Finance Act to be amended

28 May 2010 11:19 am - 0     - {{hitsCtrl.values.hits}}


By Indika Sri Aravinda

Plans are underway to the amend the country’s ‘Finance Act’ in order to bestow more power to the Central Bank to take tough action against rouge institutions which are taking advantage of unsuspecting depositors.   

The amendment will also allow the government to curtail illegal financial activities carried out under the guise of ‘Non- Bank Financial Institutions’, Director of the Department of Supervision of Non- Bank Financial Institutes, R. M Pathirathna told Daily Mirror online.

Pathirana added that the cabinet had approved the relevant amendments and it will be presented in Parliament in the coming months. The amendments will also bestow power to the government to take over financial institutions conducting illegal activities, limit the use of the phrase “Finance” to government authorized institutions and give more authority to scrutinize the activities of non- bank financial institutes.


  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Land acquisitions in Hanthana and Knuckles Mountain ranges

Sri Lankans will soon lose their opportunity to boast about the rich biodiver

Wanathawilluwa forest clearance: Whodunit?

Days after the Anawilundawa Ramsar Wetland, situated in Puttalam District, ma

‘I’m scared to see her face’

On August 13, a woman happened to meet a child who was in desperate need of h

Kidneys that whisper death

A flute version of Beethoven’s ‘Für Elise’ was echoing from a distance