identification Number, addresses of both remitter and beneficiary, account details, bank and branch codes, currency and amount, payment and delivery terms, date of remittance, proforma invoice number, and description of goods.

The regulations also make it mandatory for importers to register with Sri Lanka Customs before effecting advance payments. 

Commercial banks are prohibited from processing such payments unless the importer is duly registered.

To ensure smooth implementation, the Controller General of Imports and Exports will issue operational instructions to Customs, banks, and other relevant authorities.

The new regulations come into force with effect from today, June 19, 2026, marking a significant tightening of oversight in Sri Lanka’s import payment system. (Newswire)

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AKD government passes more laws than Maithripala at 18-month mark: Report https://www.newswire.lk/2026/06/04/akd-government-passes-more-laws-than-maithripala-at-18-month-mark-report/ Thu, 04 Jun 2026 04:52:48 +0000 https://www.newswire.lk/?p=239014

The run rate of passing laws in Sri Lanka’s Parliament has shifted over time, with President Anura Kumara Dissanayake’s administrationContinue Reading

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The run rate of passing laws in Sri Lanka’s Parliament has shifted over time, with President Anura Kumara Dissanayake’s administration overtaking that of former President Maithripala Sirisena in legislative output at the 18‑month mark, according to a report by Colombo‑based think tank Verité Research.

The study compares legislative activity during the first 18 months of the two presidencies, both elected on platforms of anti‑corruption and governance reform. 

At six months, Sirisena’s presidency led decisively, having gazetted three times more bills and passed twice as many laws as Dissanayake’s. 

However, by nine months, the AKD presidency had caught up in terms of laws passed, and by 18 months, had enacted 32 laws compared to 20 under Sirisena.

While Sirisena’s government consistently led in the number of bills gazetted, 54 compared to Dissanayake’s 50, the report notes that the AKD presidency converted a much larger share of its gazetted bills into law. 

Parliament met for 126 days during Sirisena’s first 18 months and 136 days under Dissanayake, with both periods including an interim budget and a full‑year budget.

Verité Research concludes that the AKD presidency demonstrates greater efficiency in translating legislative proposals into enacted laws, marking a significant difference in parliamentary performance between the two reformist administrations.

Table 1: Legislative record of Parliament, 6 months in

MS Presidency AKD Presidency
Number of days Parliament met 41 days 46 days
Number of bills gazetted2 17 7
o/w Number of bills tabled 16 5
o/w Number of laws passed  6 3

Table 2: Legislative record of Parliament, 18 months in

MS Presidency AKD Presidency
Number of days Parliament met 126 days 136 days
Number of bills gazetted 54 50
o/w Number of bills tabled 48 43
o/w Number of laws passed  20 32

(Newswire)

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Gazette issued suspending registrations of three National Sports Federations https://www.newswire.lk/2026/06/02/gazette-issued-suspending-registrations-of-three-national-sports-federations/ Tue, 02 Jun 2026 04:49:11 +0000 https://www.newswire.lk/?p=238674

Minister of Sports Sunil Kumara Gamage has temporarily suspended the registration of three National Sports Associations/Federations, Handball, Carrom, and Hockey,Continue Reading

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Minister of Sports Sunil Kumara Gamage has temporarily suspended the registration of three National Sports Associations/Federations, Handball, Carrom, and Hockey, under Sections 32 and 33 of the Sports Law No. 25 of 1973, as amended.

According to the gazette, the decision was taken to ensure proper administration of the associations and to complete key processes, including amending their constitutions in line with the Sports Law and conducting elections to appoint new office bearers.

Effective from May 19, the Minister has appointed the Secretary to the Ministry of Youth Affairs and Sports as the competent authority to oversee the affairs of the suspended federations. 

The Secretary has been vested with powers to carry out and administer the functions of the associations until new office bearers are duly elected at Annual General Meetings held under the amended constitutions. (Newswire)

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Sri Lanka imposes 50% surcharge on imported vehicles for three months https://www.newswire.lk/2026/05/16/sri-lanka-imposes-50-surcharge-on-imported-vehicles-for-three-months/ Sat, 16 May 2026 05:44:20 +0000 https://www.newswire.lk/?p=236468

The Ministry of Finance has announced a new tax measure imposing an additional 50 per cent levy on the existingContinue Reading

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The Ministry of Finance has announced a new tax measure imposing an additional 50 per cent levy on the existing customs duty for imported vehicles.

