Category: Banking and Finance

Effective steps to create a tax compliance culture, focus revenue generation measures where there is a capacity to pay and to target relief measures where they would have the greatest impact, are among a comprehensive set of recommendations by the Institute of Chartered Accountants for the forthcoming national budget.The countrys premier national accountancy body has […]

Union Assurance Ltd has reported an upsurge in net profits, largely aided by its booming investment portfolio.For the nine months ending September 2003, the insurance firm says its net profits shot up 2,300 percent to Rs. 99.7 mn.rn rnThe investment portfolio which belongs to its Life and General fund, grew 31.7 percent to Rs. 3.4 […]

The Commercial Bank of Ceylon has pumped in Rs. 100 mn to upgraded its IT infrastructure and processes, with one of the latest retail banking solutions in the world, to underpin future growth and expansion initiatives.The bank has installed the ICBS (International Comprehensive Banking System) Version 7.2 developed by Fiserv, which has been designed to […]

Central Bank Governor called for the adoption of International Accounting Standards in the countrys bid to become a financial center for the region.While local accounting standards are derived from the IAS, firms interested in foreign cross listings or raising funds abroad still have to publish accounts in accordance with international standards.rn rnldblquote Sri Lanka Accounting […]

Insurance regulator with the national accounting body is trying to put forward a recommended accounting practice for the insurance industry.The Recommended Accounting Practice Guidelines will be short of an accounting standard, but could be adapted as one later.rn rnThe move with the cooperation of the insurance industry is primarily aimed at streamlining accounting practices and […]

The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]

Policy makers could slap on a windfall tax on commercial banks if they dont narrow their interest rate spread within six weeks. Prof. G.L Peiris told reporters on Thursday that commercial banks are slow to comply with the governments strategy to achieve single digit lending rates.rn rnIn addition, Prof. Peiris says the wide interest rate […]

A Compensation Fund for contributors who suffer financial loss resulting from fraud, theft, misappropriation or negligence of monies, will also be set up, from a cess being charged on the industry.rn rnEmployees will also have the option of switching funds, to ensure they get the best return for their retirement nest egg, according to a […]

LankaClear, the cheque clearing arm of the Central Bank, plans to set up ten regional centres to speed up payments and settlement systems.Known as lquote cheque image clearing and truncation, the system clears cheques faster by electronically capturing a cheques image and cuts lead times from ten to two days.rn rnThe main features of image […]

Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.The bank called up the balance two rupees due from each Rs.10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, […]

According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the […]

Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnEarlier in 2003 the Central Bank for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnHowever, the latest warning follows an examination of the Jana-Shri Financial Corp., […]