Category: Daily Financial Times

Parliament’s Committee on Public Finance (CoPF) has called for a review of the cost structure of Sri Lanka’s liquor security sticker system, questioning why digital codes are charged at the same rate as physical stickers despite their lower production cost.

The CoPF, chaired by MP Dr. Harsha de Silva, examined the cost, technical standards, and fiscal benefits of the system, which was introduced following the 2016 Budget to curb untaxed and counterfeit liquor and safeguard excise revenue.

The contract was awarded in 2017 to Indian company Madras Security Printers (MSP). The system was subsequently expanded in 2021 to permit digital inkjet codes to address difficulties in applying physical stickers on high-speed liquor production lines.

However, the Committee was told that the fee of $ 5.99 per 1,000 paper stickers is also charged for 1,000 digitally printed codes.

The CoPF noted that while initial infrastructure costs for digital printing machinery at bottling plants had to be considered, digital codes would generally cost less than paper stickers. It therefore called for a review of the existing pricing structure and the economic benefits accruing to the Government.

The Committee also called for the adoption of relevant international ISO standards and a Track and Trace system covering liquor products from production to the consumer, alongside a mobile application allowing consumers to verify product authenticity.

With a new tender process under consideration, the CoPF stressed that evaluation should cover price, quality, data security, and technical standards, with officers possessing the required technical expertise included in the evaluation process to guard against counterfeit stickers and imitation.

The Excise Department was instructed to study international practices and submit a report to the Committee.

In the latest July 2026 round of the Gallup-style ‘Mood of the Nation’ poll conducted by Verité Research, the Government’s approval rating moderated to 50%, following a post-election high of 65% in the previous February 2026 round. The polling partner was Vanguard Survey Ltd.

Perceptions of the economic outlook reduced sharply. Those who think the economy is ‘getting better’ declined to 42% from 64% in the previous round. Those who said it was ‘getting worse’ increased to 40%, and those who said they disapproved of Government increased to 31%, both from around 15% in the previous round.

Over half, 56%, said that the current economic conditions in Sri Lanka are ‘poor.’ Only 38% said conditions are ‘good’ or ‘excellent,’ in contrast to the previous round where a majority said so.

The net rating on the economic outlook and the state of the economy are averaged to create an Economic Confidence Index ranging from -100 to +100. This was -39 in mid-2024 but came into positive territory after February 2025, and declined to -8 in this round of polling.

The precise phrasing of questions and response percentages to two decimal points on this ‘Mood of the Nation’ survey are detailed below. They add up to less than 100 because some percentage said they did not know or refused to answer.

*Government Rating | ‘Approve’ 49.83% | ‘Disapprove’ 31.40% | In response to the question, ‘Do you approve or disapprove of the way the current Government is working?’

*Economic Outlook | ‘Getting Better’ 41.63% | ‘Getting Worse’ 40.29% | In response to the question, ‘Do you think that the economic conditions in the country as a whole are getting better or getting worse?’

*State of the Economy | ‘Good’ or ‘Excellent’ 38.00% | ‘Poor’ 55.59% | In response to the question, ‘Rate the economic conditions in the country today as either excellent, good, or poor.’

These questions were different from those in other recent national surveys published. For instance, the ‘Social Indicators Survey’ said it asked about satisfaction with specific political figures or groups, and reported satisfaction with the President and Prime Minister as 76% and 68%, and satisfaction with ‘MPs of the ruling party’ as 45%. The ‘Mood of the Nation’ survey, in contrast, asked about approval of Government as a whole, and got a result of 50%, which is close to the response on ruling party MPs in the ‘Social Indicators Survey.’

The regularly conducted ‘Mood of the Nation’ poll is part of the Sentiment Survey instrument of Verité Research, and enriches its regular macro-political briefings. The instrument allows other organisations to add survey questions to check the sentiments of Sri Lankans. More details on the polling results are available to clients.

The latest poll was administered between 11 and 30 July based on a nationally representative, multi-stage, randomised sample of 2,013 Sri Lankan adults from separate households. This survey was designed to have a maximum sampling error margin of ±2.21% for the full sample at a 95% confidence level. Error margins can be further affected by lapses that could arise in the implementation process.

Unlike most economic forums where the spotlight falls on Government policy and reform, a discussion on Sri Lanka’s economic future turned the focus on the private sector.

Verité Research Executive Director Dr. Nishan de Mel described the economy as a ‘racket’ marked by tax non-compliance and high real returns to those with financial assets, while Advocata Institute Chairman Murtaza Jafferjee said economic policy was effectively shaped for about 1,000 people and called for greater competition to change the status quo.

Speaking at a panel discussion organised by the Sri Lanka – Korea Business Council on ‘Sri Lanka’s Future: Forecast, Scenarios and Challenges,’ the two economists highlighted structural constraints facing the post-crisis economy.

Jafferjee argued that substantial macroeconomic reforms had already been undertaken but competition, productivity, and trade remained critical to growth, while Dr. de Mel cautioned that growth which failed to improve the lives of the majority would ultimately prove unsustainable.

Dr. de Mel said Sri Lanka spent less than most countries on welfare, with the International Monetary Fund (IMF) having to push the country to spend 0.6% of GDP, which he said remained below levels in many poorer countries.

‘We have a country-and this is why I said it’s a racket-the people who earn don’t pay taxes,’ he said.

He pointed to the substantial revenue generated from withholding taxes (WHT) as an indication of weaknesses in wider tax compliance. If taxpayers were already fully declaring and paying their liabilities, increased WHTs should largely be deductible against final tax payments rather than producing a substantial increase in overall revenue, he argued.

Dr. de Mel had earlier used the ‘racket’ description when discussing the impact of high real interest rates and taxation. He said low inflation alongside high interest rates disproportionately benefitted those with substantial savings, while people dependent on wages faced higher taxation, including 18% Value Added Tax (VAT), with Government revenue in turn used to service interest payments.

‘This is a racket in which people like us, you know, benefit enormously on the backs of those who see very little benefit of the economy,’ he said.

Jafferjee said Sri Lanka’s productivity problem was closely linked to inadequate competition and the influence of a narrow group of interests over economic policy.

He said, figuratively, that economic policy was effectively shaped for about 1,000 people, rather than referring to a literal list of individuals, arguing that policies had frequently been framed and implemented to accommodate incumbent interests.

‘The main determinant of productivity is competition,’ Jafferjee said.

At the same time, he rejected the perception that little reform had taken place following the economic crisis.

‘If not for this crisis, there are so many things that were fixed in this country on the macro side that would have never been possible,’ Jafferjee said.

He cited the new Central Bank law, Fiscal Management Act, and Public Debt Management Act as three crucial pieces of legislation, alongside changes in governance and tax administration. Significant technical assistance had also been undertaken as part of the IMF-supported reform program.

Jafferjee pointed to increased scrutiny by tax authorities of assets, including overseas accommodation, art, and gems as evidence of changes in revenue administration.

He identified productivity, competition, and the structure of the economy as key challenges beyond macroeconomic stabilisation and legislative reforms.

The State-owned enterprise (SOE) footprint was part of the problem, with State enterprises capable of distorting competitive neutrality where they operated alongside private businesses, he said.

Jafferjee called for more competition, liberalisation of imports and exports, a reduced SOE footprint, and greater foreign direct investment (FDI).

‘We don’t need FDI because we need capital, we need knowledge,’ he said.