Under the decision, the current 30 per cent customs import duty on motor vehicles will be supplemented by a further 50 per cent surcharge. 

The measure was formalized through a special gazette notification issued under the signature of President Anura Kumara Dissanayake.

The new levy takes effect from today (16) and will remain in force for a period of three months.

However, the gazette specifies that vehicles for which letters of credit were opened on or before May 15 will not be subject to the additional 50 per cent duty.

Gazette: https://www.treasury.gov.lk/api/file/b5fee09e-8b6d-419e-9b52-54eb0927979e (Newswire)

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Gazette notification issued extending the state of public emergency https://www.newswire.lk/2026/04/29/gazette-notification-issued-extending-the-state-of-public-emergency/ Wed, 29 Apr 2026 04:17:05 +0000 https://www.newswire.lk/?p=233810

The state of public emergency declared by the President has been extended for another month. The relevant Gazette notification wasContinue Reading

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The state of public emergency declared by the President has been extended for another month.

The relevant Gazette notification was issued on Tuesday (28) by President’s Secretary N. S. Kumanayake.

Per the Gazette notification, taking into consideration the disaster situation caused by Cyclone Ditwah, steps have been taken to extend the state of public emergency in the country to safeguard public security and the normal functioning of the country, as well as to maintain essential supplies and services for public life.

Meanwhile, by declaring services provided by any state institution, government department, provincial council institution, cooperative society, or their branches as essential services, steps have also been taken to extend the Gazette notification again.

Accordingly, the Gazette notification that designated as essential services all services related to the supply of electricity, petroleum production, distribution of fuel, including gas, all services related to health, public transport services, and many other services has been extended again.

The Gazette notification is as follows;

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Sri Lanka to allow import of alternative rice varieties to address Samba shortage https://www.newswire.lk/2026/04/03/sri-lanka-to-allow-import-of-alternative-rice-varieties-to-address-samba-shortage/ Fri, 03 Apr 2026 08:23:47 +0000 https://www.newswire.lk/?p=230194

A Gazette notification has been issued by President Anura Kumara Dissanayake permitting the import of alternative rice varieties to addressContinue Reading

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A Gazette notification has been issued by President Anura Kumara Dissanayake permitting the import of alternative rice varieties to address the shortage of Samba and Kiri Samba rice in the local market.

On Tuesday (31 March), Cabinet Spokesman Nalinda Jayatissa announced that approval had been granted for each importer to import up to 1,040 metric tons of GR 11 rice, including Ponni Samba and Kiri/Paal Ponni varieties, as a temporary measure.

Per the Gazette notification, importers are allowed to bring in these rice stocks between April 1 and April 30, with clearance from Sri Lanka Customs required by May 31. They have also been exempted from obtaining import control licenses for this purpose.

The move comes as the Consumer Affairs Authority, citing updated data from the Department of Agriculture, warned that total production of Samba and Kiri Samba during the 2025/26 Maha season would not be sufficient to meet demand, and that a severe shortage could emerge by May 2026.

The Food Policy and Security Committee had also highlighted the need to stabilize prices and meet consumer demand by importing substitute varieties. (Newswire)

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Gazette issued to establish six CEB subsidiaries from March 9 https://www.newswire.lk/2026/03/06/gazette-issued-to-establish-six-ceb-subsidiaries-from-march-9/ Fri, 06 Mar 2026 04:10:43 +0000 https://www.newswire.lk/?p=225727

An extraordinary gazette notification has been issued by Minister of Power Kumara Jayakody, making arrangements to establish six subsidiary companiesContinue Reading

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An extraordinary gazette notification has been issued by Minister of Power Kumara Jayakody, making arrangements to establish six subsidiary companies by assigning the functions and duties of the Ceylon Electricity Board (CEB).

This gazette notification has been issued to take effect from March 09, 2026.

According to the gazette, provisions have been made to establish six subsidiary companies for electricity generation, transmission, distribution, and system operations.

Except for certain specific clauses, the other provisions of the Sri Lanka Electricity Act No. 36 of 2024 will come into force from March 9, 2026, thereby officially restructuring the Ceylon Electricity Board. 

