Draft

CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT
   13 January 2020  CIRCULAR           No. 01 of 20 20
6

                                                                                5. Credit Guarantee Scheme
(i) The Government and CBSL  will formulate a Credit Guarantee Scheme to
provide risk mitigation arising from any add itional loans and advances for up to
75% of the capital sum granted by licensed banks under para 3 (iv) of this
circular.
(ii) The Guarantee fee applicable will be 1 % per annum and will be borne by
licensed banks if they wish to avail of the Guarantee .
6. Reporti ng to the Credit Information Bureau (CRIB)
(i) Licensed banks  are expected  to have a mechanism  not to decline loan
applications solely  based on an adverse CRIB record.
(ii) Licensed banks , in consultation with CRIB , shall develop a reporting modality
in respect of the capital deferment granted under this scheme  to performing
borrowers , so that participation in the Scheme  will not have an impact on the
credit score of borrowers in the future, or be negatively reflected in future CRIB
reports.

(Mrs. ) V A A N De Silva
Director of Bank Supervision


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
1

CREDIT SUPPORT TO ACCELERATE ECONOMIC GROWTH

With a view to accelerating economic growth in the country and  based on discussions held
with the Hon. Prime Minister and the Minister of Finance, officials of the Office of the
President, Office of the Pri me Minister and Ministry of Finance, the licensed commercial
banks and licensed specialised banks  (hereinafter referred to as licensed banks ), have agreed to
provide a special credit support scheme to eligible Small and Medium Enterprise borrowers of
respe ctive licensed banks during 01.01.2020 to 31.12. 2020 to complement the fiscal incentives
already announced by the Government.

Based on the discussions the Central Bank of Sri Lanka (CBSL) had with the licensed banks, it
is observed that the proposed scheme may not cause an undue level of stress or threaten the
stability of the banking system. Accordingly, this Circular sets out the guidelines for giving
effect to the Scheme in a consistent manner across licensed banks .

1. General Terms and Conditions
(i) Eligible Participants : Small and Medium Enterprises (SMEs)  engaged in
business sectors specified in para (ii) below that have obtained credit facilities
from licensed  banks. For  the purpose of this scheme, SMEs shall mean
borrowers with an annual turnover b etween Rs. 16 m n to Rs. 750 mn  for the
year ended 31.12.2019 . However, in the case of SMEs which are in the NPL
category as at 31.12.2019, the lower limit of annual turnover, i.e. , Rs. 16 mn,
shall not apply .
(ii) The supported business sectors shall be man ufacturing, services, agriculture
(including processing) and  construction.  For the avoidance of doubt, import
facilities for imports other than importation of machinery and equipment are
excluded from the scheme. Facilities for importation of vehicles shal l not be


excluded from the scheme. Facilities for importation of vehicles shal l not be
permitted.  However, in the case of SMEs which are in the NPL category as at
31.12.2019, the business sectors supported under this scheme shall also include
value addition businesses and trading .


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
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(iii) Credit facilities to be supported under this schem e shall be business related term
loans, leasing facilities, overdrafts and trade finance facilities denominated in
Rupee s subject to the requirements specified below .
(iv) Licensed banks shall offer the credit support scheme to all eligible borrowers
upon a wr itten request being made by such borrowers on or before 10.02.2020
and operationalise the scheme by 31.03.2020 .
(v) During the period of the credit support scheme, borrowers shall be required to
continue to service the interest due on credit facilities consid ered under this
scheme in a timely manner in accordance with the conditions applicable to this
scheme .
(vi) Borrowers who fail to service interest as required in para (v) above will not be
entitled to enjoy the benefits of this scheme  and will be considered as non-
participants of this scheme.  Accordingly, licensed banks may initiate
appropriate  risk mitigation processes.
(vii) The operational details of the Scheme are as set out in sections 2 to 6 of this
Circular .
2. Performing Loans
(i) Eligible borrowers with aggregate outstanding fund based exposure of  up to Rs.
300 mn as at 31.12.2019 with a licensed bank may avail of the concessions
under this scheme from such licensed bank.
(ii) Upon a written request being made by a borrower  on or before 10.02.2020 ,
licensed banks shall offer a capital moratorium  during 01.01.2020 to 31.12.2020
in respect of all eligible Rupee  term loans.
(iii) Licensed banks shall extend the  existing tenure of loans  eligible  for capital
moratorium by  the moratorium period without increasing the value of
instal ments .


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
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(iv) During the period of deferment, the interest shall be charged on the contracted
basis without any penal component.
(v) Permanent Overdraft facilities falling due for settlement or maturing or are
reviewed during the period up to 31.03.2020, shall be ex tended up to
30.06.2020.  However, in the case of Temporary Overdraft facilities as at
31.12.2019, the expiry of Temporary Overdraft limits shall be extended by two
months.
(vi) Eligible trade finance facilities falling due for settlement or maturing or are
under review during the period up to 31.03.2020, shall be extended by 30 days .
(vii) Licensed  banks may grant a n additional  loan or  a new loan facility not
exceeding Rs . 300 mn per bank  per borrower  for investment or working capital
purpose s, provided that the b orrower submits a credible business plan subject to
the following condition s:
(a) The investment purpose  loan facility shall be repaid over five years at an
interest rate equal to maximum of AWPLR  plus 1.5%  to expand business
activities.
(b) The working capital p urpose loan facility shall be repaid over two years at
an interest rate equal to AWPLR .
(c) A maximum grace period of one year may be considered  for such loans .
(d) Licensed banks may obtain suitable collateral to mitigate the risk relating
to any additiona l credit facilities granted under this scheme.
(viii) Concessions already granted under different relief schemes and which are due to
expire before 31.12.2020, will be extended up to 31.12.2020. However, such
borrowers shall be required to comply with the require ments of this scheme .
(ix) Licensed  banks may consider inclusion of borrowers whose total borrowings
exceed Rs. 300 mn , on case -by-case basis, upon a written  request from  such


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
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borrower.

3. Non-Performing Loans  (NPLs)
(i) Eligible SME s which  are in the NPL category as at 31.12.2019 , including those
where the banks have commenced or given notice of recovery action under the
provisions of the Recovery of Loans by Banks (Special Provisions) Act, No. 4
of 1990 , will be eligible to avail of the concessions set out below u pon a written
request from such borrowers  on or before 10.02.2020 .
(ii) The total penal  component of  interest accrued and unpaid on NPL loans and
advances referred above shall be waived  by licensed  banks  at their cost .
(iii) Rescheduling of loans  and advances  shall be as follows:
(a) Where the borrower has repaid 50% or more of the initial capital, 50% of
the accumulated  and unpaid  interest (after waiver of penal interest referred
to above) of the defaulted instalments up to the date of consideration  by
the licens ed bank under this scheme  shall be deferred . The balance capital
outstanding, balance portion of interest of the  defaulted instalments and
the future interest shall be rescheduled . The deferred interest shall be
waived by the licensed banks , after the borr ower settles the rescheduled
loans in the manner provided in para (c) and (d) below .
(b) Where the borrower has repaid less than 50% of the initial capital, 25% of
the accumulated and unpaid interest (after waiver of penal interest referred
to above) of the de faulted instalments up to the date of consideration by
the licensed bank under this scheme  shall be deferred . The balance capital
outstanding, balance portion of interest of the  defaulted instalments and
the future interest shall be rescheduled . The deferr ed interest shall be
waived by the licensed banks, after the borrower settles the rescheduled
loans in the manner provided in para (c) and (d) below .


loans in the manner provided in para (c) and (d) below .
(c) The balance capital outstanding  referred in para (a) and (b) above shall be


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
5

rescheduled and repaid over a period not exceeding twice the remaining
number of instalments of the original loan . An e xample is provided in
Annex I
(d) The balance portion of interest of the  defaulted instalments and the future
interest  referred in para (a) and (b) above shall be reschedu led and repaid
over a period not exceeding twice the remaining number of instalments of
the original loan . An e xample is provided in Annex I
(e) A one -year grace period shall be granted for capital repayment of loans
referred in para (c) above.  However, borrow ers will be required  to service
interest referred in para ( d) in a timely manner .
(iv) Licensed banks shall subject to para (d) below , grant a new working capital loan
(or temporary progressively reducing overdraft facility) for SMEs which are in
the NPL categ ory as follows, to revive businesses:
(a) Maximum amount to be three months working capital requirement with a
maximum tenure of six months .
(b) A three -month moratorium shall be granted for the repayment  of capital of
such loan or overdraft , provided however that  interest shall be serviced  in
a timely manner .
(c) Interest rate for this loan shall not be more than 2% plus the prevailing
Standing Lending Facility Rate .
(d) The new working capital loan  is included in a credit guarantee scheme
administered by CBSL as m entioned in para 5 below .
(v) Licensed  banks shall  defer passing new resolutions under the Recovery of Loans
by Banks (Special Provisions) Act, No. 4 of 1990 for recovery of loans and
advances until 31.12.2020 in respect of borrowers participat ing in this sch eme.
In instances where resolutions  for recovery have already been passed,
auction ing of assets  will be deferred  until 31.12.2020  in respect of such


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
6

borrowers  who are participants in the Scheme and meet the requirements of the
Scheme . Failure to adhere to the requirements will result in the banks treating
such borrowers as non-participants  of this scheme.
(vi) In instances where there are on-going litigation s in courts relating to recovery,
borrowers will be permitted to participate in the Scheme upon entering i nto an
agreement in Court with regard to the requirements set out in this scheme .
(vii) Licensed  banks shall suspend legal action against non-performing borrowers
who have been accepted under this scheme .
4. Repayment of Capital by Banks unde r Refinance Schemes
(i) The Government has indicated its willingness to defer capital repayments on
refinance loans granted to licensed banks falling due from 01.01.2020 until
31.12.2020 and extend the final repayment date by 12 months. However, banks
are required to seek such ex tension if required and  enter into  supplementary
agreements with the relevant Government agency in this regard.
5. Credit Guarantee Scheme
(i) The Government and CBSL  will formulate a Credit Guarantee Scheme to
provide risk mitigation arising from any additional  loans and advances for up to
75% of the capital sum granted by licensed banks under para 3 (iv) of this
circular.
(ii) The Guarantee fee applicable will be 1 % per annum and will be borne by
licensed banks if they wish to avail of the Guarantee .
6. Reporting to the Credit Information Bureau (CRIB)
(i) Licensed banks  are expected  to have a mechanism  not to decline loan
applications solely  based on an adverse CRIB record.
(ii) Licensed banks , in consultation with CRIB , shall develop a reporting modality
in respect of the capital deferment granted under this scheme  to performing


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

   30 January 2020  CIRCULAR           No. 02 of 20 20
7

                                                                                borrowers , so that participation in the Scheme  will not have an impact on the
credit score of borrowers in the future, or be negatively reflected in future CRIB
reports.
7. Reporting Requirement
Licensed  banks shall report the details of moratorium availed by borrowers to the
Director of Bank Supervision  as at 15th and 30th of each month , within 5 working days
commencing from 01.02.2020 .
8. Revocation of the Circular
The Circular No. 01 of 2020 on Credit S upport to Accelerate Economic Growth is
hereby revoked.

