Category: Legal

The Central Bank is seeking consultancy expertise to help overhaul key financial legislations early next year.The US$ 30 mn World Bank grant project will cover the Monetary Law the Banking Act, Exchange Control Act and Finance Companies Act.rn rnOfficials say Institution specific legislation governing the NDB and DFCC will also come under review. They point […]

The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]

US style bankruptcy protection laws are on the pipeline covering sole traders and partnerships in addition to limited liability companies.The Private sector has been asking for bankruptcy protection laws for some time to give troubled businesses breathing space while they restructure.rn rnThe government is considering a separate act to cover business failures, since this would […]

The Act will be brought in line Basle requirements and international best practices.rn rnThe Banking Law governs commercial and specialized banks.rn rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn rnThe amendments will give the Central Bank the power to […]

The amended Monetary Law will refocus the Central Bank to key objectives of economic, price and the financial system stability. The Central Bank presently handles activities like Exchange Control, the Employees Provident Fund and public debt.rn rnEconomists say that these functions are not performed by Central Banks in the modern world and could be in […]

Cabinet has rubber stamped a Labour Ministry proposal to clear a backlog of fifteen thousand labour tribunal cases on a fast track basis. The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month. rnThe […]

Cabinet has rubber stamped a Labour Ministrys proposal to clear a backlog of 15,000 labour tribunal cases on a lquote 4:2:1 solution.The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month.rn rnTo cut back […]

Clamping down on excessive government spending, cabinet on Wednesday passed the Fiscal Responsibility Act, the UNF governments solution for the growing problem. The Act seeks to reduce the budget deficit to 5 per cent of GDP by 2006 and hold state institutions responsible for spending public funds. rn rnFinancial analysts say the move will prompt […]

The government is introducing a new law that will de-politicise welfare payments and improve targeting.“People will no longer be able to claim benefits due to political connections,” Deputy Finance Minister Bandula Gunewardene told the media. rnrn”The poorest of the poor who have no connections will now have a legal right to claim benefits.” rnrnThe government […]

With the Youth Corp bill getting the Parliament nod an estimated 40,000 young persons will go into job – oriented training this year.A further 150,000 will receive training next year. rnThe training will also include leadership and teamwork skills. rnPromoters of the new bill say that young people of today are mostly interested in government […]

A new law to prevent abuse of public funds while committing the government to its budget targets will come before the house soon.In addition to putting spending plans of the government in power under the strict scrutiny the proposed Fiscal Responsibility Act will also expose the impact of vote catching election proposals on the public […]

The government plans to form an asset management company to takeover the debts of the two state banks.A top Central Bank official said the upcoming Bank Rescue Law, will makes its way to parliament before end September. rnrnThe debt recovery and collection agency or RACA will be modelled on similar lines to the successful Malaysian […]