In consideration of the difficulties faced by the business community and the common people in Sri Lanka due to the frauds, irregularities and omissions that occur in dealings by cheques, President’s Counsel, Dr. Wijayadasa Rajapaksa, the Minister of Justice, Prison Affairs and Constitutional Reforms, has taken steps to appoint an expert committee headed by President’s Counsel, Nihal Jayawardena, to update the related laws to match present day.
A special discussion was held on Tuesdy at the Ministry of Justice regarding the amendment of the existing laws related to fraud, irregularities and omissions in dealings by cheques, and on that occasion Wasantha Perera, Secretary of the Ministry of Justice, Prison Affairs and Constitutional Reforms, President’s Counsel Nihal Jayawardena, Counsel G. G. Arulpragasam, a group of senior officials representing Bank of Ceylon, People’s Bank, National Savings Bank, Hatton National Bank, National Development Bank, Sampath Bank and other banking and financial institutions were present.
The existing Bills of Exchange Ordinance is a 95-year-old act prepared in 1927. Thus, the Act is to be amended, and the expert committee is to prepare a report on this manner in which the law to be amended by studying the existing domestic and international legal conditions within a period of two weeks.
The Minister of Justice stated that it is an urgent need to amend this Act to suit the present as the general public, the business community, banks and financial institutions are facing great inconveniences due to the frauds and irregularities that occur in transactions by cheques, by studying the laws prepared by Singapore, India and other countries in this regard and take steps to prepare new laws.