(Mrs.)  V A A N de Silva
Director of Bank Supervision


Draft

CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMEN T
    04 March  2020  CIRCULAR           No. 03 of 20 20

RECOVERY OF ACCOMMODATION TO EXPORTERS

Further to our Circular dated 03 August 2015 on the above subject, licensed commercial banks
(LCBs) are informed of the following .
(i) The Central Bank of Sri Lanka has decided to extend t he maximum period for the
settlement of export credit facilities out of export proceeds to 180  days from the date of
shipment .
(ii) This Circular shall come into operation with effect from 01 March 2020 .

(Mrs. ) V A A N De Silva
Director  of Bank Supervision


MONETARY BOARDCENTRAL BANK OF SRI LANKA03 November 2020 CIRCULAR No. 10 of 2020DEBT MORATORIUM FOR COVID-19 AFFECTEDBUSINESSES AND INDIVIDUALSWith a view to meeting the challenges faced by businesses and individuals due to the second wave of COVID-19, the Central Bank of Sri Lanka (CBSL) directs licensed commercial banks and licensed specialised banks, (hereinafter referred to as licensed banks), to extend the debt moratorium to COVID-19 affected businesses and individuals (hereinafter referred to as the Scheme) for a further period of six months commencing from 1 October 2020 as specified below.Accordingly, this Circular is issued to give effect to the Scheme in a consistent manner across all licensed banks. However, licensed banks may offer any additional concessions to borrowers in a way that the overall benefits to borrowers are not less than the benefits offered under this Circular.1. Tenure and applicability of the moratorium(a) The tenure of the moratorium shall not exceed 6 months commencing from 1 October 2020 or a shorter period as applicable, considering the financial difficulties faced by the eligible borrowers, based on internal guidance given by the licensed bank’s Board of Directors or other delegated authority.(b) The moratorium shall be granted for both capital and interest on the request made by affected borrowers.2. Deadline for submission of the applicationEligible borrowers may request for the moratorium on or before 30 November 2020 in writing or through electronic means. Licensed banks are required to provide a simple format (hard form/ soft form) for affected borrowers to make the request and communicate the concessions, deadline and format for submission via printed and/or electronic means including email and SMS.1


MONETARY BOARDCENTRAL BANK OF SRI LANKA09 November 2020 CIRCULAR No. 10 of 20203. Eligible borrowers(a) Businesses, proprietors and individuals engaged in tourism, direct and indirect export-related businesses including apparel, IT, tea, spices, plantation, logistic suppliers, event management, and any other sectors that have been adversely affected by work disruption and local and overseas lockdowns resulting from COVID-19.(b) Small and Medium Enterprises (SMEs) and individuals engaged in business sectors such as manufacturing, non-financial services, agriculture (including processing), construction, value addition and trading businesses including authorised domestic pharmaceutical suppliers. For this purpose, SMEs refer to businesses with an annual turnover up to Rs. 1 bn.(c) Self-employment businesses and individuals who have lost their jobs or income due to the outbreak of COVID-19.(d) Foreign currency earners (individuals and businesses) who have to repay loans in foreign currency and whose incomes/businesses have been adversely affected due to the outbreak of COVID-19.4. Eligible credit facilitiesTerm loans, leasing facilities, pawning, overdrafts, trade finance or any other credit facilities denominated in Rupees and foreign currency, which are in the performing category as at 01 October 2020. In the case of granting moratorium for Saubagya COVID- 19 Renaissance Facility under Phase I, II and III, licensed banks shall adhere to the instructions issued by CBSL on 06 November 2020.5. Structuring of the moratorium(a) Licensed banks shall convert the capital and interest on contracted rate falling due during the moratorium period from 1 October 2020 to 31 March 2021, or a shorter period as applicable, into a term loan.(b) Licensed banks may charge an interest rate for the converted loan, not exceeding the latest auction rate for 364-days Treasury Bills, available immediately after the respective moratorium period, plus 1 per cent per annum. In the case of foreign


after the respective moratorium period, plus 1 per cent per annum. In the case of foreign currency loans, licensed banks shall charge an interest rate below the current2


MONETARY BOARD CENTRAL BANK OF SRI LANKA03 November 2020 CIRCULAR No. 10 of 2020market interest rate or the contracted interest rate whichever is lower, for the converted loan.(c) The repayment period of such converted loan shall be minimum of 24 months and the repayment shall commence from 01 April 2021.(d) In the case of overdrafts, licensed banks shall convert the interest falling due duringthe moratorium period from 1 October 2020 to 31 March 2021, or a shorter period as applicable, into a term loan and charge an interest rate not exceeding 4 per cent per annum for the converted loan. The repayment period of such converted loan shall be minimum of 12 months and the repayment shall commence from 01 April 2021.(e) However, if the borrower wishes to repay the converted loan in less than the specified period or if a licensed bank wishes to offer a longer period than the specified period, licensed banks may facilitate such requests. Licensed bank and the borrower shall agree on the interest rate, if the repayment period of the converted loan varies from the stipulated period.(f) In the case of pawning facilities, the due dates falling during the moratorium periodshall be extended till 01 April 2021.(g) In the case of credit card facilities, licensed banks may take appropriate business decisions to accommodate any request for concessions made by eligible borrowers.(h) Licensed banks shall waive off the penal interest accrued and unpaid as at 1 October 2020, if any. Penal interest shall not be accrued and charged during the moratorium period.(i) Licensed banks shall not levy excessive fees or charges in relation to granting of the moratorium.(j) Licensed banks shall ensure that eligible borrowers are made aware of the structureof moratorium facilities prior to approving such moratorium. In the case of declined requests, licensed banks shall clearly mention the reason for such decline.6. Accounting considerations on the moratoriumLicensed banks shall account for the


for such decline.6. Accounting considerations on the moratoriumLicensed banks shall account for the moratorium as per Sri Lanka Accounting Standards and any additional guidance provided by CA Sri Lanka (CASL) on Financial Reporting3


MONETARY BOARDCENTRAL BANK OF SRI LANKA08 November 2020 CIRCULAR No. 10 of 2020implications due to the outbreak of COVID-19. Licensed banks may seek advice from CASL and Auditors for additional guidance/clarification in this regard.7. Reporting requirementLicensed banks shall report the details of moratorium availed by their borrowers to the Bank Supervision Department as at the 15th and 30th of each month, within 5 working days, commencing from 15.12.2020.Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka
4


MONETARY BOARD
CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

1

RUPEES  50 B ILLION, SIX -MONTH RE-FINANC ING  FACILITY TO
SUPPORT COVID -19 HIT BUSINESSES INCLUDING
SELF EMPLOYMENT AND INDIVIDUALS

1. Introduction
(i) The Central Bank of Sri Lanka has decided to set up the above Re-financ ing Facility
in order to implemen t the decision s taken by the Cabinet of Ministers  on 20.03.2020
to introduce  a wide range of fiscal and financial concessions for COVID -19 hit
business  activities  including self -employment businesses  and individuals . Among
these concessions are debt moratorium (capital and interest) and a working capital
loan at the interest rate  of 4% p.a. for eligible customers .
(ii) The licensed commercial banks , licensed specialised banks, licensed finance
companies  and specialised leasing companies (hereinafter referred to as Financial
Institutions ) will be  eligible  to participate in this re-financing facility  to support
COVID -19 hit businesses including self-employment businesses and individuals
commencing 25.03.2020 .
(iii) This Circular is issued to supplement the  Circular No. 04 of 2020 dated 24.03.2020
and sets out the operational guidelines to give effect to the re-financing facility .

2. General  Terms and Conditions  of the Financing Facility
(i) Eligible businesses /sectors :
(a) Tourism, direct  and indirect  export -related businesses including apparel,
IT, tea, spices, plantation and related logistic suppliers that have been
adversely  affected by work disruption  and overseas lockdown s resulting
from COVID – 19.
(b) Small and Medium Enterprises (SMEs) engaged in business sectors such
as manufacturing, services, agriculture (i ncluding processing),
construction , value addition and trading businesses including authorised
domestic pharmaceutical suppliers  with turnover below Rs. 1 bn.


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CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

2

(c) Self-employ ment  businesses and  individuals  who have lost their jobs or
income due to the outbreak of COVID -19.
(d) Foreign currency earners (individuals and corporates) who have to repay
loans in foreign currency and whose income s/ business es have been
adversely affected due to the outbreak of COVID -19.
(ii) For the avoidance of doubt, import facilities shall not be permitted under this
re-finance facilit y, for imports other than  pharmaceutical drugs , medical
equipment , food, fertilizer and essential raw materials and machinery and
equipment.
(iii) Credit facilities to be supported under this Financ ing Scheme shall be term
loans, leasing facilities, pawning , overdrafts and trade finance facilities
denominated in Rupees and foreign currency subject to the requirements
specified.
(iv) Financial institutions shall  offer concessions under this Scheme to all
borrowers  who have been affected by work disruption due to COVID – 19 and
overseas lockdown s and requested relief  through online facilities or other
communication arrangements before 30.04.2020 . The financial institutions
shall c omplete processing of such r equests within 45 days  from the date of
receipt of the request . Until the process ing of requests  is conclude d recovery
of loans from the respective applicant s shall be suspended.

3. Concessions for Existing Performing Loans  as at 25.03.2020
(i) Upon a communication by a borrower  reque sting concessions under this
scheme on or before 30.04.2020 , the financial institutions shall offer a debt
moratorium for the period as given below  in respect of all eligible Rupee and
foreign currency term loans.
(a) A six-month debt moratorium on the leasing rentals of all three -
wheelers, school vans, lorries, small goods transport vehicles  and buses


wheelers, school vans, lorries, small goods transport vehicles  and buses
and related assets such as motor  bikes  and taxies  operated by the self -
employed / owners .


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CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

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(b) A debt moratorium  until 30.05.2020 on personal loans granted to all
private sec tor non -executive employees.
(c) A three -month debt moratorium for all personal loans and leasing where
the granted amount is less than Rs. 1 million .
(d) A six -month debt moratorium for affected industries in small & medium
enterprises , tourism, apparel, plantation, IT and related logistic service
providers .
(e) A six-month debt moratorium  for all other  eligible  businesses/sectors
specified under 2 (i) above.
(ii) Financial institutions shall extend the existing tenure of loans eligible for debt
moratorium by the respective moratori um period .
(iii) Permanent Overdraft facilities falling due for settlement or maturing or are
reviewed during the period up to 25.03 .2020 shall be extended up to
30.09.2020. However, in the case of Temporary Overdraft facilities as at
25.03.2020 , the expiry shall be extended by two months for eligible
borrowers . Interest rate on such facilities will be capped at 1 3 percent during
the extended period.
(iv) Eligible trade finance facilities falling due for settlement or maturing or were
under review during the period up to 25.03.2020  shall be extended up to
30.09.2020 .
(v) Pawing facilities falling due for settlement or maturing during the period up
to 25.03.202 0 shall be extended up to 30.09.2020.

