Active Liability Management Bill: Bandula files petition in SC

23 February 2018 09:00 pm - 13     - {{hitsCtrl.values.hits}}


Former Deputy Finance Minister Bandula Gunawardane filed a petition before the Supreme Court seeking its Special Determination on the Bill titled “Active Liability Management” presented to Parliament and placed on the Order Paper on 19.02.2018.

He laments that the said Bill is drafted in a manner to abrogate the powers of the Central Bank and shift such powers (directly and/or indirectly) to the Minister and alleges this amounts to an abdication of legislative powers of the people exercising it through the Parliament.

He states the immunity given by a clause to public servants, members of the Monetary Board from civil and criminal liability, is irrational and capricious and endangers the economy of the country and the national security, and would lead to acts of fraud and corruption.

The proposed Bill states as an Act to authorise the raising of loans in or outside Sri Lanka for the purpose of active liability management to improve public debt management in Sri Lanka and to make provisions for matters connected therewith or incidental thereto.

He states certain clauses of the Bill Deprive and abrogates the powers of Parliament to have full control over public finance and deprive and abrogate the powers and duties of the Central Bank and the Monetary Board to manage public debts.

He also states that the clauses empower the Minister and the Cabinet of Ministers, with the authority to be in charge of and thereby to regulate and control the affairs of and matters in relation to public debt.

He complains that it shall enact a law with “retrospective effect” which defeats and nullifies the budget speech of the Government presented to the Parliament and the Appropriation Act.

He states the Bill is in conflict with the provisions of the Fiscal Management (Responsibility) Act and is intended to curtail the controlling powers of the Parliament over public finance. (S.S. Selvanayagam)

  Comments - 13

  • TONY Friday, 23 February 2018 10:51 PM


    Ben Friday, 23 February 2018 11:07 PM

    Ideal person, Cant you see the biggest liability, He thought 2500 is enough for a family of 5.What this guy know about liability

    lion Saturday, 24 February 2018 05:29 AM

    We are sinners to a very great extent to see these total failures in politic are dancing in the political arena as they are the brainiest people who can governed this country. When this buffoon held the education ministry he couldn't held a singal exam without leaking the papers to public. If you fallow his political track record it stinks all over, Once this toilet mouth idiot said a family can run a month with Rs 2500/ If I remember correctly.

    Dhammika Saturday, 24 February 2018 06:55 AM

    These JOkers are at PROTESTING , DISRUPTING , CREATING POLITICAL CHAOS and FILLING PETITIONS . What good and productive actions have they done to this country since Jan 2015 of which many are USA or Foreign citizens and residents .

    Lanki Saturday, 24 February 2018 08:48 AM

    Idiots blocking precious time of the courts.

    Man Saturday, 24 February 2018 09:48 AM

    After enacting this, Ravi Karunanayake must be made the Finanace Minister, to continue his usual business that Ravi is fond of and smart. In fact, it is against democracy and at last, Bandula has made a valid comment unlike Rs. 2,500/=. We applaud him and wish him success, in this regard.

    Economist Saturday, 24 February 2018 10:25 AM

    Earlier it was RK who gained notoriety for such underhand manipulation with personal agendas. Now itappears that the leaders of the party are hell bent onIntroducing dirty tricks with the help of a Deputy Ministerwho is an economist.Hope Bandula will succeed in the case filed in the SC.

    People Saturday, 24 February 2018 10:59 AM

    Why they do not petition the continuation of the Government, i do not know!!!?

    Lord Wolfstein Saturday, 24 February 2018 11:39 AM

    As soon as the "JO" does not find a majority in parliament to vote against a law, they go to the Supreme Court. But in 2015, not the Supreme Court judges were elected as lawmakers, but the parliamentarians. That should finally understand this useless "JO".

    Sudath Sri Saturday, 24 February 2018 11:45 AM

    Majority of Sri Lanka including those who are called educated do not understand the world trends in economics and business. We need to adjust to those trends happening in the world to sustain ourselves within the system. Most countries who were below us in many indices have passed us by miles due to political idiots. Let us discuss matters related to the enactments in the parliament and come to a final agreement rather than finding legal loop holes in it. Always amendments are possible. Here Mr. Bandula is trying to show the public that he is the only genius to the public.

    Docuk Saturday, 24 February 2018 12:21 PM

    Bandula G, Dinesh G et al, has not done anything to uplift the state nor the people. They have only blocking things. When will this land be free of people like this?

    Mara Saturday, 24 February 2018 04:53 PM

    Next President candidate of JO .. lol

    Dhammika Saturday, 24 February 2018 08:06 PM

    What have these JOkers done to uplift Sri Lanka where it was to where it is now - NOTHING - The govt talks of moving FORWARD while these JOkers are dragging the country BACKWARD . The people not knowing where Sri Lanka is going ONLY know that we are going NOWHERE .

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