Finance Act to be amended

By Indika Sri Aravinda

Plans are underway to the amend the country’s ‘Finance Act’ in order to bestow more power to the Central Bank to take tough action against rouge institutions which are taking advantage of unsuspecting depositors.   

The amendment will also allow the government to curtail illegal financial activities carried out under the guise of ‘Non- Bank Financial Institutions’, Director of the Department of Supervision of Non- Bank Financial Institutes, R. M Pathirathna told Daily Mirror online.

Pathirana added that the cabinet had approved the relevant amendments and it will be presented in Parliament in the coming months. The amendments will also bestow power to the government to take over financial institutions conducting illegal activities, limit the use of the phrase “Finance” to government authorized institutions and give more authority to scrutinize the activities of non- bank financial institutes.