This national holiday is celebrated 4 February each year to commemorate the country's political independence from British rule in 1948, when it was known as Ceylon. The nation's independence day is celebrated with the President hoisting the national flag on national television and delivering a speech. There are also dances, parades and performances throughout the country.

The flag of Sri Lanka is called the Lion Flag or Sinha Flag. It is distinguished by a gold lion holding a word in its right fore-paw in a maroon background with four gold bo leaves in each corner. While the lion represent the majority Sinhalese population, the leaves represent Buddhism and the Buddhist concepts of Mettā, Karuṇā, Muditā and Upekshā. The stripes represent the two main minorities of Sri Lanka, Sri Lankan Tamils by a orange stripe and Sri Lankan Muslims with green.