Sri Lanka also needed to reconsider its approach towards domestic production and international trade.

‘What people misunderstand in Sri Lanka is there being a need to produce what Sri Lanka needs. What Sri Lanka needs to do is to produce what the world needs,’ Jafferjee said.

Contrasting Sri Lanka with East and Southeast Asian economies, he said successful export economies were also substantial importers and more integrated into international production networks. Sri Lanka’s economic complexity ranking had improved only from around 89 to 83, while Vietnam had advanced from around 65 to 45.

Trade agreements and economic diplomacy were important to expanding Sri Lanka’s integration with international markets, he said.

Jafferjee also identified the diaspora as a source of knowledge needed to diversify production. Sri Lankans who had spent long periods working in overseas companies could bring expertise, corporate networks, and knowledge of international markets, he said.

Several institutional changes to facilitate greater private sector participation were also progressing. Jafferjee said an insolvency framework was due to come into force in December, while public-private partnership (PPP) legislation was at an advanced stage and would enable greater private sector participation. Reforms were also envisaged for the commercial management of SOEs.

He acknowledged that the previous SOE restructuring process had failed to complete proposed transactions, but rejected the conclusion that reform efforts had been absent.

Jafferjee attributed the failure partly to efforts to ensure due process following previous Supreme Court decisions reversing privatisations where procedures had been questioned. The process had to balance transparency with practicality, he said.

The political timetable subsequently ran out ahead of the Presidential Election, while bureaucratic willingness to complete transactions diminished as the election approached.

Jafferjee also flagged structural labour constraints, noting that annual births had fallen from around 370,000 to about 240,000, around 20% of certain young working-age cohorts appeared to be missing largely due to migration, and female labour force participation remained around 30% despite women comprising a larger share of university students.

Large numbers of workers also remained in low-productivity employment, requiring improvements in skills and technology, economic restructuring, and greater competition, he said.

Dr. de Mel, meanwhile, said growth had to be assessed against its impact on living standards.

Poverty had more than doubled from around 14.3% to close to 29-30%, adding that even if it had since fallen into the lower 20s, the increase remained substantial. Available Employees’ Provident Fund (EPF) data showed 92% of formal private sector employees earned less than Rs. 100,000, he said.

He called for greater attention to healthcare, education, and other support structures for lower-income households.

‘Growth that doesn’t make the lives of people, the majority, better off, ends up, like in lots of places, biting back, even on those who benefit from that kind of growth,’ Dr. de Mel said.

He also questioned development priorities centred on expensive road infrastructure and increased private vehicle use while public transport remained underdeveloped.

‘Putting more roads at very high costs and more cars on the roads are not the solution,’ he said.

This article comprehensively examines the legal and financial consequences of failing to pay a quarterly income tax instalment on its due date, utilising the first quarterly payment deadline of 15 August as the primary example. It breaks down the immediate liabilities for interest and penalties, the procedural crystallisation of a “tax in default” status, the legacy civil recovery methods, the draconian new criminal prosecutions, and the crucial legal reconciliation between the conflicting administrative timelines within the Act

Transformation from civil debt recovery to criminal magistrate proceedings

The tax administration landscape in Sri Lanka has undergone a profound and highly aggressive transformation following the enactment of the Inland Revenue (Amendment) Act, No. 11 of 2026. By amending the core framework of the Inland Revenue Act (IRA), No. 24 of 2017, the State has effectively shifted the consequences of tax defaults from slow-moving civil debt recovery to rapid, uncompromising criminal Magisterial proceedings.

For taxpayers, ranging from corporate entities to individual professionals, understanding the precise statutory deadlines and the escalating consequences of missing them is no longer merely an administrative task, it is a critical necessity to protect personal liberty.

The Quarterly Instalment Mandate and the 15 August deadline

The foundation of Sri Lanka’s direct tax collection relies on a system of self-assessment and advance payments. Under Section 90 of the Inland Revenue Act, No. 24 of 2017, an instalment payer is legally mandated to pay their estimated tax liabilities in four quarterly instalments. To supplement this process, the Commissioner-General of Inland Revenue issued Circular No: SEC/2026/E/06 (Re – Revised).

As per the IRA 2017, the very first quarterly instalment for a given Year of Assessment must be paid on or before 15 August, if a taxpayer misses this midnight deadline, it triggers an automated, cascading series of financial and penal consequences.

Immediate financial consequences: The accrual of interest

The most immediate consequence of failing to remit the 15 August instalment is the automated levy of late payment interest. The law treats this interest not as a punishment, but as a mandatory financial charge to compensate the government for the time value of money.

Under Section 157(1) of the IRA 2017, if an amount of tax is not paid by the due date, the taxpayer becomes legally liable for interest on the unpaid amount for the period from the due date to the exact date the tax is finally paid. It is critical to note that there is absolutely no statutory grace period for the application of this interest. If the deadline is 15 August, interest begins calculating automatically on 16 August. This interest accrues at a specified rate of 1.5% per month or part of a month.

The 14-day grace period and the 10% penalty

While the law is rigid regarding the immediate accrual of interest, it provides a very brief administrative window for taxpayers to rectify an underpayment before applying punitive financial sanctions.

Under Section 179(2) of the IRA 2017, a person who fails to pay all or part of an instalment required under the Act within 14 days of the due date shall be liable to a penalty equal to 10% of the amount of tax due but not paid. Therefore, for the 15 August deadline, a taxpayer has until 29 August to settle the principal instalment amount. If the payment is not realised by this date, a flat 10% penalty is permanently attached to the outstanding liability, in addition the interest of 1.5% computed monthly, which starts running from 16 August.

The only exception to this penalty trigger is if the taxpayer proactively secured a formal extension. Under Section 179(3), where an extension of time has been granted under Section 151, the taxpayer shall not be liable to this 10% penalty unless the newly extended period expires without payment having been made. (however time extension does not waive off the interest calculation)

The crystallisation of “Tax in Default” status (Section 152) vs. ‘Due and Payable’

A common misconception among taxpayers is that missing the 15 August deadline instantly renders them a legal “defaulter” subject to State seizure or court action on 16 August. However, the IRA 2017 structurally separates a tax being “due and payable” from a tax being officially “in default.”

The payment demand notice

The creation of the formal “tax in default” status is governed exclusively by Section 152 of the Act. Section 152(1) dictates that when a tax is not paid by the date on which it became ‘due and payable’, the Commissioner-General may send a formal notice to the taxpayer demanding payment.

This demand notice is a strict legal instrument that must contain specific statutory elements, including the name of the taxpayer, the amount of tax, interest, and penalties payable, and an explicit demand for the payment of these amounts. Crucially, this notice grants the taxpayer a final 21-day procedural buffer. It is only when 21 days have elapsed after the service of this notice that the taxes owed by the taxpayer officially attain the legal status of “tax in default” in respect of any amounts still remaining unpaid.

Civil recovery methods and procedures (Chapter XVI)

Once the 21-day timeline under Section 152 expires and the taxpayer is officially in default, the Inland Revenue Department (IRD) is empowered to unleash the severe debt recovery mechanisms outlined in Chapter XVI of the IRA and the newly introduced criminal prosecution in the Magistrate’s Court.

1. The Automatic Statutory Lien

(Section 164)

The moment the default status is crystallised, the State automatically secures its interests. Under Section 164(1), where a taxpayer fails to pay a tax by the due date, a ‘lien’ in favour of the Commissioner-General is created on all property belonging to the taxpayer. This invisible legal hold covers the principal amount owing, together with all accrued interest, penalties, and costs of collection.