4. Concessions for Existing Non -Performing Loans (NPLs)  as at 25.03.2020
(i) The penal interest charged u p to 25.03.2020 shall be waived off by the
concerned financial institutions.
(ii) Rescheduling of loans and advances shall be as follows:
(a) Where  the borrower has repaid 50% or more of the initial capital, 50%
of the accumulated and unpaid interest  (after waiver of penal interest
referred to above) of the defaulted instalments  up to the date of


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CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

4

consideration by the concerned  financial institutions  unde r this  re-
financing facility shall be deferred . The balance capital outstanding,
balance  portion of interest of the defaulted instalments and the future
interest shall be rescheduled  over a 3  year period . The deferred interest
shall be waived by the financial institution , after the borrower settles the
rescheduled loans in the manner provided in para (c) and (d) below.
(b) Where the borrower has repaid less than 50% of the initial capital, 25%
of the accumula ted and unpaid interest (after waiver of penal interest
referred to above) of the defaulted instalments up to the date of
consideration by the financial  institution under this re-financing facility
shall be deferred. The balance capital ou tstanding, balance portion of
interest of the defaulted instalments and the future interest shall be
rescheduled  over a 3 year period . The deferred interest shall be waived
by the financial institutions  concerned , after the borrower settles the
reschedule d loans in the manner provided in para (c) and (d) below.
(c) The balance capital outstanding referred to in para graphs (a) and (b)
above shall be rescheduled and repaid over a period of 3 years.
(d) The balance portion of interest of the defaulted instalments and the
future interest referred to in para graphs (a) and (b) above shall be
transferred to a suspense account and recovered o ver a period of 3 years.
(e) A moratorium up to 30.09.2020 shall be granted .
(f) Licensed banks may reclassify NPLs under this Scheme as performing
loans and advances provided that the borrower has serviced interest for
six consecutive months during the debt moratorium period, if required.
However, in the case of instalments in arrears before rescheduling the


However, in the case of instalments in arrears before rescheduling the
NPL facility is less than six m onths, upgrading to performing category
shall be done only after the borrower has serviced interest for a period
equal to instalments in arrears before rescheduling the NPL facility.


MONETARY BOARD
CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

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(iii) Suspension of recovery actions
(a) In the case of eligible borrowers who are in the NPL c ategory as at the
date of this Circular, if financial institutions have commenced or given
notice of recovery action under the provisions of the Recovery of Loans
by Banks (Special Provisions) Act, No. 4 of 1990  or Mortgage Act No.
06 of 1949 as amended or Finance Leasing Act  No. 56 of 2000, such
recovery action will be suspended on condition that the concerned
financial institution and the client reach a debt re -payment agreement.
(b) Financial institutions shall defer passing new resolutions under the above
Acts, for recovery of loans and advances in respect of borrowers
participating in this Scheme. In instances where resolutions for recovery
have already been passed, auctioning of assets will be suspended until
30.09.2020  in respect of such borrowers who are participants in the
Scheme .
(c) In instances where there are on -going litigations in courts relating to
recovery, borrowers will be permitted to participate in the Scheme upon
entering into an agreement by submission of affidavit to Court s agreeing
to comply with the requirements set out in this Scheme.
(d) All financial institutions shall suspend legal action against non -
performing borrowers who have been accepted under this Scheme .

5. New Working Capital or Investment Purp ose Loan
(i) Financial institutions may grant an additional loan or a new loan facility in
Rupees for working capital or investment purposes subject to the following
conditions , provided that the borrower submits a credible business  plan:
(a) The working capital purpose loan facility shall be granted to eligible
performing and non -performing bo rrowers in Rupees not exceeding Rs.
25 mn per bank per borrower and Rs. 10 mn per other financial


25 mn per bank per borrower and Rs. 10 mn per other financial
institutions per borrower  or 2 months working capital req uirement


MONETARY BOARD
CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

6

whichever  is higher, based on the requirement for working capital cycle .
Such loan shall be repaid over two years at an interest  rate equal to 4%
p.a. CBSL will subsidise interest cost up to 4% for licensed banks and
up to 7% for other financial institutions as a rebate .
(b) The investment purpose loan facility shall be granted only  by banks and
only for performing borrowers in Rupees not exceeding Rs. 300 mn per
bank per borrower to expand business activities . Such loan shall be
repaid over five years at an interest rate equal to maximum of AWPLR
plus 1.5%.
(ii) Financial institutions shall properly evaluate the funding requirement of the
borrower and agree on the loan size.
(iii) A moratorium for a period 25.03.2020 to 30.09 .2020 will be granted for both
working capital loan s and investment  loans.
(iv) Financial institutions may obtain suitable collateral to mitigate the risk
relating to any additional credit facilities granted under this re-finance facility .

6. Repayment  of Capital by Banks under Refinance Schemes
The Government has indicated its willingness to defer capi tal repayments on
refinance loans granted to licensed banks falling due from 01.01.2020 until
31.12.2020 .  However, banks are required to seek extension if required and enter into
supplementary agreements with the relevant Government agency in this regard.

7. Reporting to the Cred it Information  Bureau (CRIB)  of Sri Lanka
(i) Financial Institutions are expected to have a mechanism not to decline loan
applications solely based on an adverse CRIB record.
(ii) Financial Institutions , in consult ation with CRIB, shall develop a reporting
modality in respect of the capital deferment granted under this scheme to
performing borrowers, so that participation in the Scheme will not have an


MONETARY BOARD
CENTRAL BANK OF SRI LANKA

   27 March  2020  CIRCULAR           No. 05 of 20 20

7

 impact on the credit score of borrowers in the future, or be neg atively reflected
in future CRIB reports.

8. Financial institutions shall  discontinue charging  for cheque return s, stop payment s,
late payment fee on all credit cards  and other credit facilities  during the period up to
30.09.2020.

9. Reporting  Requirement
Financial institutions shall report the details of moratorium availed by  their borrowers to
the Bank Supervision  Department and the Depart ment of Supervision of Non -bank
Financial Institutions , as relevant , as at 15th and 30th of each month, within 5 wo rking days ,
commencing from 01.05 .2020.


MONETARY BOARD CENTRAL BANK OF SRI LANKA29 April 2020 CIRCULAR No. 06 of 2020AMENDMENT TO CIRCULARS No 04 and 05 of 2020The Central Bank of Sri Lanka issues the following amendments to Circular No. 04 of 2020 on Relief Measures to Assist COVID-19 Affected Businesses and Individuals and Circular No. 05 of 2020 on Rupees 50 billion, Six-month Re-financing Facility to Support COVID-19 Hit Businesses Including Self-employment and Individuals dated 24.03.2020 and 27.03.2020, respectively.Paragraph 5 of Circular No. 04 of 2020 is amended as follows:5. Licensed banks shall extend the validity period of cheques valued less than Rs. 500,000 until 15.05.2020.Paragraph 2(iv) of Circular No. 05 of 2020 is amended as follows:2. (iv) The deadline for submission of request by eligible borrowers to avail concessions under these Schemes has been extended till 15.05.2020. Other clauses of this paragraph remain unchanged.Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka


MONETARY BOARD
  CENTRAL BANK OF SRI LANKA

16 July 2020                                           CIRCULAR                                         No. 07 of 2020

RELIEF MEASURES TO ASSIST COVID -19 AFFECTED BUSINESSES AND
INDIVIDUALS
The Central Bank of Sri Lanka , considering the potential adverse impact of COVID -19 pandemic
on tourism sector businesses and individuals , requests  licensed commercial banks, licensed
specialised banks, licensed finance companies and specialised leasing companies (hereinafter
referred to as Financial Institutions) to provide the following  relief measures  to eligibl e borrowers :

1. Financial institutions shall extend the existing 6 months moratorium period granted in terms
of Paragraph s 2 and 3 of Circular No. 05 of 2020 issued on 27 March 2020 to 12 months in
respect of capital outstanding of leasing facilities granted to tourism related vehicle s.
2. Financial institutions may recover interest during the moratorium period  from eligible
borrowers referred to in paragraph (1) above , in a manner that is not inco nvenient to the
borrower .
3. Financial institutions shall waive off the accrued penal interest in respect of leasing facilities
granted to tourism related vehicle s.


MONETARY BOARD
  CENTRAL BANK OF SRI LANKA

26 August 2020                                  CIRCULAR                                        No. 08 of 2020

EXTENSION OF DEBT MORATORIUM FOR COVID -19 AFFECTED
BUSINESSES AND INDIVIDUALS IN THE TOURISM INDUSTRY

With a view to meet ing the challenges faced by the tourism industry due to the Easter Sunday
Attack and the outbreak of COVID -19, the Central Bank of Sri Lanka (CBSL) has implemented
debt moratorium schemes  since April 2019 . Considering the ongoing travel restrictions, disruption
to economic activities and representation s made by the Ministry of Tourism  and related agencies ,
CBSL request s licensed commercial banks and licensed specialised banks (hereinafter referred to
as licensed banks), to provide a debt moratorium to COVID -19 affected  businesses and individuals
in the tourism sector (hereinafter refer red to as the Scheme) for a further period of six months
commencing from 1 October 2020 to 31  March 2021. CBSL  observed that the proposed Scheme
may not cause an undue level of stress or threaten the stability of the banking system  considering
the lower level of exposure to the tourism sector by lice nsed banks , the capital buffers maintained
by licensed banks  and measures proposed by the Ministry of Tourism to revive the tourism
industry . Accordingly, this Circular is issued  to give effect to the Scheme in a consistent manner
across all licensed banks.  However, licensed banks may offer any additional concession s to
borrowers in a way  that the overall benefits to borrower s are not less than the benefit s offer ed
under this Circular.

