Why can’t under eighteens cash their cheques?

Last Thursday (August 7th) morning, at the Peoples Bank near my residence, I saw a young man – clearly confident and capable – turned away by the lady teller simply because he was under 18. His cheque was refused to be encashed. He walked out disappointed.

This outdated rule may have made sense decades ago, but today’s teenagers are different. Many are small-time business owners, freelancers, and part-time workers. They are adept at juggling studies and entrepreneurship, often earning money through legitimate means –sometimes more than adults twice their age.

Denying the right to encash cheques for work they have rightfully completed is not only unfair, it undermines their drive for financial independence. We should be encouraging this spirit – not blocking it with antiquated  regulations.

It’s time for the President A K Dissanayake who is also the Minister in charge of Finance, or Dr. Nandalal Weerasinghe, the Central Bank’s Governor, to amend the Banking Act or related provisions to reflect  today’s realities. Give our youth the dignity to handle their own earnings, with reasonable  safeguards in place.

Mohamed Zahran, Colombo