News
Six failed finance companies had Rs 62 billion in deposits
By Saman Indrajith
Finance, Money and Capital Markets and State Enterprises Minister Ajith Nivard Cabraal told Parliament on Wednesday that around 62 billion rupees had been deposited by customers in six failed finance companies during the past six years.
Responding to a question raised by Ratnapura District SJB parliamentarian Hesha Withanage, the minister said that 256,306 customers had deposited Rs. 61.79 billion from 2015 to Aug 2020 in those companies.
The failed finance companies were the Central Investment and Finance Ltd (formerly known as Central Investment and Finance PLC), The Standard Credit Finance Ltd, TKS Finance Ltd., The Finance Company PLC, ETI Finance Ltd., and Swarnamahal Financial Services PLC, the minister said.
He said that The Finance Company had 147,152 customers who made deposits amounting to Rs. 27,400 million, ETI Finance had 37,586 depositors with Rs. 22,648 million, Central Investment and Finance had 20,161 with Rs. 3,965 million , the Standard Credit Finance had 6600 depositors with Rs. 2,721 million, TKS Finance had 35,184 with Rs. 2,691 million and Swarnamahal Finance Services had 9,623 depositors with Rs. 2,372 million.
Minister Cabraal tabled in the House the names of the members of the directors of the failed finance companies and the measures had been taken by the Central Bank to assist the depositors in recovering their money.
The minister said that there were 41 financial institutions registered with the Central Bank as of Aug 31, 2020.
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Landslide Early Warnings issued to the districts of Colombo, Galle, Gampaha, Hambanthota, Kalutara, Kandy, Kegalle, Kurunegala, Matara, Nuwara Eliya and Ratnapura
The National Building Research Institute has issued landslide early warnings to the districts of Colombo, Galle, Gampaha, Hambanthota, Kalutara, Kandy, Kegalle, Kurunegala, Matara, Nuwara Eliya and Ratnapura from 16:00 hrs on 25.09.2026 To 16:00 hrs on 26.09.2026
Accordingly,
LEVEL III [RED] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Neluwa, Nagoda, Niyagama and Thawalama inthe Galle district, Ganga Ihala Korale, Udapalatha, Doluwa and Pasbage Korale in the Kandy district, and Kothmale West, Ambagamuwa, Kotmale East and Norwood in the Nuwara Eliya district.
LEVEL II [AMBER] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Elpitiya, Baddegama and Karandeniya in the Galle district, Walallawita in the Kalutara district, Deltota, Udunuwara, Gangawata Korale, Yatinuwara and Panvila in the Kandy district, Aranayake, Dehiowita, Mawanella, Deraniyagala and Yatiyanthota in the Kegalle district, Thalawakelle in the Nuwara Eliya district and Ratnapura and Pelmadulla in the Ratnapura district.
LEVEL I [YELLOW] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Seethawaka and Padukka in the Colombo district, Attanagalla and Mirigama in the Gampaha district, Katuwana and Walasmulla in the Hambanthota district, Ingiriya and Bulathsinhala in the Kalutara district, Hatharaliyadda, Poojapitiya, Medadumbara, Kundasale, Ududumbara, Thumpane, Akurana, Pathadumbara, Harispattuwa and Pathahewaheta in the Kandy district, Warakapola, Bulathkohupitiya, Galigamuwa, Kegalle and Ruwanwella in the Kegalle district, Mallawapitiya, Alawwa, Polgahawela and Mawathagama in the Kegalle district, Pitabeddara, Kotapola and Pasgoda in the Matara district, Nuwara Eliya in the Nuwara Eliya district and Elapatha, Ayagama, Nivithigala, Kuruwita and Kalawana in the Ratnapura district
News
22A, Judicature Amendment Bills passed with 2/3 majority
Parliament yesterday passed the Twenty-Second Amendment to the Constitution Bill and the Judicature (Amendment) Bill with two-thirds majorities, with 158 MPs voting in favour and 63 against each Bill.
The Illankai Tamil Arasu Kadchi (ITAK) and Sri Lanka Muslim Congress (SLMC) voted with the SJB against the Bills.
NDF MPs Ravi Karunanayake and Faizer Musthapha and SJB Badulla District MP Nayana Wasalathilaka were not present when the votes were taken.
The final vote on the Judicature (Amendment) Bill was announced at around 8.08 p.m. after Opposition MPs called for divisions on its clauses during the Committee Stage.
The votes followed a two-day debate which commenced on Thursday (24), after Justice and National Integration Minister Harshana Nanayakkara presented the Bills for their Second Reading.
The Supreme Court’s determination on the Bills was presented to Parliament on Tuesday (22) by Speaker Dr Jagath Wickramaratne. The Court determined that the 22nd Amendment Bill did not require approval at a referendum and could be passed by a special two-thirds majority in Parliament.
The amendment provides for raising the mandatory retirement age of Supreme Court judges from 65 to 67 and that of Court of Appeal judges from 63 to 65. It also provides for the Chief Justice to retire at 67 or after completing six years in office, whichever comes earlier.
The Speaker informed Parliament that the Judicature (Amendment) Bill could be passed by a simple majority.
The SJB opposed the legislation and its MPs attended Parliament dressed in black yesterday. The party also staged a protest at Polduwa Junction, Battaramulla, under the theme “No to 22, which destroys democracy”, with Opposition Leader Sajith Premadasa and several SJB politicians participating.
News
TIN mandatory for key transactions from Nov. 1
A valid Taxpayer Identification Number (TIN) Certificate will be required for a range of key transactions in Sri Lanka from November 1, 2026, the Inland Revenue Department (IRD) has announced.
The requirement, introduced under the Inland Revenue (Amendment) Act, No. 11 of 2026, applies to transactions specified under Section 102(3) of the Inland Revenue Act.
Accordingly, individuals will be required to produce a valid TIN Certificate when opening an account at a bank or financial institution, obtaining approval for a building plan, registering or renewing the licence of a motor vehicle, registering land or title to land, registering a business, transferring shares in a company incorporated in Sri Lanka or obtaining a credit card.
In the case of share transfers, both the transferor and transferee will be required to provide TIN certificates.
The IRD said officials handling such transactions had been instructed to ensure that a valid TIN Certificate was submitted before processing or completing the relevant transaction.
The Department advised those who do not already have a TIN to obtain one in advance through its e-Services platform.
It said a printout of the TIN verification result showing the applicant’s National Identity Card number and TIN could also be accepted instead of the certificate.The IRD also reiterated that obtaining a TIN is mandatory for resident individuals aged 18 and above under the applicable provisions.
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