New Dentures

Mar. 20 (LBO) – Sri Lanka’s parliament on Tuesday will take up key laws governing the financial sector, giving effect to proposal presented in the 2006 budget. The Inland Revenue Bill, Finance Bill, Economic Service Charge Bill, Stamp Duty (special provisions) Bill, Monetary Law (Amendment), Banking (Amendment), VAT (Amendment) and Betting & Gaming Levy are all lined up for presentation before legislators.

Amendments to the Banking Act will strengthen the Central Bank’s powers and clear conflicts between Sinhala and English texts.

One such issue related to the indirect shareholdings in commercial banks.

Amendments to the Monetary Law Act includes empowering the Central Bank to direct bank lending to specific economic sectors.

-LBO Newsdesk: LBOEmail@vanguardlk.com