Gazette: https://documents.gov.lk/view/extra-gazettes/2026/3/2478-41_E.pdf (Newswire)

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Govt publishes amended list of terrorism-linked groups and individuals https://www.newswire.lk/2026/01/09/govt-publishes-amended-list-of-terrorism-linked-groups-and-individuals/ Fri, 09 Jan 2026 11:06:30 +0000 https://www.newswire.lk/?p=218470

An amended list of designated persons, groups and entities has been published through an Extraordinary Gazette under the United NationsContinue Reading

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An amended list of designated persons, groups and entities has been published through an Extraordinary Gazette under the United Nations Act, No. 45 of 1968.

According to Gazette Extraordinary No. 2470/19 dated January 6, 2026, the list issued under Regulation 4(7) of the United Nations Regulations No. 1 of 2012 has been further amended by repealing the previous schedules and replacing them with revised schedules .

The Gazette states that the amended list replaces the version last updated in May 2025 and takes effect immediately upon publication.

The notification has been issued under the authority of the United Nations Act and is signed on behalf of the Government by the Secretary to the Ministry of Defence, in line with the powers vested under the Act .

In a related move, an order has also been issued under the United Nations Regulations to freeze all funds, financial assets and economic resources belonging to individuals and entities listed in the amended terrorism designation list, with the order signed by the Secretary to the Ministry of Defence in his capacity as the Competent Authority .

The amended list has been published by authority and is available for public reference via official government channels. (Newswire)

Download: 2470-19_E

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President appoints Commission to probe corruption at CMC https://www.newswire.lk/2025/12/31/president-appoints-commission-to-probe-corruption-at-cmc/ Wed, 31 Dec 2025 04:34:46 +0000 https://www.newswire.lk/?p=217073

President Anura Kumara Dissanayake has appointed a Commission of Inquiry to probe alleged irregularities at the Colombo Municipal Council betweenContinue Reading

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President Anura Kumara Dissanayake has appointed a Commission of Inquiry to probe alleged irregularities at the Colombo Municipal Council between 2010 and 2025, including corruption, abuse of power and misappropriation. 

A Gazette notification, issued by the President on 30 December 2025, states that several complaints have been received regarding alleged acts of corruption and fraud, due to which the state has suffered significant losses of property and revenue, and the Colombo Municipal Council has failed to achieve its expected development goals. 

The Gazette states that, therefore, it is necessary to investigate and examine these complaints, allegations, and information to determine their truth, identify those responsible, and recommend measures to prevent such acts in the future for the benefit of the nation.

Accordingly, a Commission of Inquiry has been appointed to investigate, examine, and report on these alleged wrongdoings and to recommend necessary actions.

The appointments made to the Commission of Inquiry are as follows;

  • Attorney‑at‑Law Piyasena Ranasinghe – Former Supreme Court Judge
  • E.R.M.S.H. Ekanayake – Senior Grade I Officer of the Sri Lanka Audit Service
  • D.S. Wickramasinghe – Former Senior Police Officer

Furthermore, Attorney‑at‑Law Piyasena Ranasinghe, Former Supreme Court Judge, is appointed as Chairman of the Commission.

The Commission is directed to submit an interim report within three months from the date of this warrant, further interim reports monthly thereafter, and a final report with the findings and recommendations within six months. (Newswire)

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Special Gazette designates 22 districts as national disaster areas https://www.newswire.lk/2025/12/03/special-gazette-designates-22-districts-as-national-disaster-areas/ Wed, 03 Dec 2025 04:57:56 +0000 https://www.newswire.lk/?p=213441

A special Gazette notification has been issued designating 22 districts affected by landslides and floods caused by Cyclone Ditwah asContinue Reading

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A special Gazette notification has been issued designating 22 districts affected by landslides and floods caused by Cyclone Ditwah as national disaster areas. 

The gazette has been issued in accordance with the provisions of Section 9 of Part II of the Registration of Deaths (Temporary Provisions) Act, No. 19 of 2010, dated 02 December 2025. (Newswire)

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Gambling Regulatory Authority Act to take effect on Dec 1 https://www.newswire.lk/2025/11/18/gambling-regulatory-authority-act-to-take-effect-on-dec-1/ Tue, 18 Nov 2025 07:06:23 +0000 https://www.newswire.lk/?p=211062

A gazette notification has been issued announcing that the Gambling Regulatory Authority Act, No. 17 of 2025, will come intoContinue Reading

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A gazette notification has been issued announcing that the Gambling Regulatory Authority Act, No. 17 of 2025, will come into effect from 01 December 2025.

