6.
| (1) Every commercial bank shall, at the beginning of every month, withdraw from every current account maintained at that bank, a sum equal to the sum payable as debits tax from that account in the preceding month, and shall remit such sum to the Commissioner - General on or before the last working day of each month. |
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| (2) Every commercial bank, specialized bank, finance company, or authorized dealer shall on the encashment of a certificate of deposit or travellers cheque, deduct from the amount realized by such encashment, a sum equal to the debits tax payable on such amount and shall remit such sum to the Commissioner - General on or before the last working day of each month following the month in which the certificate of deposit or travellers cheque was encashed. |
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| (3) where any sum is withdrawn and remitted under subsection (1) or deducted and remitted under subsection (2), in payment of the debits tax, such payment shall be deemed to be made with the authority of the person or persons in whose name or names the current account is being maintained at the commercial bank. The person who is the holder of the certificate of deposit or the person presenting the travellers cheque for encashment, as the case may be, and shall, subject to the provisions of subsection (2) of section 10 be a valid discharge of that persons liability to pay the debits tax. |
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| (4) Where owing to there being no funds in a current account or there being an insufficiency of funds in a current account, the commercial bank in which such account is being maintained is unable to collect the debits tax in full or part, payable on the debits made from that account in the immediately preceding month, the bank shall report to the Commissioner-General, on or before the last working day of each month in which the default occurs, the names and address or the names and addresses of the person or persons in whose name or names the account is being maintained, the total amount of the debits made from that account in the immediately preceding month and the debits tax payable on that amount : |
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| (5) Nothing in the preceding provisions of this section shall be deemed to authorize a commercial bank to refuse to pay out of the funds in any current account maintained at that bank, the whole or part of any amount of which payment is demanded by cheque , draft, order or other instruction of the person or persons in whose name or names that account is being maintained, on the ground only that debits tax on the debits made from that account has to be paid : |
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Sri Lanka Consolidated Acts