Gazette on suspension of Parate Execution to be presented to Parliament tomorrow: State Minister

20 March 2024 04:37 pm Views - {{hitsCtrl.values.hits}} 5 Bookmark

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By Yohan Perera and Ajirh Siriwardana

Parliament, March 20 (Daily Mirror)- The gazette notification on the suspension of the Parate Execution law will be presented to Parliament tomorrow, State Minister of Finance Shehan Semasinghe announced today.

"We will have to provide 14 days for anyone to submit petitions. Then, we will have to wait for the Supreme Court determination. Accordingly, it will take a few weeks for the implementation," the State Minister said.

Comments - 5

johan Wednesday, 20 March 2024 04:48 PM

We cannot understand why so many laws they try to bring in so hurriedly for a short time they are going to occupy parliamentary seats.There going to be a new govt. before end of this year.

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Saman Wednesday, 20 March 2024 05:18 PM

It should be passed as a permeant law. So that financial institutions will think twice before giving loans without carefully accessing if the person or company can pay it back. Current banking system should collapse and new banking system should come in place.

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Sokrates Wednesday, 20 March 2024 05:39 PM

Then the banks should see that they can get their money quickly back before the dictatorial law comes into force. In a democracy, the state can only force private banks to accept such a costly moratorium if the state pays compensation for the damage to the banks without delay. The whole operation is completely pointless, as the debtors' debts continued to increase until the deadline expired and some debtors then illegally monetized the collateral. In this way, banks will never get a single rupee back from many debtors. It has always been proven that it is fatal when the state interferes in the free market.

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Terrence K Wednesday, 20 March 2024 06:06 PM

Politicians are the spokesmen of the wilful defaulters which will create a disturbance of a hornest nest for the Banks and other lending houses to operate smoothly. These spontaneous decisions will only result in the curtailment of credit to the genuine borrowers wait and see!!!!!!!!!

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DOT Wednesday, 20 March 2024 08:43 PM

A very good move ! Banks must pull up their soaks and face the reality.

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