The gazette has been issued by President Anura Kumara Dissanayake, dated 16 November 2025.

The Gambling Regulatory Authority Bill was passed with amendments following the Second Reading debate in Parliament on 19th August 2025, and comes into force as the Gambling Regulatory Authority Act, No. 17 of 2025.

This Act is to provide for the establishment of the Gambling Regulatory Authority; for the repeal of the Betting on Horse-Racing Ordinance (Chapter 44), Gaming Ordinance (Chapter 46) and the Casino Business (Regulation) Act, No. 17 of 2010; and to provide for matters connected therewith or incidental thereto.

This Act provides for the establishment of the Gaming Regulatory Authority as a single regulatory body for gaming operations, to regulate the gaming industry in Sri Lanka. 

The proposed Authority will act as an independent regulator with a broad scope and responsibility to issue legally enforceable social responsibility codes in relation to online and offshore gaming operations on board ships and in the Port City of Colombo. 

Gazette : https://documents.gov.lk/view/extra-gazettes/2025/11/2463-03_E.pdf (Newswire)

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Gazette issued appointing 19-member Archaeological Advisory Committee https://www.newswire.lk/2025/11/08/gazette-issued-appointing-19-member-archaeological-advisory-committee/ Sat, 08 Nov 2025 06:34:22 +0000 https://www.newswire.lk/?p=209811

Minister of Buddha Sasana, Religious, and Cultural Affairs, Hiniduma Sunil Senevi, has issued a special gazette notification appointing a newContinue Reading

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Minister of Buddha Sasana, Religious, and Cultural Affairs, Hiniduma Sunil Senevi, has issued a special gazette notification appointing a new Archaeological Advisory Committee.

The committee comprises 19 members, both monastic and lay, and is chaired by Venerable Wendaruwe Dharmakeerthi Sri Rathanapala Upali Nayaka Thera, Chief Incumbent of the Polonnaruwa Solosmasthana Rajamaha Viharaya, Anunayaka Thera of the Asgiri Maha Vihara Chapter of the Maha Viharawanshika Shyamopali Maha Nikaya.

According to the gazette, the committee’s term will be effective from 10th March 2025 to 09th March 2027. 

Gazette : https://documents.gov.lk/view/extra-gazettes/2025/11/2460-56_E.pdf (Newswire)

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Tax, Penalty deadlines revised for Alcohol makers https://www.newswire.lk/2025/10/28/tax-penalty-deadlines-revised-for-alcohol-makers/ Tue, 28 Oct 2025 04:48:14 +0000 https://www.newswire.lk/?p=208241

A new gazette notification has been issued, revising the procedures related to the payment deadlines and fee collection for exciseContinue Reading

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A new gazette notification has been issued, revising the procedures related to the payment deadlines and fee collection for excise duties on alcohol production.

Effective from today (28), the gazette was issued by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance and Economic Development.

The gazette notification states that every license holder must pay the applicable excise duty on or before the due date, in accordance with Section 22 of the Excise Ordinance.

Accordingly, if a licence holder fails to fully pay the due tax or fee within 30 days from the specified date, their bottling licence will be suspended, as outlined in the new gazette.

The Excise Department noted that this regulation had not been enforced previously and is now being introduced as a new legal provision.

Additionally, if the tax or fee remains unpaid for more than 90 days from the due date, all licences held by the individual will be suspended, as per the new gazette.

Previously, the suspension period for licences was six months, but the new regulation has reduced this to three months, according to the Excise Department.

It is reported that the revision of the tax payment timeline has been introduced with the aim of minimizing tax evasion in the excise sector. (Newswire)

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India allows rupee loans to Sri Lanka under new Forex rules https://www.newswire.lk/2025/10/13/india-allows-rupee-loans-to-sri-lanka-under-new-forex-rules/ Mon, 13 Oct 2025 11:10:27 +0000 https://www.newswire.lk/?p=206288

A Gazette Notification has been issued by the Reserve Bank of India regarding the amendment to the Foreign Exchange ManagementContinue Reading

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A Gazette Notification has been issued by the Reserve Bank of India regarding the amendment to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018. 

Per the amendment, Indian Banks (as well as their overseas branches) are now permitted to lend in Indian Rupees to a bank or individual resident in Sri Lanka, Bhutan and Nepal.

According to the High Commission of India in Sri Lanka, this development will make credit more accessible for businesses in Sri Lanka. 