A ‘lien’ under Section 164 of IRA 2017 is a legal claim on a taxpayer’s property that automatically attaches once taxes fall into default (Section 152), securing the Government’s priority over the asset. It effectively blocks unencumbered transfer of the property and empowers the Inland Revenue Department to enforce recovery via court-ordered sale of that property to settle the unpaid tax debt.

2. Execution Against Property (Section 165)

If the default persists, the IRD can move from a passive lien to active seizure. Under Section 165, the Commissioner-General is authorised to levy execution against the taxpayer’s property, which ultimately leads to the physical seizure and sale of the defaulter’s movable and immovable assets to recover the debt.

3. Third-Party Debtors (Section 170)

One of the most effective civil tools available to the IRD is the ‘garnishee order’. Under Section 170, the Commissioner-General can issue notices to third parties, such as commercial banks, employers, or trade debtors, who owe money to, or hold money for, the defaulting taxpayer. This notice legally compels the third party to hold those funds in trust for the government of Sri Lanka and redirect the payments directly to the IRD to settle the tax debt.

Prior to the 2026 amendments, Section 163(2) empowered the Commissioner-General to institute proceedings in a competent civil court to recover unpaid taxes. In practice, however, this mechanism was often ineffective, as recovery actions could be prolonged by injunction applications and delays inherent in the civil litigation process, resulting in significant delays in tax collection.

The criminalisation of tax defaults: The 2026 Amendment and Magisterial proceedings

In response to concerns regarding the effectiveness of traditional civil recovery mechanisms, Parliament enacted the Inland Revenue (Amendment) Act, No. 11 of 2026, introducing a new enforcement framework that allows certain tax defaults to be pursued through proceedings before the Magistrate’s Court.

The amendment to Section 163 represents a significant shift in tax recovery. Prior to 1 April 2026, unpaid taxes were recoverable through civil proceedings in a court of competent jurisdiction, with the Commissioner-General’s certificate constituting conclusive evidence of the tax liability. Tax arrears were therefore treated strictly as civil debts.

With effect from 1 April 2026, however, the legislation introduces a new enforcement mechanism that operates through the Magistrate’s Court. Under Section 163(4A)(a), where a taxpayer fails to pay tax in default, the Commissioner-General may submit a certificate containing particulars of the default directly to the Magistrate, without first commencing civil recovery proceedings. Upon receipt of the certificate, the Magistrate is required to issue summons on the taxpayer to show cause why recovery proceedings should not proceed.

If the taxpayer fails to establish sufficient cause, the outstanding tax is deemed to be a fine imposed by the Magistrate for an offence punishable by fine only. As a result, the unpaid tax becomes recoverable under the procedures set out in the Code of Criminal Procedure Act, No. 15 of 1979, significantly strengthening the enforcement powers available to the tax authority.

Several features of the new regime reinforce its expedited nature:

Mandatory issuance of summons

Upon receiving the Commissioner-General’s certificate, the Magistrate must summon the taxpayer to appear before court and show cause why further recovery action should not be taken.

Restricted judicial review

Section 163(4C) limits the role of the Magistrate to enforcement. The court is not empowered to examine the correctness of the assessment or the statements contained in the certificate. The Magistrate is also prohibited from postponing proceedings for more than thirty days.

Evidentiary status of the certificate

Under Section 163(4H), the Commissioner-General’s certificate constitutes sufficient evidence that the tax has been duly assessed and remains unpaid. Accordingly, challenges relating to the accuracy or quantum of the assessment cannot be entertained in the Magistrate’s Court. However, where an administrative review or appeal is pending, the Commissioner-General is precluded from issuing the certificate.

Where recovery proceedings are successful, the outstanding tax, together with any applicable penalties and interest, is recoverable in the same manner as a court-imposed fine. Failure to pay the amount as directed by the court may ultimately result in imprisonment in accordance with the procedures applicable to the recovery of fines.

Key features of the 2026 Amendment

Jurisdictional shift: Recovery proceedings move from the civil courts to the Magistrates’ Courts, enabling faster enforcement.

Quasi-criminal enforcement: Unpaid tax may be treated as a fine imposed by the Court, with consequential enforcement measures, including instalment arrangements and imprisonment in default of payment.

Limitation override: Proceedings under Section 163 may be instituted notwithstanding the expiry of the limitation period specified in Section 161.

Additional recovery powers preserved: Proceedings under Section 163 do not prevent the Commissioner-General from pursuing other recovery mechanisms available under the Inland Revenue Act.

This amendment reflects a deliberate policy decision to strengthen tax collection by reducing procedural delays at the enforcement stage. While tax liability continues to arise under the revenue laws, the revised framework introduces a more coercive recovery mechanism that significantly enhances the State’s ability to collect unpaid taxes.

Conclusion

The enactment of the Inland Revenue (Amendment) Act, No. 11 of 2026 has fundamentally rewritten the rules of tax enforcement in Sri Lanka. Missing a quarterly income tax instalment on dates such as August 15th is no longer an issue that can be casually delayed and negotiated over years of civil litigation.

The moment the deadline passes, taxpayers are immediately hit with non-negotiable interest of 1.5% per month followed swiftly by a 10% penalty after just fourteen days. Once the Inland Revenue Department exhausts the 21-day procedural warning under Section 152 [6], the protections of the civil realm evaporate.

By harmonising the gatekeeper clause of Section 160 with the aggressive new powers of Section 163(4A)(a), the State is now legally empowered to drag defaulting taxpayers into Magistrate’s Courts, where unquestionable certificates of debt can rapidly culminate in criminal fines and imprisonment. Absolute, timely compliance is now the only shield against the formidable penal machinery of the modern Sri Lankan tax regime.

LOLC Life Assurance, through its dedicated Takaful arm, Al-Falaah Takaful Life has introduced LOLC Life Family Takaful Deferred Maturity product, a Shariah-compliant long-term financial solution designed to help individuals safeguard their loved ones, strengthen their financial resilience, and prepare responsibly for the future.

The solution is based on the principles of mutual cooperation, shared responsibility, and ethical investment. It was officially introduced at a dedicated Business Launch held in the Eastern Region, bringing together the Company’s sales force and business partners to mark the commencement of its market rollout.

Developed in response to the growing demand for financial solutions that combine Family Takaful coverage with long-term financial planning, the solution enables participants to make contributions under a Shariah-compliant Takaful arrangement while receiving financial support in the event of covered contingencies together with the opportunity for potential fund growth through Shariah-compliant investments. Investment returns are subject to actual fund performance and the applicable terms and conditions of the Takaful Certificate.

LOLC Life Family Takaful is available to individuals aged 18 to 60 years. It offers flexible contribution payment periods of 3, 5, 7, or 10 years, with Takaful Certificate terms ranging from 10 to 40 years, enabling participants to select an arrangement that aligns with their long-term financial objectives.

Participants may also make additional top-up contributions, subject to the applicable product terms and conditions, providing greater flexibility to support their long-term financial goals and potential fund growth objectives.

In addition to the principal Family Takaful coverage, participants may enhance their protection through optional rider benefits, including Accidental Death, Critical Illness benefit, Total Permanent Disability, Partial Permanent Disability, and Hospitalisation per day benefit. These supplementary benefits provide additional financial support when it is needed most, subject to the applicable product limits, exclusions, and the terms and conditions of the Takaful Certificate.

