Central Bank imposes fine of Rs 2million on Indian Bank

Public sector lender Indian Bank Ltd. said the financial intelligence unit of the Central Bank of Sri Lanka (CBSL) has imposed a monetary penalty of Rs. 2 million (INR 5.85 lakh) on the bank for failing to comply with the provisions of Sri Lanka’s Financial Transactions Reporting Act. The penalty pertains to non-conformity with the regulatory framework under the FTRA …

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Excise proposes settlement of 50% defaulted tax to restore production licence of W. M. Mendis and Co.

Making a fresh approach towards the stagnating tax issue of staggering Rs.5.8 billion defaulted by the local liquor giant W. M. Mendis and Co. Ltd. the newly appointed Excise Chief has proposed a way-out to settle 50% of the arrears to reactivate its suspended production licence, the Daily Mirror learns.

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