The Indian High Commission added that the provision allowing such loans to be denominated in Indian Rupees will be particularly beneficial for Sri Lankan businesses, reducing exchange rate risks and strengthening cross-border trade and financial linkages between the two countries. (Newswire)

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Gazette amending Betting & Gambling Levy published https://www.newswire.lk/2025/10/07/gazette-amending-betting-gambling-levy-published/ Tue, 07 Oct 2025 12:08:58 +0000 https://www.newswire.lk/?p=205580

The Gazette on Betting and Gambling Levy (Amendment) has been published, effective from 01st October 2025. Accordingly, the tax onContinue Reading

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The Gazette on Betting and Gambling Levy (Amendment) has been published, effective from 01st October 2025.

Accordingly, the tax on gross collections for gambling businesses, including all persons conducting business of a bookmaker or gambling operator, has been increased from 15% to 18%.

Additionally, the casino entry fee payable by Sri Lankan citizens has been raised to 100 US dollars, a 100% increase. (Newswire)

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New law targets ‘Bounced Cheques’ with harsher penalties https://www.newswire.lk/2025/08/22/new-law-targets-bounced-cheques-with-harsher-penalties/ Fri, 22 Aug 2025 05:45:29 +0000 https://www.newswire.lk/?p=199965

A new legal reform aimed at curbing financial misconduct in Sri Lanka’s business sector has officially come into effect, introducingContinue Reading

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A new legal reform aimed at curbing financial misconduct in Sri Lanka’s business sector has officially come into effect, introducing harsher penalties for issuing cheques without sufficient funds.

Effective from August 15, 2025, the Bills of Exchange (Amendment) Act No. 13 of 2025 empowers courts to impose fines equivalent to the cheque amount, up to two years of imprisonment, or both, for a range of cheque-related violations.

Under the new provisions, the following actions are now punishable:

  • Issuing cheques without adequate funds in the account
  • Exceeding overdraft limits when issuing cheques
  • Writing cheques from closed accounts
  • Stopping payment on cheques without a legally valid reason

In a statement on social media on the new law, opposition lawmaker Ajith P. Perera said previously, only cheques issued from closed accounts were subject to criminal penalties. 

He pointed out that the expert committee appointed to draft this law has stated that it serves as a strong safeguard to protect the business sector, foster financial discipline within the commercial community, and prevent the early collapse of enterprises.

Gazette; https://documents.gov.lk/view/acts/2025/8/13-2025_E.pdf (Newswire)

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Listed SL firms can now invest up to USD 750,000 abroad https://www.newswire.lk/2025/08/04/listed-sl-firms-can-now-invest-up-to-usd-750000-abroad/ Mon, 04 Aug 2025 08:14:35 +0000 https://www.newswire.lk/?p=197614

The Parliamentary Committee on Public Finance (COPF) has approved the Gazette notification issued on the updated guidelines on outward investments,Continue Reading

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The Parliamentary Committee on Public Finance (COPF) has approved the Gazette notification issued on the updated guidelines on outward investments, introducing increased thresholds for local companies to invest overseas and streamlining processes to facilitate cross-border expansion.

Under the new framework, the investment limit for listed companies has been raised from USD 500,000 to USD 750,000, and the limit for unlisted companies has been increased from USD 150,000 to USD 200,000. 

Companies seeking to invest beyond these limits can now borrow from foreign sources up to USD 2 million, with Central Bank oversight, and any investment exceeding USD 2 million will require special approval.

All outward investments must be routed through a designated Outward Investment Account (OIA) in Sri Lanka before funds can be transferred abroad. The Central Bank of Sri Lanka has granted general permission to licensed banks to facilitate these transactions swiftly, ensuring companies can access opportunities without undue delays.

Officials who attended the meeting emphasized that these reforms aim to encourage Sri Lankan businesses, particularly in the technology and software sectors, to pursue global expansion while maintaining oversight of capital flows. The changes come amid concerns that previous restrictions were prompting some firms to relocate overseas.

Speaking on the updated guidelines, Central Bank representatives assured that short-term supplier credit (DA terms) remains classified as a current account transaction, with no additional restrictions.

The Order under Section 22 of the Foreign Exchange Act, No. 12 of 2017, published in the Gazette Extraordinary No. 2441/14 of 18.06.2025, was approved after having been considered at a meeting of the COPF, Chaired by MP Harsha de Silva, recently (29 July). (Newswire)

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