Higher Bar

Sri Lankan Police forming a human chain in parliament to protect the Speaker and enable a vote.

Sept 28 (LBO) – The Sri Lankan government said Thursday that it would amend the country’s Finance Companies Act, to allow minimum capital requirements of finance companies to be raised.

The government said earlier it would raise minimum capital requirements of finance companies from 100 million rupees to 200 million rupees, with companies given until mid 2008 to comply.

The amendments to the Act will also include stringent licensing for finance companies among other changes, media minister and cabinet spokesperson Anura Yapa said Thursday.

The legal draftsman’s office will be instructed to draw up the necessary amendments, Yapa said.