1. General Terms and Conditions
(i) Eligible borrowers
(a) Businesses and individuals who are affected by COVID -19 and registered
with:
i) Ministry of Tourism
ii) Sri Lanka Tourism Development Authority
iii) Agencies under Sri Lanka Tourism Development Authority


iii) Agencies under Sri Lanka Tourism Development Authority
iv) Local Government Authorities such as Pradesh ia Sabha, Urban
Council or Municipal Council. However, such businesses shall now
register with the relevant institutions referred in i), ii) and iii) above


MONETARY BOARD
  CENTRAL BANK OF SRI LANKA

26 August 2020                                  CIRCULAR                                        No. 08 of 2020

v) Department  of Cultural Affairs
vi) The Hotels Association of Sri Lanka
(b) Employees of eligible business es who are affected by COVID -19. In the
case of such employees, the registration of the business with the relevant
institutions referred in (a) above shall be considered sufficient.
(ii) Credit facilities to be supported under this Scheme shall include all performing
credit facilities as at 18 April 2019 or a later date, granted to eligible borrowers
and non -performing loans re -structured under Circular No. 05 of 2020 issued on
27 March 2020 .
(iii) Debt moratorium refers to moratorium for both capital and interest for a further
period of six months commencing 1 October 2020 to 31 March 2021 .
(iv) Eligible borrowers  who wish to avail the moratorium shall make a request seeking
such moratorium to the relevant licensed bank on or before 25 September 2020 .
Any eligible borrower who has the capacity to service the loan repayment is
expected to service such loan repayment s instead of requesting for this extension.
(v) Licensed banks shall accommodate such requests, considering the potential
repayment capacity of the borrower.

2. Structuring the debt moratorium
(i) Licensed banks shall convert the capital and interest falling due during the
moratorium period commencing from 1 October 2020 to 31 March 2021 into a
term loan . Licensed banks may amalgamate the capital and interest falling due
during 1 April 2020 to 30 Se ptember 2020 with the capital and interest falling
due during 1 October 2020 to 31 March 2021, except for EMI loans for which
the interest rate for the moratorium period is capped at 7 per cent per annum.
(ii) Such converted  loan shall be  recover ed not earli er than 1 July 202 1 onwards .


MONETARY BOARD
  CENTRAL BANK OF SRI LANKA

26 August 2020                                  CIRCULAR                                        No. 08 of 2020

 (iii) Licence d bank s may charge an interest rate for the converted  loan, not exceeding
the latest auction rate for 364 -days Treasury Bills, available by 1 April 202 1, plus
1 per cent per annum .
(iv) The repayment period of such converted loan shall be minimum of two years.
However, if the borrower wishes to repay the loan in less than two years or if the
licensed bank wishes to offer a longer period, licensed banks may facilitate such
requests. Licens ed bank and the borrower shall agree on the interest rate, if the
repayment period varies from the stipulated two-years period.
(v) Licensed banks shall waive off the accrued and unpaid penal interest  as at 1
October 2020 , if any,  on performing and non -performing loans  considered under
this Circular . Penal interest shall n ot be accrued and charged during the
moratorium period .

3. Reporting  Requirement
Licensed banks shall report the details of moratorium availed by borrowers to the
Director of Bank Supervis ion as at 30th of each month, within 15 wo rking days
commencing from 1 November 2020 . A reporting format will be issued in due course .

4. Revocation s
Circular No 07 of 2020 dated 16 July 2020 on R elief Measures to Assist COVID -19
Affected Businesses and Individuals  is hereby  revoked.


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

     28 October 2020  CIRCULAR  No. 09 of 2020

Amendments to Circular No. 04 of 2018 on Guidelines to Licensed Banks on the
Adoption of Sri Lanka Accounting Standards – SLFR S 9: Financial Instruments

The Central Bank of Sri Lanka with a view to establishing consistent practices on the adoption
of Sri Lanka Accounting Standards – SLFRS 9: Financial Instruments by licensed banks under
COVID -19 environment, issues amendments to Circular No. 04 of 2018 dated 31 December
2018 as specifi ed at Annex I.  Further , the following clarifications are provided to licensed
banks:
(1) In the case where direct temporary restrictions on economic activities are in place due
to COVID -19 outbreak, licensed banks may exercise judgment on case -by-case basis,
to determine whether to classify facilities as Stage 3 facilities or not, considering the
borrower’s inability to revive the business and generate sufficient cash flows  to repay
the exposure once the restrictions on economic activities are removed;
(2) Licensed  banks may  consult CA Sri Lanka and Auditors in order to obtain further
guidance in respect of computing Probability of Default for Foreign Currency
denominated Sovereign instruments; and
(3) Licensed banks shall continue to follow the guidance prescribed in t he Circular No. 04
of 2018 in respect to Loss Given Default (LGD) to be used when computing expected
losses for exposures denominated in foreign currencies issued by sovereigns.

Sgd. Director of Bank Supervision


CENTRAL BANK OF SRI LANKA
BANK SUPERVISION DEPARTMENT

     28 October 2020  CIRCULAR  No. 09 of 2020

Annex I
Amendments to Circular No. 04 of 2018 on Guidelines to Licensed Banks on the
Adoption of Sri Lanka Accounting Standards – SLFR S 9: Financial Instruments

1. Guideline 4.8 shall  be inserted immediately after Guideline 4.7 as follows:
  Licensed banks shall with the approval of the Board of Directors of
the bank include clear guidelines on staging of loans and advances for
impairment purposes in the related policies, amidst the extraordinary
circumstances caused by the COVID -19 outbreak.
2. Guideline 5.3 (a ) and (b) shall  be rep laced with the following:
  (a) Licensed banks shall use forecasts and projections published
by the Central Bank of Sr i Lanka (CBSL) when adjusting
credit provisioning models to reflect the economic conditions
and forecasts, on a consistent basis.
(b) If CBSL forecasts are not available, licensed banks shall use
credible alternative sources on a consistent basis and shall
maintain relevant documentary evidence.
3. Annex 1 Guideline 1.3 (b) shall be replace d as follows:
  All restructured loans, which are restructured more than twice, other
than credit facilities/exposures mentioned in 3.2 below .
Licensed banks may exercise judgment on case -by-case basis to
determine whether to categorise such facilities as Stage 3 facilities or
not, if a facility has been restructured more than twice due to adverse
economic consequences of the COVID -19 outbreak or the Easter
Sunday Attack.


CENTRAL BANK OF SRI LANKA BANK SUPERVISION DEPARTMENT 19 March 2020 BANKING ACT DIRECTIONS No. 01 of 2020MEASURES TO CURTAIL IMPORTS AND FOREIGN CURRENCY INVESTMENTSIssued in terms of the powers conferred by Sections 46(1) and 76(J)( 1) of the Banking Act No. 30 of 1988, as amended.In terms of Sections 46(1) and 76J(1) of the Banking Act No. 30 of 1988, in order to ensure the soundness of the banking system, the Monetary Board is empowered to issue Directions to all or any licensed commercial bank and licensed specialised bank, respectively, regarding the manner in which any aspect of the business of such bank or banks is to be conducted.The Central Bank of Sri Lanka with a view to easing the pressure on the exchange rate and the stress on financial markets due to the impact of COVID-19 outbreak, requires licensed commercial banks and National Savings Bank, to adopt the following measures during the next three months.1. Suspend facilitating importation of:a. motor vehicles, other than items specified in Schedule A of Annex I, under Letters of Credit, andb. non-essential goods specified in Schedule B of Annex 1 under Letters of Credit, Documents Against Acceptance and Advance Payment.2. Suspend the purchase of Sri Lanka International Sovereign Bonds.These Directions shall be implemented with immediate effect.Chairman of the Monetary Board and Governor of the Central Bank ofSri Lanka


Annex ISchedule -AExclusion List of Motor VehiclesHS HdgHS CodeDescription87.01Tractors (other than tractors of heading 87.09) (+)8701.10.00Single axle tractors :8701.10.10More than ten years old8701.10.90Other8701.20.00Road tractors for semi-trailers:8701.20.10Not more than five years old8701.20.20More than five years old8701.30.00Track-laying tractors :8701.30.10Not more than five years old8701.30.20More than five years oldOther, of an engine power:8701.91Not exceeding 18kW:8701.91.10Agricultural tractors, not more than ten years old8701.91.20Agricultural tractors, more than ten years old8701.91.30Other, not more than ten years old8701.91.40Other, more than ten years old8701.92.00Exceeding 18 kW but not exceeding 37 kW:8701.92.10Agricultural tractors, not more than ten years old8701.92.20Agricultural tractors, more than ten years old8701.92.30 .Other, not more than ten years old8701.92.40Other, more than ten years old8701.93.00Exceeding 37 kW but not exceeding 75 kW:8701.93.10Agricultural tractors, not more than ten years old8701.93.20Agricultural tractors, more than ten years old8701.93.30Other, not more than ten years old8701.93.40Other, more than ten years old8701.94.00Exceeding 75 kW but not exceeding 130 kW :8701.94.10Agricultural tractors, not more than ten years old8701.94.20Agricultural tractors, more than ten years old8701.94.30Other, not more than ten years old


8701.94.40Other, more than ten years old8701.95.00Exceeding 130 kW : - .8701.95.10Agricultural tractors, iiot more than ten years old8701.95.20Agricultural tractors, more than ten years old8701.95.30Other, not more than ten years old8701.95.40Other, more than ten years old-87.02Motor vehicles for the transport of ten or more persons, including the driver8702.10.00With only compression- ignition internal combustion piston engine (diesel or semi - diesel) :Motor vehicles for the transport of less than 13 persons (adults) including the driver, not more than three and a half years old:8702.10.12Modified Vehicles of heading 87.03, not more than two years old8702.10.13Modified Vehicles of heading 87.03, more than two years old8702.10.19OtherMotor vehicles for the transport of less than 13 persons (adults) including the driver, more than three and a half years old:8702.10.21Modified Vehicles of heading 87.038702.10.29Other-Motor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, not more than five years old :8702.10.32Modified Vehicles of heading 87-03, not more than two years old8702.10.33Modified Vehicles of heading 87.03, more than two years old8702,10.39OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, more than five years old :8702.10.41Modified Vehicles of heading 87.038702.10.49Other


.......Motor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, not more than ten years old :8702.10.53Modified Vehicles of heading 87.03, not more than two years old8702.10.54Modified Vehicles of heading 87.03, more than two years old8702.10.55Other, not more than five years old8702.10.59OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, more than ten years old :8702.10.61Modified Vehicles of heading 87.038702.10.69OtherOther, not more than ten years old :-8702.10.73Modified Vehicles of heading 87.03, not more than two years old-8702.10.74 .Modified Vehicles of heading 87.03, more than two years old ; s '8702.10.75Other, not more than five years old8702.10:79Other :Other, more than ten years old :8702.10.81Modified Vehicles of heading 87.038702.10.89Other8702.20.00With both compression- ignition internal combustion piston engine (diesel or semi- diesel) and electric motor as motors for propulsionMotor vehicles for the transport of less than 13 persons (adults) including the driver, not more than three and a half years old:8702.20.11Modified Vehicles of heading 87.03, not more than two years old8702.20.12Modified Vehicles of heading 87,03, more than two years old8702.20.19Other.Motor vehicles for the transport of less than 13 persons (adults) including the driver, more than three and a half years old:


