For the past several years, it has been a usual practice of the CBSL to backdate and print their gazette notifications due to practical difficulties, the Presidential Commission to Investigate and Inquire into the Issuance of Treasury Bonds was told yesterday.
The practice has been recognized by the Debt Operational Manual of the Public Debt Department (PDD), a former Superintendent of the PDD D. Nanayakkara told the Commission. A former SPD who was transferred as the Director of Macro Prudential Surveillance Department in January 2015 Nanayakkara was testifying before the Commission yesterday. The Commission observed that from 2011 it has been the same practice, while Nanayakkara said it perhaps is the same case prior to 2011 as well.
It was explained to the Commission by former SPD Nanayakkara that, after reserving a space for a gazette notification, the CBSL provides the relevant information at the end of the year and requests to print it under the reserved date. It is practically not possible for the CBSL to publish what will happen in the coming months at the beginning of a year, Nanayakkara told the Commission.
These observations were made corresponding to the challenged gazette extraordinary 1895/19 issued on January 1, 2015. Senior State Counselor Dr. Avanti Perera led the evidence.
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