Press briefing of Cabinet Decision taken on 2024-01-24 (Subject to Confirmation at the next Meeting)

Amendments to the Bills of Exchange Ordinance

- Some of the provisions of the Bills of Exchange Ordinance No. 25 of 1927, which is currently in force, have raised some contentious issues, while some other provisions have become obsolete. Therefore, a Committee has been appointed under the chairmanship of President's Counsel Mr. Nihal Jayawardene to obtain recommendations on the amendments to be made to the Bills of Exchange Ordinance in order to clarify and improve the law of negotiable instruments. The joint proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies and the Minister of Justice, Prison Affairs and Constitutional Reforms, based on the recommendations containing in the Report submitted by the said Committee, to instruct the Legal Draftsman to prepare a Bill to amend the Bills of Exchange Ordinance No. 25 of 1927, was approved by the Cabinet.