8702.20.21Modified vehicles of heading 87.038702.20.29OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, not more than five years old:8702.20.31Modified vehicles of heading 87.03, not more than two years old8702.20.32Modified vehicles of heading 87.03, more than two years old8702.20.39OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, more than five years old :8702.20.41Modified vehicles of heading 87.038702.20.49OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, not more than ten years old :8702.20.51Modified vehicles of beading 87.03, not more than two years old8702.20.52 -Modified vehicles of heading 87.03, more than two years old8702.20.53Other, not more than five years old8702.20.59OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, more than ten years old :8702.20.61Modified vehicles of heading 87.038702.20.69 .OtherOther, not more than ten years old :8702.20.71Modified vehicles of heading 87.03, not more than two years old8702.20.72Modified vehicles of heading 87.03, more than two years old8702.20.73Other, not more than five years old8702.20.79Other


Other, more than ten years old :8702.20.81Modified vehicles of heading 87.038702.20.89Other8702.30.00With both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion:Motor vehicles for the transport of less than 13 persons (adults) including the driver, not more than three and a half years old:8702.30.11Modified vehicles of heading 87.03, not more than two years old8702.30.12Modified vehicles of heading 87.03, more than two years old8702.30.19OtherMotor vehicles for the transport of less than 13 persons (adults) including the driver, more than three and a half years old:8702.30.21Modified vehicles of heading 87.038702.30.29OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, not more than five years old:8702.30.31Modified vehicles of heading 87.03, not more than two years old8702.30.32Modified vehicles of heading 87.03, more than two years old8702.30.39OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, more than five years old:8702.30.41Modified vehicles of heading 87.038702.30.49OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, not more than ten years old :


8702.30.51Modified vehicles of heading 87.03, not more than two years old8702.30.52Modified vehicles of heading 87.03, more than two years old8702.30.53Other, not more than five years old8702.30.59OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, more than ten years old :8702.30.61Modified vehicles of heading 87.038702.30.69OtherOther, not more than ten years old :8702.30.71Modified vehicles of heading 87.03, not more than two years old8702.30.72Modified vehicles of heading 87.03, more than two years old-8702.30.73Other, not more than five years old8702.30.79OtherOther, more than ten years old :8702.30.81Modified vehicles of heading 87.038702.30.89Other8702.40.00With only electric motor for propulsion :Motor vehicles for the transport of less than 13 persons (adults) including the driver, not more than three and a half years old:8702.40.11Modified vehicles of heading 87.03, not more than two years old8702.40.12Modified vehicles of heading 87.03, more than two years old.8702.40.19OtherMotor vehicles for the transport of less than 13 persons (adults) including the driver, more than three and a half years old:8702.40.21Modified vehicles of heading 87.038702.40.29OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, not more than five years old :


8702.40.31Modified vehicles of heading 87.03, not more than two years old8702.40.32Modified vehicles of heading 87.03, more than two years old8702.40.39OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, more than five years old :8702.40.41Modified vehicles of heading 87.038702.40.49OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, not more than ten years old:8702.40.51Modified Vehicles of heading 87.03, not more than two years old8702.40.52Modified Vehicles of heading 87.03, more than two years old8702.40.53Other, not more than five years old8702.40.59OtherMotor vehicles for the transport of 25 or more persons . (adults) but less than 35 persons (adults) including the driver, more than ten years old :8702.40.61Modified vehicles of heading 87.038702.40.69OtherOther, not more than ten years old:8702.40.71Modified vehicles of heading 87.03, not more than two years old8702.40.72Modified vehicles of heading 87.03, more than two years old8702.40.73Other, not more than five years old8702.40.79OtherOther, more than ten years old:8702.40.81Modified vehicles of heading 87.038702.40.89Other8702.90.00Other:


Motor vehicles for the transport of less than 13 persons (adults) including the driver, not more than three and a half years old ■8702.90.12Modified Vehicles of heading 87.03, not more than two years old8702.90.13Modified Vehicles of heading 87.03, more than two years old8702.90.19OtherMotor vehicles for the transport of less than 13 persons (adults) including the driver, more than three and a half years old :8702.90.21Modified Vehicles of heading 87.038702.90.29OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, not more than five years old :8702.90.32Modified Vehicles of heading 87.03, not more than two years old8702.90.33Modified Vehicles of heading 87.03, more than two years old8702.90.39OtherMotor vehicles for the transport of 13 or more persons (adults) but less than 25 persons (adults) including the driver, more than five years old:8702.90.41Modified Vehicles of heading 87.038702.90.49OtherMotor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, not more than ten years old:8702.90.53Modified Vehicles of heading 87.03, not more than two years old8702.90.54Modified Vehicles of heading 87.03, more than two years old8702.90.55Other, not more than five years old8702.90.59Other


Motor vehicles for the transport of 25 or more persons (adults) but less than 35 persons (adults) including the driver, more than ten years old :8702.90.61Modified Vehicles of heading 87.038702.90.69OtherOther, not more than ten years old :8702.90.73Modified Vehicles of heading 87.03, not more than two years old8702.90.74 .Modified Vehicles of heading 87.03, more than two years old8702.90.75Other, not more than five years old8702.90.79OtherOther, more than ten years old : . y8702.90.81Modified Vehicles of heading 87.038702.90.89 Other87.03Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars.Other vehicles, with only spark-ignition internal combustion reciprocating piston engine :8703.21.10Ambulances and prison vans not more than three years old8703.21.20Ambulances and prison vans more than three years old8703.21.30Hearses not more than three years old8703.21.40Hearses more than three years old8703.22.00Of a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc:8703.22.10Ambulances and prison vans, not more than three years old8703.22.20Ambulances and prison vans, more than three years old8703.22.30Hearses not more than three years old8703.22.40Hearses more than three years oldOf a cylinder capacity exceeding 1,500 cc but not exceeding 3,000 cc:8703.23.10Ambulances and prison vans not more than three years old


8703.23.20Ambulances and prison vans more than three years old8703.23.30Hearses not more than three years old8703.23.40Hearses more than three years old8703.24.00Of a cylinder capacity exceeding 3,000 cc :8703.24.10Ambulances and prison vans not more than three years old8703.24.20Ambulances and prison vans more than three years old8703.24.30Hearses not more than three years old8703.24.40Hearses more than three years old8703.31.00Of a cylinder capacity not exceeding 1,500 cc :8703.31.10Ambulances and prison vans not more than three years old8703.31.20Ambulances and prison vans more than three years old8703.31.30Hearses not more than three years old8703.31.40Hearses more than three years old8703.32.00 ■Of a cylinder capacity exceeding 1,500 cc but not exceeding 2,500 cc :8703.32.10Ambulances and prison vans not more than three years old8703.32.20Ambulances and prison vans more than three years old8703.32.30Hearses not more than three years old8703.32.40Hearses more than three years old8703.33.00Of a cylinder capacity exceeding 2,500 cc :8703.33.10Ambulances and prison vans not more than three years old8703.33.20Ambulances and prison vans more than three years old8703.33.30Hearses not more than three years old8703 33.40Hearses more than three years oldOther vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, other than those capable of being charged by plugging to external source of electric power:Vehicles other than motor cars including station wagons and racing cars, of a cylinder capacity not exceeding 1,000 cc:8703.40.11Ambulances and prison vans not more than three years old .8703.40.12 .Ambulances and prison vans more than three years


8703.40.13 Hearses not more than three years old8703.40.14Hearses more than three years oldOf a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc:8703.40.31 Ambulances and prison vans, not more than three years old8703.40.32Ambulances and prison vans, more than three years old8703.40.33 Hearses not more than three years old8703.40.34Hearses more than three years old-Vehicles other than motor ears including station wagons and racing cars of a cylinder capacity exceeding 1,500 cc but not exceeding 2,000 cc :8703.40.41Ambulances and prison vans not more than three years old8703.40.42 Ambulances and prison vans more than three years old8703.40,43 Hearses not more than three years old8703.40.44 Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 2,000 cc but not exceeding 3000cc :8703.40.61Ambulances and prison vans not more than three years old8703.40.62 Ambulances and prison vans more than three years old8703.40.63 Hearses not more than three years old8703.40.64Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 3000cc:8703.40.81 Ambulances and prison vans not more than three years old8703.40.82Ambulances and prison vans more than three years old8703.40.83Hearses not more than three years old8703.40.84Hearses more than three years oldOther vehicles, with both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion, other than those capable of being charged by plugging to external source of electric power :


Vehicles other than motor cars including station wagons and racing cars ,of cylinder capacity not exceeding 1,000 cc:8703.50.11Ambulances and prison vans not more than three years old8703.50.12Ambulances and prison vans more than three years8703.50.13Hearses not more than three years old8703.50.14Hearses more than three years oldOf a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc:8703.50.31Ambulances and prison vans, not more than three years old8703.50.32Ambulances and prison vans, more than three years old8703.50.33Hearses not niore than three years old■-8703.50.34Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 1,500 cc but not exceeding 2,000 cc :8703.50.41Ambulances and prison vans not more than three years old8703.5042Ambulances and prison vans more than three years old8703.50.43Hearses not more than three years old8703.50.44Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 2,000 cc but not exceeding 3000cc :8703.50.61Ambulances and prison vans not more than three years old8703.50.62Ambulances and prison vans more than three years old8703.50.63Hearses not more than three years old8703.50.64Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 3000cc : .8703.50.81Ambulances and prison vans not more than three years old8703.50.82Ambulances and prison vans more than three years old8703.50.83Hearses not more than three years old8703.50.84Hearses more than three years old


Vehicles other than motor cars including station wagons and racing cars ,Of cylinder capacity not exceeding 1,000 cc:8703.60.11Ambulances and prison vans not more than three years old8703.60.12Ambulances and prison vans more than three years8703.60.13Hearses not more than three years old8703,60.14Hearses more than three years oldOf a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc:8703.6031Ambulances and prison vans, not more than three years old8703.60.32Ambulances and prison vans, more than three years old8703.60.33Hearses not more than three years old8703.60.34Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 1,500 cc but not exceeding 2,000 cc :8703.60.41Ambulances and prison vans not more than three years old8703.60.42Ambulances and prison vans more than three years old8703.60.43Hearses not more than three years old8703.60.44Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 2,000 cc but not exceeding 3000cc :8703.60.61Ambulances and prison vans not more than three years old8703.60.62Ambulances and prison vans more than three years old8703.60.63Hearses not more than three years old8703.60.64Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 3000cc:8703.60.81Ambulances and prison vans not more than three years old8703.60.82Ambulances and prison vans more than three years old8703.60.83Hearses not more than three years old8703.60.84Hearses more than three years old