LOLC Life Assurance Executive Director/Principal Officer Dr. Chandana L. Aluthgama said: ‘At LOLC Life Assurance, we remain committed to developing innovative protection solutions that respond to the evolving financial needs of Sri Lankan families. The introduction of Family Takaful marks another significant milestone in our efforts to expand access to ethical, Shariah-compliant financial solutions, while contributing to greater financial inclusion and long-term financial preparedness for our customers.’

LOLC Life Assurance Chief Operating Officer Jayantha Kalinga said: ‘The introduction of LOLC Life Family Takaful enables us to offer our customers a wider range of financial planning choices that respond to their diverse needs and aspirations while providing meaningful financial protection to their loved ones. Through our dedicated sales force and extensive reach, we are committed to increasing awareness of Takaful solutions and empowering individuals and families to make informed and responsible financial decisions.

Prime Lands Residencies PLC, the real leader in the modern real estate has been recognized as the Most Valuable Real Estate Brand in Sri Lanka for 2026 by Brand Finance, the world’s leading independent brand valuation consultancy. This prestigious recognition underscores the company’s leadership in the Sri Lankan real estate sector and reflects the enduring trust, confidence, and loyalty it has built among customers over the past three decades.

The Brand Finance rankings are globally respected for evaluating brands based on financial performance, brand strength, and the ability to create long-term value. Being named Sri Lanka’s Most Valuable Real Estate Brand is a testament to Prime Residencies’ unwavering commitment to excellence, innovation, quality, and customer satisfaction.

As the residential arm of Prime Group, Prime Lands Residencies PLC has played a pivotal role in shaping modern living in Sri Lanka. Through its portfolio of premium condominium developments, the company has consistently delivered homes that combine superior design, strategic locations, quality construction, and lasting investment value. Today, Prime Residencies continues to redefine the residential landscape with several landmark developments across the country, over 55 apartment projects across Colombo and its suburbs, with 47 already completed and delivered on time with unmatched reliability.

Commenting on the achievement, Executive Director of Prime Group, Mrs. Shehana Brahmanage, stated:

“Being recognized as Sri Lanka’s Most Valuable Real Estate Brand is a proud milestone for our entire team. This recognition belongs to our customers, employees, partners, and stakeholders who have placed their trust in us throughout our journey. It motivates us to continue raising the bar in the real estate industry by delivering exceptional developments, creating lasting value, and fulfilling our promise of excellence.”

The recognition further strengthens Prime Lands Residencies’ reputation as one of Sri Lanka’s most trusted developers. Over the years, the company has successfully completed more than 70 residential developments, while Prime Group has delivered over 10,000 land development projects, transforming the lives of thousands of Sri Lankan families through quality real estate solutions.

The accolade also reflects the company’s continued momentum on both local and international stages, following a series of prestigious awards that recognize excellence in real estate development, innovation, and marketing. As Prime Lands Residencies continues to expand its portfolio and strengthen its presence in local and overseas markets, the company remains committed to creating exceptional living spaces while contributing to the growth of Sri Lanka’s real estate sector.

This latest recognition as Sri Lanka’s Most Valuable Real Estate Brand for 2026 reaffirms Prime Residencies’ vision of delivering enduring value through trust, innovation, and uncompromising quality.

Forward Lionel Messi missed yet another penalty and was booked as Inter Miami suffered a 4-1 defeat at Nashville in a top-of-the-table Major League Soccer clash on Saturday.

England’s Sam Surridge and Germany’s Hany Mukhtar scored second-half goals for the hosts, Nashville, in a showdown between the MLS overall leaders.

Argentina and Miami captain Messi was denied from the penalty spot in the first half and was issued a yellow card in the 59th minute but also assisted Miami’s lone goal, scored by Telasco Segovia.

Messi, the 2022 World Cup winner, struck both posts in second-half stoppage time.

Argentina and Miami captain Messi was denied from the penalty spot in the first half and was issued a yellow card in the 59th minute but also assisted Miami’s lone goal, scored by Telasco Segovia.

Messi, the 2022 World Cup winner, struck both posts in second-half stoppage time.

Nashville lead MLS with 43 points and a record of 13-2 with four drawn, while Inter Miami are second on 38 points.

Nashville had already knocked Miami out of this year’s CONCACAF Champions Cup in the round of 16.

Defending MLS champions Miami, who had been a league-best 8-1-1 on the road, saw a seven-match undefeated MLS run snapped as Nashville remained unbeaten at home in the MLS campaign.

Honduran defender Andy Najar scored with a header in the 17th minute to give Nashville a 1-0 lead.

Miami had a chance to equalise with a Messi penalty kick in the 23rd minute, but Nashville goalkeeper Brian Schwake saved his weak effort.

The Sri Lankan Business Council UAE (SLBC) has launched SLBC NextGen, a new initiative designed to connect, mentor and empower the next generation of Sri Lankan professionals, entrepreneurs and future business leaders in the UAE.

Launched on 12 July at Novotel Deira Creekside Dubai, the initiative attracted more than 80 young participants at its inaugural gathering, exceeding expectations and generating an enthusiastic response, with several participants immediately volunteering to contribute to future programs.

SLBC NextGen is the brainchild of SLBC Chairman Suren Swaminathan, who believes that an organisation celebrating 35 years must not only serve today’s membership, but consciously prepare those who will lead it tomorrow.

Two years ago, Swaminathan initiated the SLBC Ladies’ Wing, which has since developed into a vibrant and active platform within the Council. NextGen represents the next stage of that journey, creating a space for younger members and the next generation of SLBC families to interact, exchange ideas, build relationships and learn from experienced entrepreneurs and professionals.

NextGen is not a separate business council. It operates under the umbrella and guidance of the SLBC, with a young core team being developed to increasingly take responsibility for its programs and activities.

A transition already underway

For Swaminathan, the initiative also reflects a generational transition already taking place within the SLBC itself.

Today, more than half of the Council’s Board is below the age of 50 and therefore belongs to the very generation NextGen seeks to engage and empower.

SLBC Vice Chairman Shihan Sheriff played a central role in bringing the inaugural program together, coordinating the team and overseeing the event. His leadership, together with the contribution of the young core team, was singled out by Swaminathan as evidence that the future leadership of the Council is already emerging from within.

Swaminathan has increasingly sought to delegate responsibility and create space for younger members to lead. He told the gathering that, sooner rather than later, Sri Lankan Business Council Chairman himself could come from the NextGen generation.

The philosophy is simple: strong leadership is not about remaining indispensable. It is about developing others who can take an institution forward.

People still do business with people

Addressing an audience spanning their late teens, twenties, thirties and forties, Swaminathan reflected on the enormous technological changes between generations.

While today’s young professionals have access to information, technology and artificial intelligence unimaginable to earlier generations, he argued that one fundamental principle remains unchanged: ‘People still do business with people.’

NextGen will therefore place particular emphasis on human relationships, mentorship and meaningful networking alongside entrepreneurship, professional development, communication and leadership.

Swaminathan also addressed the pressures young people often face, from careers, society and even well-intentioned family expectations, encouraging them to find their own definition of achievement.

‘Don’t spend your life trying to become someone else’s version of success. Become the very best version of yourself,’ he told them.

