Press briefing of Cabinet Decision taken on 2010-12-29

Proposed New Law to Regulate Finance Business

- the need to amend the Finance Companies Act has been felt by the Financial Sector as well as the regulator in order to update the law with the developments in technology and practices, the need for combating unauthorized deposit taking business and enhancing effective regulations of the financial sector to overcome challenges to the stability of the financial sector. The salient features of the Bill prepared for the purpose by the Government are -
** acceptance of deposits without authority is made an offe
** enhanced examination / investigative powers of the Central Bank of Sri Lanka.
** enhanced powers of the Central Bank of Sri Lanka to curb unauthorized finance business.
Cabinet approval was granted to present the relevant Bill in Parliament for approval.