8703.70.11Ambulances and prison vans not more than three years old8703.70.12Ambulances and prison vans more than three years8703.70.13Hearses not more than three years old8703.70.14Hearses more than three years oldOf a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc:8703.70.31Ambulances and prison vans, not more than three years old8703.7032Ambulances and prison vans, more than three years old8703.70.33Hearses not more than three years old8703.70.34 Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 1,500 cc but not exceeding 2,000 cc :8703.70.41Ambulances and prison vans not more than three years old8703.70.42Ambulances and prison vans more than three years old-8703.70.43 Hearses not more than three years old8703.70.44Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 2,000 cc but not exceeding 3000cc :8703.70.61Ambulances and prison vans not more than three years old8703.70.62Ambulances and prison vans more than three years old8703.70.63Hearses not more than three years old8703.70.64Hearses more than three years oldVehicles other than motor cars including station wagons and racing cars of a cylinder capacity exceeding 3000cc :8703.70.81Ambulances and prison vans not more than three years old8703.70.82Ambulances and prison vans more than three years old8703.70.83Hearses not more than three years old8703.70.84Hearses more than three years old87.04 Motor vehicles for the transport of goods.8704.10.00Dumpers designed for off- highway use


Other, with compression- ignition internal combustion piston engine (diesel or semi- diesel) :8704.21.00g.v.w. not exceeding 5 tonnes :Special purpose tankers/bowsers and trucks:8704.21.11Tankers / bowsers with stainless steel tanks for transport of milk, not more than five years old8704.21.12Tankers / bowsers with stainless steel tanks for transport of milk,more than five years old8704.21.13Garbage trucks equipped with waste compacting mechanism, not more than five years old8704.21.14Garbage trucks equipped with waste compacting mechanism, more than five years oldAuto-trishaws:8704.21.21Not more than four years old8704.21.22More than four years oldChassis fitted with engines and cabs8704.21.31for vehicles of national subdivision 8704.21.43, not more than four years old8704.21.32for vehicles of national subdivision 8704.21.44, more than four years old8704.21.33for vehicles of national subdivision 8704.21.51, not more than four years old8704.21.34for vehicles of national subdivision 8704.21.52, more than four years old8704.21.35for vehicles of national subdivision 8704.21.63,not more than four years old8704.21.36for vehicles of national subdivision 8704.21.64, more than four years old8704.21.37for vehicles of national subdivision 8704.21.67, not more than four years old8704.21.38for vehicles of national subdivision 8704.21.68, more than four years old


Vehicles with separate bodies for cabin and for cargo area, the cabin been designed for 3 persons (adults) or less, including the driver, with no additional space in the cabin that can be converted for other uses, and cargo carrying capacity of less than 2000 kg, but excluding those vehicles with an engine compartment totally protruding to the front of the vehicle from the driving cab :8704.21.41Cargo carrying capacity of less than 800kg, not more than four years old8704.21.42Cargo carrying capacity of less than 800kg , more than four years old8704.21.43Cargo carrying capacity of 800kg or more, not more than four years old8704.21.44Cargo carrying capacity of 800kg or more, more than four years oldVehicles with separate bodies for cabin and cargo area, the cabin been designed for 3 persons (adults) or less, including the driver, with no additional space in the cabin that can be converted for other uses, and cargo carrying capacity of 2000 kg or more :8704.21.51Not more than four years old8704.21.52 More than, four years oldVehicles with separate bodies for cabin and for cargo area, the cabin been designed for 3 persons (adults) or less, including the driver, with no additional space in the cabin that can be converted for other uses, and cargo carrying capacity of less than 2000 kg:-8704.21.61Vehicles fitted with front leaf sprigs and Cargo carrying capacity of less than 800kg, not more than four years old8704.21.62Vehicles fitted with front leaf sprigs and Cargo carrying capacity of less than 800kg , more than four years old8704.21.63Vehicles fitted with front leaf sprigs and Cargo carrying capacity of 800kg or more, not more than four years old8704.21.64Vehicles fitted with front leaf sprigs and Cargo carrying capacity of 800kg or more, more than four years old


8704.21.65Other Vehicles, Cargo carrying capacity of less than 800kg, not more than four years old8704.21.66Other Vehicles, Cargo carrying capacity of less than 800kg, more than four years old8704.21.67Other Vehicles, Cargo carrying capacity of 800kg or more, not more than four years old8704.21.68Other Vehicles, Cargo carrying capacity of 800kg or more, more than four years oldOther vehicles with separate bodies for cabin and cargo area, cabin been designed for six persons (adults) or less including the driver, with no additional space in the cabin that can be converted for other use, and a cargo carrying capacity of 800 kg or more, but excluding those vehicles with an engine compartment totally protruding to the front of the vehicle from the driving cab :8704.21.71Not more than four years old8704.21.72More than four years oldOther:8704.22.00g.v.W. exceeding 5 tonnes but not exceeding 20 tonnes :Tankers and bowsers with stainless steel tanks for transport of milk and refrigerated trucks :8704.22.41Not more than five years old8704.22.42More than five years old but less than ten years old8704.22.43More than ten years oldGarbage trucks equipped with waste compacting mechanism.:8704.22.51Not more than five years old8704.22.52More than five years oldOther:8704.22.61Not more than five years old8704.22.62More than five years old but less than ten years old8704.22.63More than ten years old8704.23.00g.v.w. exceeding 20 tonnes :Tankers and bowsers with stainless steel tanks for transport of milk and refrigerated trucks :


8704.23.51Not more than five years old8704.23.52More than five years old but less than ten years old8704.23.53More than ten years oldGarbage trucks equipped with waste compacting mechanism:8704.23.61Not more than five years old8704.23:62More than five years oldOther:8704 23.71Not more than five years old8704.23.72More than five years old but less than ten years old8704.23.73More than ten years oldOther, with spark-ignition internal combustion piston engine: '8704.31.00g.v.w. not exceeding 5 tonnes:Special purpose tankers/bowsers and trucks:.8704.31.11Tankers / bowsers with stainless steel tanks for transport of milk, not more than five years old8704.31.12Tankers / bowsers with stainless steel tanks for transport of milk,more than five years old8704.31.13 .Garbage trucks equipped with waste compacting mechanism, not more than five years old8704.31.14Garbage trucks equipped with waste compacting mechanism, more than five years oldAuto-trishaws :8704.31.21With two-stroke petrol engine8704.3 L22Other, not more than four years old8704.31.23Other, more than four years oldChassis fitted with engines and cabs :8704.31.31for vehicles of national subdivision 8704.31.43, not more than four years old8704.31.32for vehicles of national subdivision 8704.31.44, more than four years old8704.31.33for vehicles of national subdivision 8704.31.51, not more than four years old8704.31.34for vehicles of national subdivision 8704.31.52, more than four years old


8704.31.35for vehicles of national subdivision 870431.63, not more than four years old8704.31.36for vehicles of national subdivision 8704.31.64, more than four years old870431.37for vehicles of national subdivision 870431.67, not more than four years old87043 1 38for vehicles of national subdivision 870431.68, more than four years oldVehicles with separate bodies for cabin and for cargo area, the cabin been designed for 3 persons (adults) or less, including the driver, with no additional space in the cabin that can be converted for other uses, and cargo carrying capacity of less than 2000 kg, but excluding those vehicles with an engine compartment totally protruding to the front of the vehicle from the driving cab :870431.41Cargo carrying capacity of less than 800kg, not more than four years old8704.31.42Cargo carrying capacity of less than 800kg , more than four years old870431.43Cargo carrying capacity of 800kg or more, not more than four years old8704.31.44Cargo carrying capacity of 800kg or more, more than four years oldVehicles with separate bodies for cabin and cargo area, cabin been designed for three persons (adults) or less, including the driver with no additional space in the cabin that can be converted for other uses and cargo carrying capacity of2000 kg or more:8704.31.51Not more than four years old870431.52More than four years oldVehicles with separate bodies for cabin and for cargo area, the cabin been designed for 3 persons (adults) or less, including the driver, with no additional space in the cabin that can be converted for other uses, and cargo carrying capacity of less than 2000 kg :870431.61Vehicles fitted with front leaf sprigs and Cargo carrying capacity of less than 800kg, not more than four years old


8704.31.62Vehicles fitted with front leaf sprigs and Cargo carrying capacity of less than 800kg , more than four years old8704.31.63Vehicles fitted with front leaf sprigs and Cargo carrying capacity of 800kg or more, not more than four years old8704.31.64Vehicles fitted with front leaf sprigs and Cargo carrying capacity of 800kg or more, more than four years old8704.31.65Other Vehicles, Cargo carrying capacity of less than 800kg, not more than four years old8704.31.66Other Vehicles, Cargo carrying capacity of less than 800kg, more than four years old8704.31.67Other Vehicles, Cargo carrying capacity of 800kg or more, not more than four years old8704.31.68Other Vehicles, Cargo carrying capacity of 800kg or more, more than four years old■Other vehicles with separate bodies for cabin and cargo area, cabin been designed for six persons (adults) or less including the driver, with no additional space in the cabin that can be converted for other use, and a cargo carrying capacity of 800 kg or more, but excluding those vehicles with an engine compartment totally protruding to the front of the vehicle from the driving cab:8704.31.71Not more than four years old8704.31.72More than four years oldOther:8704.31.93Other not more than four years old8704.31.99Other more than four years old8704.32.00g.v.w. exceeding 5 tonnes :Tankers and bowsers with stainless steel tanks for transport of milk and refrigerated trucks :8704.32.41Not more than five years old8704.32.42More than five years old but not more than ten years old8704.32.43More than ten years oldGarbage trucks equipped with waste compacting mechanism:8704.32.51Not more than five years old


870432.52More than five years oldOther:870432.61Not more than five years old870432.62More than five years old but not more than ten years old8704.32.63More than ten years old8704.90.00Other:8704.90.10Electric auto-trishaws not more than five years old•8704.90.20 ;Electric auto-trishaws more than five years old8704.90.30Other electric, not more than five years old8704.90.40Other electric, more than five years old8704.90.50Other, not more than five years old8704.90.60Other, more than five years old87.05Special purpose motor vehicles, other than those principally designed for the transport of persons or goods (for example, breakdown lorries, crane lorries, fire fighting vehicles, concrete-mixer lorries, road sweeper lorries, spraying lorries, mobile workshops, mobile radiological units)8705 10.00Crane lorries :8705.10.10Not more than ten years old8705.10.20More than ten years old8705.20.00Mobile drilling derricks :8705.20.10Not more than seven years old87.05.20.20More than seven years bld8705.30.00Fire fighting vehicles :8705.30.10Not more than seven years old8705.30.20More than seven years old8705.40.00Concrete-mixer lorries :8705.40.10Not more than ten years old8705.40.20More than ten years old8705.90.00Other:Mobile workshops8705.90.11Not more than seven years old


