Category: Legal

Apr.20 (LBO) – Sri Lanka is drawing up a new law to regulate micro-credit organizations scattered around the county. The legislation will cover thrift units operated by co-operative societies, thrift associations in the Samurdhi income support program of the government and other non- governmental organizations in the sector. “At present no one knows how many […]

SINGAPORE, Apr.07 (AFP) – India, South Korea and Sri Lanka on Friday joined a regional cooperation pact against marine piracy in Asia, bringing to 11 the number of countries that have signed up, the Singapore government said.The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is a Japanese initiative […]

Apr.04 (LBO) – Sri Lanka’s parliament Tuesday referred laws to safeguard the country from anti dumping and countervailing duties to a select committee for further deliberations. As a member of the World Trade Organisation (WTO) and GATT (General Agreement for Trade & Tariff), Sri Lanka has to enact laws on subsidies and countervailing measures and […]

Mar. 20 (LBO) — The modernisation of the main piece of legislation that governs the incorporation and running of Sri Lankan companies would substantially boost capital market activities, corporation law experts have said A draft bill to replace Sri Lanka’s antiquated Companies Act, which has been 13 years in the making, is due to be […]

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 […]

Mar16 (LBO) – Sri Lanka’s Central Bank has finalised several amendments to the Banking Act that will strengthen its ability to implement regulatory directions, officials said. The Central Bank had run even run into obstacles in getting banks to comply with the recent directive to increase core capital of specialised banks to Rs1.5billion. Ceylinco Development […]

Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]

Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]

Mar. 10 (LBO) — Sri Lanka cleared the way for safer e-commerce this week by passing a new law that strengthened the legal validity of electronic transactions.“It will provide a firm foundation for e-commerce transactions and give formal recognition to e-mail communications,” says Jayantha Fernando, legal advisor of the ICT Agency of Sri Lanka. “It […]

Mar. 03 (LBO) — About 35 percent of local trademark applications are thrown out, as fortune hunters try to strike gold by piggybacking on an already famous name, top officials said Friday.“At least 35 percent of the trademarks that come to our office for protection should not have reached our office at all.These are all […]

Jan 14 (LBO) – The United Nations on Tuesday called on the Sri Lankan government and Tamil rebels to keep protection of children in mind at upcoming peace talks in Geneva. Of particular importance remains the unresolved situation of child recruitment, which led UNICEF to yet again appeal to Liberation Tigers of Tamil Eelam (LTTE) […]

Feb 09 (LBO) – Sri Lanka’s key banking sector union is appealing to President Mahinda Rajapakse to intervene in the Commercial Bank of Ceylon takeover attempt and re-introduce pensions to state banks. The powerful Ceylon Bank Employees Union (CBEU) has asked the president to make an order in his capacity as finance minister, to force […]