From professor to global entrepreneur

Guest of Honour and keynote speaker M. Mahadevan, internationally known as ‘Hot Breads Mahadevan’, brought that philosophy to life through his own remarkable entrepreneurial journey.

A former professor who moved from teaching business to building businesses himself, Mahadevan founded Hot Breads in 1989 and subsequently built an international network of bakeries, restaurants and entrepreneurial partnerships.

Swaminathan, a longstanding friend of Mahadevan and himself a former Hot Breads franchisee in the UAE, humourously described him as ‘the professor who went on to sell bread to the French.’

Yet Mahadevan’s keynote was less about the size of his business interests and more about the lives created around them.

He challenged conventional measures of entrepreneurial success, emphasising that what ultimately matters are not simply how much money an entrepreneur accumulates, but how many livelihoods are created and how many people are given an opportunity to build a better life.

That philosophy is reflected in Mahadevan’s social-enterprise initiatives in India, which have created employment and skills-development opportunities for people who often struggle to enter mainstream employment, including burn survivors, differently abled people and those from disadvantaged backgrounds.

His approach is not merely to provide charity, but to create dignity through skills and sustainable employment, the principle of not simply giving someone a fish, but teaching them how to fish.

Mahadevan has also maintained close ties with Sri Lanka and spoke of his interest in establishing a bakery venture in the country.

More significantly for the aspiring entrepreneurs in the room, he issued them a direct challenge: anyone with a serious idea and a credible business plan should approach him, and he would be willing to explore how he could help take it forward.

It transformed the keynote from inspiration into a tangible opportunity.

His message closely echoed a thought Swaminathan had expressed earlier in the evening:

‘Success is not measured by the salary you earn, the car you drive or the title on your business card. Success is measured by the lives you touch and the difference you make.’

The two messages converged around a powerful philosophy for the young entrepreneurs present: build businesses, create wealth and succeed, but take people with you.

Leadership, careers and purpose

The program also featured Business Psychologist and Career Strategist Zeinab Shabbir Tinwala, who addressed real-world corporate and business challenges, and Leadership Strategist and Coach Kasun Sigera, who focused on building future-ready careers through leadership, growth and purpose.

The program itself reflected the philosophy of NextGen, with younger members being given visible responsibility from its very first event. SLBC Vice Chairman Shihan Sheriff coordinated and steered the program together with the core team, while NextGen core team member Nashaat Marjan delivered the vote of thanks.

Together, the speakers and young organising team reflected the broader intention behind NextGen: not simply to hold networking events, but to expose younger Sri Lankans in the UAE to entrepreneurs, professionals and mentors who can share practical lessons from their own journeys, while simultaneously giving the younger generation opportunities to take responsibility themselves.

The formal program concluded with an interactive question and answer session, giving participants the opportunity to engage directly with the speakers and explore some of the issues raised during the evening.

This was followed by networking and a sumptuous buffet dinner, providing exactly the kind of informal environment NextGen hopes to encourage, where young professionals and entrepreneurs across different generations can meet, exchange ideas, build friendships and develop meaningful connections.

The young core team will now be encouraged to take increasing ownership, developing programs, identifying speakers and mentors, creating opportunities and building a community in which members across different age groups can learn from one another.

Ten little words

Swaminathan concluded his message with a philosophy he has used for decades when mentoring and developing young professionals.

He calls them ‘The Ten Little Words’ ten words, each consisting of only two letters: ‘If it is to be, it is up to me.’

The message encapsulates the philosophy behind NextGen.

The SLBC can provide the platform. Experienced business leaders can mentor. Relationships can open doors. The Council can create opportunities.

But ultimately, the next generation must take responsibility for what it does with them.

As the SLBC celebrates 35 years, NextGen therefore represents more than another program on its calendar.

It is an investment in continuity, creating opportunities for today’s young professionals and entrepreneurs while deliberately preparing the people who will lead the Council tomorrow.

And if the enthusiasm demonstrated at its inaugural gathering is any indication, that transition has already begun.

Golf is a game in which history is measured not merely in years, but in names engraved on silver, in trophies passed from champion to champion, and in traditions carried faithfully from one generation to the next.

Few institutions illustrate this better than the world’s Royal golf clubs.

From Scotland and England to Ireland, Canada, Australia, Africa and Asia, the Royal clubs represent a remarkable international fraternity of golfing institutions that have received the privilege of the ‘Royal’ designation. Their histories encompass some of the earliest surviving traditions of organised golf, and many possess trophies and championships that have been contested for generations.

Among this distinguished family stands the Royal Colombo Golf Club, whose history reaches back to the introduction of golf to Ceylon in 1879 and whose 105th Club Championship will be contested from 15 to 23 August 2026.

The occasion provides an appropriate moment to examine the history of Royal golf clubs worldwide-and, in particular, the extraordinary story of their club championships and perpetual trophies.

The Royal tradition

The designation ‘Royal’ in golf is not simply an honorary description adopted by a club. In the historic British tradition, it represents a privilege granted by the Crown.

The resulting family of Royal clubs is remarkably diverse.

At one end of the historical spectrum stands Royal Blackheath, whose traditional history reaches back to 1608. At another are more recent recipients of Royal status, including Royal Port Moresby, which received the designation in 2012, and Royal Balmoral, whose Royal status was approved in 2025.

The Royal Malta Golf Club provides an interesting insight into the international nature of this fraternity. When Royal Malta celebrated its 125th anniversary in 2013, it hosted approximately 140 visiting golfers and supporters representing 35 Royal Golf Clubs from countries including Australia, Canada, New Zealand, South Africa and the United Kingdom.

The Royal designation therefore represents not simply a collection of historic clubs, but a worldwide golfing family.

The Royal Clubs – A worldwide historical family

The Royal clubs encompass an extraordinary geographical spread.

The published historical lists themselves require careful interpretation because some Royal clubs have merged or ceased using the designation, while newer clubs have subsequently been granted Royal status.

That evolution is itself part of the history of Royal golf.

The oldest trophy among the Royals

When comparing the Royal clubs, one trophy stands out dramatically.

At Royal Musselburgh Golf Club in Scotland is the famous Old Club Cup, dating from 1774.

Royal Musselburgh regards it as the oldest golf trophy still competitively played for. The significance of the trophy is not simply that it has survived for 252 years; it is that it remains connected with competitive golf today.

This distinction is crucial.

There are older clubs.

There are old medals.

There are trophies that survive in clubhouses.

But a trophy that has survived for centuries and continues to be contested represents something altogether different: a living sporting tradition.

Royal Musselburgh therefore provides the benchmark against which the championship traditions of the other Royal clubs can be measured.

The oldest club is not necessarily the oldest championship

One of the most fascinating discoveries in comparing Royal clubs is that the age of a club and the age of its Club Championship are not necessarily the same thing.

Royal Blackheath is traditionally associated with a history going back to 1608, potentially making it one of the oldest golf clubs in the world. Yet it would be misleading to claim that its present Club Championship has been contested continuously since 1608 without documentary evidence establishing that uninterrupted succession.

The same principle applies elsewhere.

A club may have existed for 150 or 200 years while its present championship was established considerably later.

Consequently, any serious comparison must distinguish between:

the date of the club’s foundation;

the date of Royal designation;

the first known competitive trophy;

the first documented Club Championship;

the present championship;

and whether the competition has been continuously contested.

That distinction is fundamental to understanding the Royal golfing heritage.

Where does Royal Colombo stand?