8705.90.12More than seven years oldGully bowzers equipped with suction pumps for extracting sewage water /wastes:8705.90.21Not more than seven years old8705.90.22More than seven years oldConcrete pump trucks :8705.90.31Not more than ten years old8705:90.32More than ten years oldOther:87059091g. v. w. not exceeding 4 tonnes , not more than seven-years old8705.90.92g. v. w. not exceeding 4 tonnes , more than seven years old8705.90.93g. v. w. exceeding 4 tonnes , not more than seven years old8705.90.94g. v. w. exceeding 4 tonnes , more than seven years old87.068706.00.00Chassis fitted with engines, for the motor vehicles of heading 87.01 to 87.05.8706.00.10New chassis, fitted with engines for motor vehicles of heading 87.02, for the transport of twenty eight or more passengers including the driver8706.00.20New chassis fitted with engines for other motor vehicles of heading 87.028706.00.30New chassis fitted with engines for motor vehicles of heading 8704.21, 8704.22, 8704.23, 8704.31 and 8704.32 with a g.v.w. of 3,000 kg or more8706.00.40Other new chassis fitted with engines for other motor vehicles8706.00.50Used chassis fitted with engines87.07Bodies (including cabs), for the motor vehicles of headings 87.01 to 87.05.8707.10.00For the vehicles of heading 87.03 :8707.10.10Used vehicle bodies fully equipped with fittings and accessories8707.10.20Other vehicle bodies fully equipped with fittings and accessories


8707.10.30Used vehicle bodies hilly equipped with fittings and accessories excluding seats and upholstery8707.10.40Other vehicle bodies fully equipped with fittings and accessories excluding seats and upholstery8707.10.50Rough coated ,bare body frame with /without doors , bonnet and boot lid8707.10.60Used bare body frame with /without doors , bonnet and boot lid8707.10.90Other8707.90.00 Other:8707.90.10Bodies and cabs incorporating attachments left over in the process of separating same from the main vehicle by cutting, but not meriting classification elsewhere by virtue of those left over attachments8707.90.20Other, for the motor vehicles of heading 87.02, for the transport of 25 or more persons including the driver8707.90.30Other, for the vehicles of sub- heading 8701.20 and the vehicles of heading 87.04, of a G.V.W. exceeding 3,000kgOther, bodies for the vehicles of 10 or more persons but less than 25 of heading 87.02 including the driver :8707.90.41Used bodies fully equipped with fittings and accessories8707.90.42Other vehicle bodies fully equipped with fittings and accessories8707.90.43Used vehicle bodies fully equipped with fittings and accessories excluding seats and upholstery8707.90.44Other vehicle bodies fully equipped with fittings and accessories excluding seats and upholstery8707.90.48Rough coated ,bare body frame with /without doors, bonnet and boot lid8707.90.49Used bare body frame with /without doors , bonnet and boot lid8707.90.90Other87.08Parts and accessories of the motor vehicles of headings 87.01 to 87.05.8708.10.00Bumpers and parts thereofOther parts and accessories of bodies (including cabs):8708.21.00Safety seat belts


8708.29.00Other:8708.29.10’’Cut-portions" of bodies and cabs8708.29.90Other8708.30.00Brakes and servo-brakes; parts thereof8708.40.00Gear boxes and parts thereof8708.50.00Drive-axles with differential, whether or not provided with other transmission components, and non-driving axles; parts thereof8708.70.00Road wheels and parts and accessories thereof:8708.70.10Rims fitted with tyres, showing signs of wear8708.70.20Other, rims fitted with tyres8708.70.90Other8708.80.00Suspension systems and parts thereof (including shock- absorbers)Other parts and accessories :8708.91.00Radiators and parts thereof:8708.91.10Radiators and parts thereof8708.91.20 Parts - .■•_’.•8708.92.00Silencers (mufflers) and exhaust pipes; parts thereof8708.93.00Clutches and parts thereof8708.94.00Steering wheels, steering columns and steering boxes; parts thereof ' ■ -8708.95.00Safety airbags with inflater system; parts thereof8708.99.00Other:8708.99.10New chassis not fitted with engines, but with or without fittings for motor vehicles of heading 87.02 and 87.04 with a g.v.w. of 3,000 kg or more-8708.99.20Other new chassis not fitted with engines, but with or without fittings8708.99.30Other used chassis not fitted with engines, but with or without fittings8708.99.40"Cut-portions" of motor vehicles8708.99.90Other


87.09Works trucks, self- propelled, not fitted with lifting or handling equipment, of the type used in factories, warehouses, dock areas or airports, for short distance transport of goods; tractors of the type used on railway station platforms; parts of the foregoing vehicles.Vehicles :•8709.11.00Electrical8709.19.00Other8709.90.00Parts87.108710.00.00Tanks and other armoured fighting vehicles, motorised, whether or not fitted with weapons, and parts of such vehicles.87.13Carriages for disabled persons, whether or not motorised or otherwise mechanically propelled.8713.10.00Not mechanically propelled8713.90.00Other87.14Parts and accessories of vehicles of headings 87.11 to 87.13.8714.10.00Of motorcycles (including mopeds): . . .8714.10.10Frames, with or without ffount folk8714.10.90Other8714.20.00Of carriages for disabled personsOther:*8714.91.00Frames and forks, and parts thereof:8714.91.10Bicycle frames8714.91.20Front forks8714.91.90Other


8714.92.00Wheel rims and spokes :8714.92.10Wheel rims8714.92.90Other8714.93.00Hubs, other than coaster braking hubs and hub brakes, and free-wheel sprocket- wheels8714.94.00Brakes, including coaster braking hubs and hub brakes, and parts thereof8714.95.00Saddles8714.96.00 Pedals and crank-gear, and parts thereof8714.99.00Other:8714.99.10 Mudguards8714.99.20Chain stays8714.99.30 Seat staysOther:8714.99.91Bicycle rims fitted with new tyres8714.99.92Bicycle rims fitted with tyres showing signs of wear8714.99.99Other87.158715.00.00Baby carriages and parts thereof.87.16Trailers and semi-trailers; other vehicles, not mechanically propelled; parts thereof.8716.10.00Trailers and semi-trailers of the caravan type, for housing or camping:8716.10.10Not more than five years old8716.10.20More than five years old8716.20.00Self-loading or self-unloading trailers and semi-trailers for agricultural purposes :8716.20.10Not more than five years old8716.20.20More than five years oldOther trailers and semi- trailers for the transport of goods:


8716.31.00Tanker trailers and tanker semi-trailers :8716.31.10Not more than five years old8716.31.20More than five years old8716.39.00 Other :8716.39.10Not more than five years old8716.39.20More than five years old8716.40100Other trailers and semi-trailers :8716.40.10Not more than five years old8716.40.20More than five years old8716.80.00Other vehicles :8716.80.20Wheelbarrows8716.80.30Other not more than five years old8716.80.40Other more than five years old8716.90.00Parts:8716.90.10For wheelbarrows8716.90.90Others


Schedule -BNon Essential Consumer GoodsHS HdgHS CodeDescription33.0333O3.db.OOPerfumes and toilet waters3303.00.10 PerfumesToilet waters3303.00.21Baby cologne conforming to SLS 589 and containing alcohol not’ less than 55% and not more than 65% by v/v3303.00.22Other colognes containing alcohol not less than 50% and not more than 90% by v/v3303.00.29 Other33.07Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, depilatories and other perfumery, cosmetic or toilet preparations not elsewhere specified or included; prepared room deodorisers, whether or not perfumed or having disinfectant properties3307.10.00Pre-shave, shaving or after-shave preparations3307.20.00Personal deodorants and antiperspirants3307.30.00 Perfumed bath salts and other bath preparationsPreparations for perfuming or deodorizing rooms, including odoriferous preparations used during religious rites :3307.41.00” Agarbatti” and other odoriferous preparations which operate by burning3307.49.00Other3307.90.00Other:3307.90.10Contact lens solutions3307.90.90 Other40.11 New pneumatic tyres, of rubber (+)4011.10.00Of a kind used on motor cars (including station wagons and racing cars)4011.20.00Of a kind used on buses or lorries :Having a rim size 20 inches and above :4011.20.11Tyre casing without markings4011.20:19Other4011.20.90Other


4011.30.00Of a kind used on aircraft4011.40.00Of a kind used on motorcycles4011.50.00 Of a kind used on bicycles4011.70.00Of a kind used on agricultural or forestry vehicles and machines4011.80 00Of a kind used on construction, mining or industrial handling vehicles and machines:4011.80.10Having a rim size not exceeding 61 cm4011.80.90Having a rim size exceeding 61 cm4011.90.00 Other:4011.90.10Of a kind used on auto trishaws4011.90.90Other64.1)2Other footwear with outer soles and uppers of rubber or : plasticsSports footwear:6402.12.00Ski-boots, cross-country ski footwear and snowboard boots6402.19,00Other:6402.19.10Football shoes and rugby shoes6402.19.19Other6402.20.00Footwear with upper straps or thongs assembled to the sole by means of plugsOther footwear:6402.91.00 Covering the ankle6402.99.00 Other64.03Footwear w ith outer soles of rubber, plastics, leather or composition leather and uppers of leatherSports footwear:6403.12.00Ski-boots, cross-country ski footwear and snowboard boots6403.19.00 Other:6403.19.10 Football shoes, rugby shoes6403.19.19 Other6403.20.00Footwear with outer soles of leather, and uppers which consist of leather straps across the instep and around the big toe6403.40.00 Other footwear, incorporating a protective metal toe-capOther footwear with outer soles of leather :6403.51.00,Covering the ankle6403.59.00OtherOther footwear:


6403.91.00 Covering the ankle6403.99.00Other64.04Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materialsFootwear with outer soles of rubber or plastics :6404.11.00Sports footwear; tennis shoes, basketball shoes,, gym shoes, training shoes and the like6404.19.00 Other6404.20.00Footwear with outer soles of leather or composition leather64.05Other footwear6405.10.00 With uppers of leather or composition leather6405.20.00 With uppers of textile materials6405.90.00Other84.15Air conditioning machines, comprising a motor driven fan and elements for changing the temperature and humidity, including those machines in which the humidity cannot be separately regulated(+)8415.10.00Of a kind designed to be fixed to a window, wall, ceiling or floor, self-contained or ”split system" :8415.10.10 Used / reconditioned"Split system":8415.10.21 .Of a capacity not exceeding 9,000 BTU8415.10.22Of a capacity exceeding 9,000 BTU and not exceeding 12,000 BTU8415.10^23Of a capacity exceeding 12,000 BTU and not exceeding 18,000 BTU8415.10.24Of a capacity exceeding 18,000 BTU and not exceeding 24,000 BTU8415.10.25Of a capacity exceeding 24,000 BTU and not exceeding 30,000 BTU8415.10 29OtherSelf-contained :8415.10.31Of a capacity not exceeding 9,000 BTU8415.10.32Of a capacity exceeding 9,000 BTU and not exceeding 12,000 BTU8415.10.33 Of a capacity exceeding 12,000 BTU and not exceeding 18,000 BTU8415.10.34Of a capacity exceeding 18,000 BTU and not exceeding 24,000 BTU8415.10.35 Of a capacity exceeding 24,000 BTU and not exceeding 30,000 BTU8415.10.39Other


