Press briefing of Cabinet Decision taken on 2018-11-21

Amendment to the Debt Recovery (Special Provisions) Act, No.2 of 1990

- The Debt Recovery (Special Provisions) Act, No.2 of 1990 has been introduced with the objective of introducing an expeditious procedure for the recovery of debts. However, since the said Act covers only the lending institutions that were in existence, the proposal made by Hon. Mahinda Rajapaksa, the Prime Minister in his capacity as the Minister of Finance and Economic Affairs, to amend section 30 of the said Act to make legal provision required to include the Licensed Specialized Banks established subsequently for the purposes of this Act, was approved by the Cabinet.