Parliament is scheduled to meet from May 19 to 22, Acting Secretary-General of Parliament Hansa Abeyrathne said.The parliamentary agenda for the four sitting days was decided at the Committee on Parliamentary Business meeting held under the chairmanship of Deputy Speaker Rizvie Salih.

Accordingly, on each sitting day, the time from 9.30 am to 10 am has been allocated for Business of Parliament under Standing Order 22(1) to (6), while Questions for Oral Answers will be taken up from 10 am to 11 am. Questions under Standing Order 27(2) are scheduled from 11 am to 11.30 am.

On May 19, Parliament will take up the Second Reading debate on the Inland Revenue (Amendment) Bill from 11.30 am to 5 pm. Time from 5 pm to 5.30 pm has been reserved for the Opposition Motion at the Adjournment Time.

On May 20, an adjournment debate on the Central Bank’s Annual Economic Review for 2025 will be held from 11.30 am to 5.30 pm on a motion moved by the Government.Parliament is also scheduled on May 21 to debate three regulations under the Imports and Exports (Control) Act and nine resolutions under the Appropriation Act.

On May 22, Parliament will present votes of condolence in memory of former MPs Prof Tissa Vitarana, S.C. Muthukumarana, Chandradasa Galappatthy, Nandana Gunathilake, Janak Mahendra Adikari and Kanagasabai Thanmanpillai. Questions at the Adjournment Time will follow from 5 pm to 5.30 pm.

Colombo Chief Magistrate Asanga S. Bodaragama on Thursday ordered further arrests in the National Development Bank (NDB) fraud investigation, which is alleged to involve transactions amounting to around USD 42 million, days after four bank employees were arrested and remanded.

The Chief Magistrate’s Court directed that additional employees of the bank be taken into custody as investigations deepen into what is being described as one of the largest banking frauds reported in Sri Lanka.

The case came to light in April, prompting the arrest of four NDB staff members in early May. They are suspected of having misused internal suspense accounts to facilitate fraudulent transfers amounting to approximately Rs. 13.2 billion.

The Central Bank of Sri Lanka, which exercises supervisory oversight over licensed commercial banks, has stated that customer deposits and individual account balances have not been affected by the alleged fraud. It also assured that the NDB’s capital adequacy and liquidity positions remain stable.

The court further directed that any individuals found to have violated Central Bank regulatory guidelines be arrested.

The CID is conducting the probe, with assistance from the Central Bank.

The National Development Bank was established in 1979 as a state-backed development finance institution before transitioning into a fully-fledged commercial bank. Its ownership is currently held by a mix of private investors, foreign shareholders, and financial institutions.

PM backs move to boost digital economy

Commercial Bank of Ceylon has taken a leading role in efforts to introduce PayPal to Sri Lanka, in a development welcomed by Prime Minister Dr. Harini Amarasuriya as a boost to the country’s digital economy ambitions.

The Prime Minister made the remarks at a special event attended by senior government officials, industry leaders, and representatives of financial institutions, where the new collaboration between Sri Lanka’s banking sector and the global payments platform PayPal was highlighted.

According to the Finance Ministry, the initiative marks a significant step forward in expanding Sri Lanka’s digital economic framework. Commercial Bank of Ceylon has been at the forefront of facilitating the introduction of PayPal services in the country.

In the initial phase, Bank of Ceylon (BOC), Commercial Bank, and Sampath Bank are expected to roll out PayPal-related services, with additional banks likely to join in the coming months.

The move is expected to provide freelancers, entrepreneurs, startups, and consumers with a secure gateway for international transactions.

Officials said the development would particularly benefit Sri Lanka’s small and medium-sized enterprises (SMEs), which contribute around 52% of GDP, by easing access to global markets and removing key barriers faced by freelancers and digital entrepreneurs.

Prime Minister Amarasuriya, speaking at the event, said the initiative was “a moment worth celebrating,” adding that it signalled international recognition of Sri Lanka’s role in the digital economy. She said the government’s growth strategy was based on equity, transparency, and accountability, and that the new system would create job opportunities while strengthening secure and globally recognised financial channels.

PayPal’s Senior Vice President for International Cross-Border Trade, Nadia Syed, said the platform would enable Sri Lankan entrepreneurs and freelancers to receive payments seamlessly from overseas clients. She added that further details on service rollout would be announced through banking partners in the coming weeks.

Representatives from participating financial institutions, including Commercial Bank, said the initiative would significantly strengthen Sri Lanka’s digital financial ecosystem.

Banks are expected to provide customers with further information on how to activate the service once it becomes operational.