8415.20.00Of a kind used for persons, in motor vehicles :8415.20.10Used / reconditioned. 8415.20.90 OtherOther:8415.81.00 Incorporating a refrigerating unit and a valve for reversal of tire cooling/heat cycle (reversible heat pumps):8415.81.10 Used / reconditioned8415.81.90 Other8415.82.00 Other, incorporating a refrigerating unit:8415.82.10 Used / reconditioned8415.82.90 Other8415.83.00 Not incorporating a refrigerating unit:8415.83.10 Used / reconditioned'8415:83.90 Other8415.90.00 Parts:8415.90.10 Outdoor units of split type air conditioning machines:8415.90.11Used / reconditioned8415.90.19 Other8415.90.20 Indoor units of split type air conditioning machines:8415.90.21 Used / reconditioned8415.90.29Other8415.90.90 Other ■ ;84.18Refrigerators, freezers and other refrigerating or freezing equipment, electric or other: heat pumps other than air conditioning machines of heading 84.158418.10.00 Combined refrigerator-freezers, fitted with separate external doors :8418.10.10 Used / reconditioned8418.10.90 OtherRefrigerators, household type:8418.21.00 Compression-type :8418.21.10 Used / reconditioned8418.21.90 Other8418.29.00Other:8418.29.10 Used / reconditioned absorption-type, electrical8418.29.20Other absorption-type, electrical8418.29.30 Other used / reconditioned8418.29.90 Other


8418.30.00 Freezers of the chest type, not exceeding 8001 capacity :8418.30.10 Not exceeding 566 1 used / reconditioned8418.30.20 Other, not exceeding 566 18418.30.30 Other, used / reconditioned8418.30.90Other8418.40.00 Freezers of the upright type, not exceeding 9001 capacity:8418,40.10Not exceeding 566 1 used/ reconditioned8418.40 20 Other, not exceeding 566 18418.40.30 Other, used / reconditioned8418.40.90Other8418.50.00 Other furniture (chests, cabinets, display counters, show-cases and the like) for storage and display, incorporating refrigerating or freezing equipment:841850.10Used / reconditioned8418.50.90Other-Other refrigerating or freezing equipment; heat pumps :8418.61.00 Heat pumps other than air conditioning machines of heading 84.158418.69.00 Other:8418.69.10 Cabinet and chest type refrigerators exceeding 566 1 and below 850 1 used/ reconditioned8418.69.20Other, cabinet and chest type refrigerators exceeding 566 1 and below 85018418:69.30Blast-freezers for preserving poultry meat used/ reconditioned8418.69.40 Other, blast-freezers for preserving poultry meat8418.69.50 Milk chilling tanks used/ reconditioned8418.69.60Other, milk chilling tanks8418.69.70Other, used/ re-conditioned8418.69.90 OtherParts :8418.91.00Furniture designed to receive refrigerating or freezing equipment:8418.91.10 Cabinets for refrigerators8418.91.20Other cabinets8418.91.90 Other8418.99.00Other


85.17Telephone sets, including telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, including apparatus for communication in a wired or wireless network (such as a local or wide area network), other than transmission or reception apparatus of heading 84.43, 85.25,85.27 or 85.28Telephone sets, including telephones for cellular networks or for other wireless networks :8517.1 LOOLine telephone sets with cordless handsets8517.12.00Telephones for cellular networks or for other wireless networks:8517.12.10Used / reconditioned cellular mobile telephones8517.12.20Other, cellular mobile telephones8517.12.90Other851718.00OtherOther apparatus for transmission or reception of voice, images or other data, including apparatus for communication in a wired or wireless network (such as a local or wide area network):8517.61.00 Base stations8517.62.00Machines for the reception, conversion and transmission or regeneration of voice, images or other data, including switching and routing apparatus :8517.62.10Transmission apparatus with or without reception apparatus8517.62.90Other8517.69.00 Other8517.70.00 Parts85.28Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatusCathode-ray tube monitors:8528.42.00Capable of directly connecting to and designed for use with an automatic data processing machine of heading 84.71 -8528.49.00Other:8528.49.10Used / reconditioned8528.49.90OtherOther monitors:


8528.52.00 Capable of directly connecting to designed for use with an automatic data processing machine of heading 84.718528.59.00 Other:8528.59.10 Used / reconditioned8528.59.90 OtherProjectors:8528.62.00 Capable of directly connecting to designed for use with an automatic data processing machine of heading 84.718528.69.00 OtherReception apparatus for television, whether or not incorporating radio- broadcast receivers or sound or video recording or reproducing apparatus :8528.71.00 Not designed to incorporate a video display or screen:8528.71.10 Used / reconditioned8528.71.20Other, colour8528.71.90 Other8528.72.00 Other, colour:8528.72.10Unassembled in completely knocked- down form8528.72.20Used / reconditionedOther, with cathode ray tube :8528.72.31Havin g a screen of less than 14 inches8528.72.32 . Having a screen of 14 inches and not exceeding 15 inches8528.72.33Having a screen of exceeding 15 inches and not exceeding 21 inches8528.72.34Having a screen of exceeding 21 inches and not exceeding 25 inches8528.72.35 Having a screen of exceeding 25 inches and not exceeding 29 inches8528.72.36Having a screen of exceeding 29 inches and not exceeding 34 inches8528.72.39OtherOther, with LCD:8528.72.41Having a screen of not exceeding 32 inches8528.72.49 OtherOther:18528.72.91Having a screen of not exceeding 32 inches


8528.72.99 Other8528.73.00 Other, monochrome :8528.73.10Used / reconditioned and completely knocked-down with or without cathode ray tube8528.73.20 Other, completely knocked-down with or without cathode ray tube8528.73.30 Other, used / reconditioned8528.73.90 Other84.50Household or laundry-type washing machines, including machines which both wash and dn(+)Machines, each of a dry linen capacity not exceeding 10 kg-:8450.11.00 Fully-automatic machines:8450.11.10Unassembled in completely knocked-down form8450.11.20 Used / reconditionedOther, top loading:8450.11.31 Of a dry linen capacity less than 4 kg8450.11.32Of a dry linen capacity exceeding 4 kg and not exceeding 5.5 kg8450.11.33 Of a dry linen capacity exceeding 5.5 kg and not exceeding 7.5 kg8450.11.34 Of a dry linen capacity exceeding 7.5 kg and not exceeding 9.5 kg8450.11.39 OtherOther, front loading:8450.11.41Of a dry linen capacity less than 4 kg8450.11.42Of a dry linen capacity exceeding 4 kg and not exceeding 5.5 kg8450.11.43Of a dry linen capacity exceeding 5.5 kg and not exceeding7.5 kg8450.11.44..Of a dry linen capacity exceeding 7.5 kg and not exceeding 9.5 kg, .8450.11.49 Other8450.12.00Other machines, with built-in centrifugal drier :. 8450.12.10Unassembled in completely knocked-down form8450.12.20 Used / reconditionedOther:8450.12.31 Of a dry linen capacity less than 4 kg8450.12.32Of a dry linen capacity exceeding 4 kg and not exceeding 5.5 kg8450.12.33Of a dry linen capacity exceeding 5.5 kg and not exceeding7.5 kg


8450.1234 Of a dry linen capacity exceeding 7.5 kg and not exceeding .9.5 kg8450.12.39Other - ■ .8450.19-00. Other:8450.19.10Unassembled in completely knocked-down form8450.19.20 Used / reconditionedOther:8450.1931Of a dry linen capacity less'than 4 kg8450.1932Of a dry linen capacity exceeding 4 kg and not exceeding 5.5 kg8450.1933Of a dry linen capacity exceeding 5.5 kg and not exceeding7.5 kg8450.1934 Of a dry linen capacity exceeding 7.5 kg and not exceeding 9.5 kg8450.19.39Other8450.20.00Machines, each of a dry linen capacity exceeding 10 kg8450.90.00 Parts


5 May 2020MONETARY BOARDCENTRAL BANK OF SRI LANKABANKING ACT DIRECTIONNo. 02 of 2020LIQUID ASSETS FOR LICENSED COMMERCIAL BANKSAND LICENSED SPECIALISED BANKSConsidering the potential adverse impact on the liquidity position of licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) due to the COVID-19 pandemic, as an extraordinary measure in terms of the powers conferred by Sections 21(1), 86, 46(1) and 76(J)(1) of the Banking Act No. 30 of 1988, as amended, the Monetary Board has determined that the following assets shall be considered as liquid assets, until 30 June 2021 in this exceptional circumstance.1. Empowerment under the1.1 In terms of Section 21(1) of the Banking Act, every licensed commercial bank (LCB) shall maintain liquid assets in suchBanking Actamount as may from time to time be determined by the Monetary Board having regard to the nature of the business carried on by such bank provided that the percentage determined by the Monetary Board shall not be less than 20 per cent and not more than 40 per cent.1.2 In terms of Section 86 item (g) under Liquid Assets, the Monetary Board is empowered to determine such other assets as Liquid Assets.1.3 In terms of Sections 46(1) and 76J(1) of the Banking Act, in order to ensure the soundness of the banking system, the Monetary Board is empowered to issue Directions to all or any licensed bank, regarding the manner in which any aspect of the business of such bank or banks is to be conducted.2. Liquid Assets2.1 For the purpose of computation of Statutory Liquid Assets Ratio (SLAR) the following shall be considered as liquid assets until 30 June 2021.(i) Interest subsidy receivable on Senior Citizens Special Deposit Scheme.1


MONETARY BOARD CENTRAL BANK OF SRI LANKA3? May 2020 BANKING ACT DIRECTION No. 02 of 2020(ii) Exposures to State Owned Entities guaranteed by the Government of Sri Lanka and classified in Stage 1 under SLFRS 9: Financial Instruments for financial reporting purposes with maturity not exceeding one year with hair-cut of 10%.(iii) Fixed Deposits held by licensed banks in other licensed banks(a) where remaining period to maturity exceeds 1 year but is less than or equal to 2 years, with hair-cut of 20%(b) if the remaining period to maturity exceeds 2 years but is less than or equal to 3 years, with hair-cut of 30%.(iv) Loans secured by deposits under lien equivalent to 20% of the deposits.(v) Receivables from Employees Provident Fund (EPF) in settlement of loans.Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka
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