To understand the importance of Royal Colombo, it is necessary to distinguish between three different dates: the birth of the club, the beginning of its competitive tradition, and the granting of Royal status.

Golf was introduced to Ceylon in 1879, with the early Colombo golfers playing on Galle Face Green. The club subsequently developed its permanent home at what became the Ridgeway Links, and in 1928 King George V granted the club the privilege of using the Royal prefix.

Royal Colombo is consequently considerably older as a golfing institution than its Royal designation might suggest.

Indeed, the Club’s competitive history reaches back even further. The Club’s historical record identifies a competitive trophy dating from 1887, while in 1888 the Calcutta Golf Club presented a silver medal to Colombo. The Calcutta Medal, a permanent challenge medal, remains part of Royal Colombo’s historic trophy tradition.

That is an extraordinary legacy.

It means that Royal Colombo’s competitive golfing traditions pre-date its Royal designation by approximately four decades.

The Royal Clubs and their trophies

The comparison of the Royal clubs also reveals a fascinating culture of perpetual trophies.

Golf has always had a special relationship with trophies.

Unlike many professional sports, where trophies may belong permanently to an event or organisation, golf clubs have traditionally created challenge trophies and medals that pass from champion to champion.

The object becomes a physical link between generations.

The Old Club Cup at Royal Musselburgh is perhaps the supreme example.

The Calcutta Medal at Royal Colombo is another.

And throughout the Royal family, historic trophies preserve the names of players who may otherwise have disappeared from living memory.

In this respect, a perpetual trophy is more than silverware.

It is an archive.

Royal Colombo and the Royal Musselburgh benchmark

The comparison between Royal Colombo and Royal Musselburgh is particularly interesting.

Royal Musselburgh’s competitive trophy tradition reaches back to 1774.

Royal Colombo’s documented competitive trophy tradition reaches back to 1887, with the Calcutta Medal following in 1888.

The difference is approximately 113 years.

Yet both clubs demonstrate the same fundamental principle:

a golfing tradition becomes historically important when it remains alive.

A trophy locked away in a cabinet is history.

A trophy still being contested is heritage.

That distinction gives the Royal clubs their special character.

A heritage shared by the Royal Clubs

The history of the Royal golf clubs is ultimately a history of continuity.

Royal Musselburgh carries the memory of 1774.

Royal Blackheath carries a tradition reaching into the earliest history of golf.

Royal Liverpool, Royal Dornoch, Royal Melbourne, Royal Sydney, Royal Adelaide, Royal Montreal and the other historic clubs preserve their own remarkable competitive traditions.

And Royal Colombo carries the story of golf in Ceylon and Sri Lanka from 1879 into the twenty-first century.

The Royal designation connects these institutions, but their trophies and championships give them individual identities.

Each club has its own champions.

Its own rivalries.

Its own heroes.

Its own moments when a young golfer defeated an established champion, when a veteran produced one last great performance, or when a family name appeared again on a trophy generations after it first became famous.

That is the romance of Royal golf.

The Royal Colombo’s 105th Club Championship

Against this international background, the Royal Colombo Club Championship takes on a special significance.

Historical accounts identify 1914 as the year in which the Club Championship was instituted, with R. J. Elliot recorded as the first champion.

The competition has subsequently become one of the most prestigious events in the Club’s annual calendar.

And so, the story now arrives at August 2026.

The first two rounds, on 15 and 16 August, are qualifying rounds played off gross scores. The leading 16 players then enter the match-play stages, with the competition proceeding through the pre-quarter-finals, quarter-finals and semi-finals.

The present format is particularly demanding.

Finally comes the ultimate examination:

36 holes on Sunday, 23 August.

The finalists will play a morning round and then return for the afternoon round.

It is a format that demands far more than the ability to produce a low score.

The qualifier demands consistency.

Match play demands nerve.

One player will eventually walk away with the title.

But he will also inherit something much greater.

He will inherit a place in the history of one of Sri Lanka’s oldest sporting traditions and within the international family of Royal golf clubs.

The living legacy of golf

As the Royal Colombo Golf Club prepares to host its 105th Club Championship, it is worth remembering that the greatest golf clubs are not simply custodians of buildings, courses and trophies.

They are custodians of memory.

Every championship adds another layer.

Every winner adds another name.

Every generation inherits something from the one before it-and leaves something for the generation that follows.

The record of Pin Fernando – A record that may never be broken

No history of the Royal Colombo Club Championship can be written without beginning with the late Pin Fernando.

At the summit of the Championship’s history, he stands with a remarkable 19 victories, that remains as the benchmark against which every subsequent champion is measured.

Nineteen Club Championship victories represent far more than golfing ability. They represent an extraordinary capacity to remain competitive across different generations, opponents and playing conditions, and to repeatedly produce the performances required to survive the unique pressures of match play.

‘Pin Fernando’s 19 titles are the record that every future champion will inevitably measure himself against.’

Rusi Captain – The record’s closest challenger

Closest to the late Pin Fernando’s extraordinary record is Rusi Captain, a current member of the Club and one of the most decorated golfers in Royal Colombo history. Captain has won the Championship 14 times, placing him firmly in second place on the all-time list.

Rusi Captain’s longevity is particularly remarkable. His name has appeared repeatedly in championship reports spanning decades, and he has remained a formidable match-play competitor even against considerably younger golfers. His 14 victories place him in a rare category-not simply as a multiple champion, but as a golfer whose name has become synonymous with the Royal Colombo Club Championship.

The contrast between Fernando’s 19 victories and Captain’s 14 illustrates just how difficult it is to establish sustained dominance in this competition.

A father and son in the Roll of Honour

The Fernando name has a further place in the Championship’s history.

In a remarkable continuation of the family legacy, Priath Fernando, son of Pin Fernando, won the Royal Colombo Club Championship in 1979-the centenary year of the Club.

His victory added another special chapter to the Fernando family’s association with Royal Colombo and its most coveted golfing title.

The youngest generation

The Championship has also repeatedly demonstrated that experience is not an absolute requirement for greatness.

One of its most remarkable stories is that of Amrith De Soysa.

If Pin Fernando represents the enduring excellence of experience, Amrith De Soysa represents the extraordinary potential of youth.

In 2001, De Soysa won the Club Championship as a teenager, defeating the vastly more experienced Rusi Captain in the final.

His achievement was remarkable not merely because of his age, but because of the quality of the opponent he defeated.

De Soysa subsequently established himself as one of the most successful champions of the modern era, winning the title on five occasions: 2001, 2013, 2014, 2015 and 2022.

In 2024, he went on to serve as Captain of the Royal Colombo Golf Club, bringing another distinguished chapter to a golfing journey that had begun with his historic success as a young player.

His progression from young champion to Club Captain is a fitting illustration of how the Royal Colombo Championship connects generations.

‘It is stories such as this that transform a championship roll of honour from a list of names into a living history of the Club’.

It is important, however, to recognise that the Championship’s long history has produced many multiple winners. The names that follow Fernando mentioned here are largely champions of the more recent past, but they form only part of a much longer tradition of golfers who have won the Championship on more than one occasion.

Among those distinguished multiple champions are Rusi Captain (14), Amrith De Soysa (5), Pheroze Billimoria (4), Mithun Perera (4), K. Nandasena Perera (3), Sachin De Silva (3), Yannik Kumara (3) among , Sohli Captain (2), Dr. Chelliah Thurairaja (2), and many others, represent different generations of golfers who have contributed to the Championship’s history.

