Parate Law suspension to be debated today

Parliament will debate the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill temporarily suspending the Parate Law today (7).

Accordingly, Parliament will meet today at 9.30 am and from 9.30 am to 10.30 am is reserved for questions requiring oral answers.

The Committee on Public Finance (CoPF) recently approved the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill which was amended to facilitate legal provisions for the suspension of the Parate Law till December 15, 2024.

The approval was granted subject to conditions.

Accordingly, the banks’ practice of acquiring properties of those whose loans are yet to be paid off will be suspended till December 15 and the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 will be amended to facilitate the necessary legal provisions.

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