The Championship as a record of Sri Lankan Golf

The importance of the Royal Colombo Club Championship extends beyond the competition itself.

Its roll of honour provides an extraordinary record of Sri Lankan golf.

The competition has repeatedly provided the stage upon which established champions have encountered the next generation.

That is why the Championship has remained relevant.

It has never been frozen in the past.

It has continuously renewed itself.

A Championship of generations

Perhaps the most remarkable feature of the Royal Colombo Championship is the way in which generations overlap.

Names such as Pin Fernando, Sohli Captain, Dr. C. Thurairaja, Rusi Captain, Pheroze Billimoria, Amrith De Soysa, late K. Nandasena Perera, Mithun Perera, Sachin De Silva and Yannik Kumara, among others are not merely historical references.

They are the standard.

The young golfer entering the qualifying rounds today competes on the same historic stage on which the champions of previous generations established their reputations.

Every player entering the 2026 Championship knows that somewhere in the history of the Club stands Pin Fernando’s 19 victories.

Behind him stands Rusi Captain’s 14.

Then come the many multiple champions whose periods of success defined different eras.

And beyond them are the hundreds of players whose names appear only once on the roll of honour-but whose victory gave them something that no subsequent tournament can take away:

they became a Royal Colombo Club Champion.

A new name awaits

On 23 August 2026, another name will be added to that history.

The identity of the next champion is not yet known.

But the significance of his victory is already assured.

He will become part of a championship tradition that reaches back more than a century at Royal Colombo and forms part of the much wider historical tapestry of the world’s Royal golf clubs.

From the Old Club Cup of Royal Musselburgh in 1774 to the Calcutta Medal tradition at Royal Colombo from 1888, from the great Scottish and English Royal clubs to the Royal clubs of Australia, Canada, Africa and Asia, the story is ultimately the same.

Golf survives through its traditions.

Traditions survive through their champions.

And champions survive through history.

The 105th Royal Colombo Club Championship is therefore not simply another tournament.

It is the continuation of a story that began generations ago-and which, on 23 August 2026, will acquire another name.

A new chapter is about to be written!

Of late, the Central Bank of Sri Lanka (CBSL) has been at the receiving end from both Parliamentarians and the public. This has not been due to its failure towards the nation. Rather, it reveals the failure of its communication policy in explaining what it does in a language people can understand. When people in the social media age learn from posts circulating there, central bankers trying to educate the public through lengthy technical papers will not serve any purpose. It simply adds fuel to the prevailing animosity among the people about Central Bank activities. This is where CBSL stands today.

In times of economic distress, this communication gap breeds panic, fuels destructive rumours, and accelerates financial instability. True monetary policy fails within the high-walled rooms of Board meetings or through the publication of dense, incomprehensible, graphic-filled, formulaic communiqués. It succeeds when the average person on the street understands why prices are rising, how fluctuating interest rates affect his hard-earned savings, and what the regulator is actively doing to protect his daily livelihood.

Bridging this deep gulf between complex economic theory and ordinary human survival requires far more than administrative competence or technical expertise alone. It requires a rare blend of deep economic insight, genuine communicative empathy, and a profound democratic conviction that the public has a fundamental right to understand the forces shaping their financial destinies. In this context, the contribution of ex-central banker Sri Darshana Narampanawa towards meeting this purpose merits our attention.

Darshana Narampanawa

Historical struggle for transparency: 1978 vision

When Sri Lanka began opening its economy in 1978, the CBSL also introduced a new open central bank policy that needed to be explained to the public. Governor Warnasena Rasaputra, who steered the Bank during this challenging period, thought it necessary for the Bank to adopt a new communication policy. He believed that an open market economy could not function effectively alongside a closed, secretive, and aloof central bank. His stand was that if the domestic market was to be opened to the global flow of capital, foreign enterprise, and private initiative, then central banking must also evolve. It had to become transparent, accessible, and open to public scrutiny. He believed that public economic literacy was a prerequisite for the survival of a market economy.

Governor Rasaputra’s ambition was to establish a dedicated, highly readable communication window within the Bank that could translate complex economic policies into accessible ideas. He explicitly modelled this vision on the style of the International Monetary Fund’s celebrated Finance and Development magazine-a publication renowned for making global macroeconomic trends understandable to non-specialists. Recognising that career central bankers lacked the literary flair, public pulse, and narrative touch required to engage the masses, Rasaputra hired Mervin Silva, ex-editor of Silumina, Sri Lanka’s leading weekly newspaper, as the Bank’s communication agent.

Silva was knowledgeable in journalism but not so good at central banking or economics. Hence, Governor Rasaputra requested this writer to help Silva design, structure, and simplify the technical matters slated for public distribution. Working closely together, we launched two landmark publications tailored specifically for a dual-language audience: Satahana in Sinhala and News Survey in English. My job was to select articles for translation, and Silva’s job was to perform the overall editing of the two publications. I recall they included articles contributed by Central Bank officers, duly edited into simple language by Silva and vetted by me for accuracy, and those taken directly from Finance and Development.

We wanted the ordinary citizen to understand exactly how global trade dynamics, domestic inflation, and State expenditure directly impacted their household budgets. The initial success of Satahana and News Survey proved a vital point: the Sri Lankan public possessed a healthy, vibrant appetite for economic literacy when the material was presented with respect, clarity, and simplicity.

Institutional drift and birth of Darshana

Tragically, the institutional gravity of any bureaucracy almost always pulls against the forces of openness. Satahana and News Survey too suffered from this ailment. Accordingly, over the subsequent decades, an unfortunate institutional drift occurred within the Central Bank. These two publications gradually lost their original, public-facing focus. Instead of serving as vital conduits of popular education and citizen empowerment, they were slowly co-opted by the academic and research wings of the Bank. Over time, they transformed into dense, high-level research organs containing econometric modelling and academic prose written by specialists, exclusively for specialists. The ordinary citizen was once again pushed outside the institutional gate, left entirely unable to decipher the elite academic discourse that had replaced the simple, welcoming prose of the early open-economy era.

Recognising this growing communication deficit, a fresh attempt to revive public outreach was initiated in 1998. The sharp, reality-minded, and reform-oriented Governor A. S. Jayawardena approached this writer with a request to launch a brand-new quarterly journal. His goal was to reclaim the lost territory of public economic education and fulfil the Bank’s democratic duty to inform.

When I told Governor Jayawardena that another central bank officer, Dr. M. U. A. Tennakone, had started such a magazine titled Darshana and abandoned it after his retirement, he perused a previous issue and asked me to continue its publication. Thus, with the help of a few officers in the Rural Credit Department, of which I was the Director, two issues of Darshana were released. They contained articles written by central bank officers plus those translated from similar journals in English. I recall that the magazine was very popular among students reading economics for the Advanced Level examination and their teachers. But the subsequent central bank management did not have the same heart to issue this journal and, hence, it met with a natural death.

Narampanawa revival: A two-pronged revolution

It is against this stark, decades-long background of aborted starts, institutional drift, and mounting communication gaps that the extraordinary work done by Narampanawa must be contextualised and appreciated. Stepping into a landscape where CBSL had largely retreated into its elite shell, Narampanawa undertook a task that amounted to reviving the spirit of Rasaputra and Jayawardena. However, he did not merely replicate the past; he adapted it brilliantly for the challenges of the modern era.

My observation is that Narampanawa’s approach to communication was not as a secondary public relations chore or an administrative afterthought, but as a core, indispensable pillar of monetary policy implementation. He understood a fundamental economic truth that many economists ignore: monetary policy cannot stabilise an economy if the public’s expectations are driven entirely by fear, confusion, and ignorance. If the public does not understand why a central bank is raising interest rates to curb inflation, they will react with hostility, panic-buying or selling, and financial hoarding, thereby undermining the very goals the policy seeks to achieve.

Narampanawa’s intellectual triumph was his ability to break down these high-stakes economic mechanisms into everyday language, ensuring that the ordinary person could see the method behind the macroeconomic medicine. His ground-breaking contributions to CBSL fall into two distinct, highly innovative categories that have redefined institutional communication.

Demystifying central banking through children’s literature

The first, and perhaps most revolutionary, category of Narampanawa’s work is his brilliant approach to presenting complex central banking policies in the form of beautifully crafted stories addressed directly to children. This was an expansion of the work initiated by another central banker, W. M. Karunaratne, who retired from the Bank as an Assistant Governor. With his retirement, that work too was discontinued.

Narampanawa, naming his work “A guide to children about day-to-day events,” restarted from where Karunaratne had left. These stories tackle the most sophisticated, intimidating concepts in economics and translate them into charming, relatable narratives. His stories, numbering 10, focus on the following:

The Evolution of Money: He authored narratives detailing how money evolved in Sri Lanka from ancient times-through a fascinating history of barter, coins, and colonial tokens-to the modern rupees and cents we carry in our pockets today.

The Role of Commercial Banks: He demystified commercial banking, explaining to young minds why a bank is the safest and best place for people to keep their hard-earned money, shifting public perception away from informal, risky hoarding.

The Virtue of Thrift: Using timeless natural metaphors, he illustrated the profound importance of savings, comparing the financial discipline of saving money to the industrious nature of ants accumulating food for future use during difficult seasons.

The Mandate of CBSL: He managed the near-impossible task of explaining how CBSL operates at a macroeconomic level, showing children how the institutional regulator serves the population by maintaining price stability and financial system health.

Respect for Currency: He focused on civic education by writing on the importance of keeping the physical currency notes issued by CBSL clean, treating money as a symbol of national pride and shared sovereign value.

The Medium of Exchange: He broke down fundamental economic utility, explaining in simple terms exactly why people need money for transactions and how commerce drives human society forward.

The Foreign Exchange Market: In perhaps his most impressive literary feat, he simplified the complex mechanics of cross-border trade, explaining how money is paid from one country to another and how the foreign exchange market operates without using terrifying technical jargon.

Commemorative Numismatics: He shed light on the cultural and historical value of money, exploring what commemorative coins and notes tell us about our national heritage, achievements, and milestones.

Financial Fraud Protection: Crucially, Narampanawa integrated vital consumer protection into his stories, teaching children-and, by extension, their families-how people can protect themselves from financial cheaters, pyramid schemes, and digital scammers who deploy various predatory designs to steal livelihoods.

Expanding on this literary repertoire, Narampanawa went a step further by designing a highly engaging comic book that explains the comprehensive operations of the Central Bank entirely through cartoons. This creative choice was a stroke of institutional genius. While these publications were ostensibly meant for children, they serve as equally potent, highly educative material for adults.

Narampanawa recognised a profound psychological truth: when it comes to the complex, heavily guarded world of central banking, everyone is essentially a child despite their age. When confronted with terms like “quantitative easing,” “yield curves,” or “statutory reserve ratios,” even well-educated professionals can feel completely illiterate. By utilising the universally accessible mediums of children’s stories and comic illustrations, Narampanawa stripped away the intimidation factor, allowing citizens of all ages to learn about their economy without shame or confusion.

“The Unshakeable Lighthouse”: Visualising 75 years of institutional resilience

The second major pillar of Narampanawa’s invaluable contribution is the magnificent coffee table book he meticulously designed to mark CBSL’s 75th anniversary, celebrated in 2025. A diamond jubilee is a momentous milestone for any national institution, but all too often, it is celebrated by publishing advanced research articles authored by professional economists addressed to professional economists.

Narampanawa, guided by his superiors, told CBSL’s history in pictures and short narratives. In this context, the title of the book, taking a cue from the iconic, colonial-era Chatham Street Lighthouse, now serving as a Clock Tower, is an apt selection. Erected originally by the British, it was the first true lighthouse in the country and is presently preserved and maintained by CBSL as a treasured national heritage site. Standing majestically in front of the modern Central Bank headquarters, this stone sentinel possesses a history that mirrors the unyielding spirit of the institution itself.

Older generations will vividly recall the horrific morning of January 31, 1996, when a devastating LTTE truck bomb exploded directly at the gates of the Central Bank. The blast ripped through the core of the city, claiming dozens of precious lives, injuring over a thousand innocent central bank officers and those in nearby buildings, and leaving the Central Bank building itself partially destroyed and hollowed by fire. Yet, amidst the smoke, catastrophic destruction, and debris of that dark morning, the historic lighthouse stood majestically, completely unharmed. The decapitated head of the suicide bomber who drove the bomb-laden truck to the Bank building had been flown about 100 metres and neatly deposited at the foot of the Lighthouse-cum-Clock Tower, demonstrating that neither the Bank nor the Tower could be brought to its knees by these cowardly acts.

Narampanawa has not done this work alone, and it has been a team effort. Hence, credit should also go to others who had helped him produce these new-generation central bank communication materials. That team includes his superiors who had guided him and his colleagues who had worked with him. But Narampanawa stands above all of them as the leading figure of this enterprise.

Golden blueprint for future technocrats

The lasting legacy of Sri Darshana Narampanawa’s communication approach lies in the restoration of public trust-the most valuable, yet entirely invisible, asset on any central bank’s balance sheet. When a central bank communicates transparently, imaginatively, and simply, it demystifies the State’s economic machinery and fosters a profound sense of collective national ownership over necessary economic reforms.

Narampanawa’s work has conclusively proven that a central bank can remain deeply technocratic, fiercely independent, and highly rigorous in its research while simultaneously being warm, accessible, and deeply communicative with the public it is sworn to serve.

As Sri Lanka navigates complex modern economic waters, future central bankers and institutional leaders must look to Narampanawa’s career as a definitive, golden blueprint. The historic struggle that began with Governor Rasaputra’s open-banking vision in 1978, carried forward through the creation of Satahana and News Survey, and later revived under Governor Jayawardena through Darshana, has finally found its modern, ultimate validation in Narampanawa’s tireless, creative efforts.

Like the colonial lighthouse that stood firm against the shockwaves of 1996, a central bank’s communication must remain an unshakable beacon of truth, illuminating the economic landscape for the ordinary citizen. He has successfully reminded the nation of a core democratic principle: the currency issued by CBSL ultimately belongs to the people, and therefore, the knowledge of how that currency is managed must also belong to them.

Ultimately, Narampanawa is an unsung hero of the Central Bank of Sri Lanka, leaving behind an unspoken charitable contribution. I say it was charitable work because he did not receive additional remuneration for this work outside his normal duty list. He left this legacy within the Central Bank when he retired a few months back for others to follow. For taking central banking out of the high-altitude atmosphere of academic isolation and placing it firmly, beautifully, and simply into the hands of the ordinary public, he has earned the deep appreciation of this writer and, indeed, the enduring gratitude of the entire nation.