Justice Minister appoints committee to amend Exchange Ordinance Bills to avert fraud via cheques

Wednesday, 15 February 2023 01:46 - - {{hitsCtrl.values.hits}}

Justice, Prison Affairs and Constitutional Reforms Minister Dr. Wijayadasa Rajapaksa has appointed an expert committee to amend Exchange Ordinance Bills to suit the present day.

The committee will be headed by President’s Counsel Nihal Jayawardena.

The move came in after considering the frauds, irregularities and oversight that occur via cheque transactions and the difficulties faced by the business community and public.

Holding a special meeting yesterday, Dr. Rajapakshe noted that it is an urgent requirement to amend this Act to suit the present-day scenario 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 via cheques.

The new legislation will be drafted after studying Singapore, India, and other countries’ legislations.

The existing Exchange Ordinance is a 95-year-old and was prepared in 1927. The expert committee is to prepare a report on this manner in which the law is to be amended by studying the existing domestic and international legal conditions within a period of two weeks.

Justice, Prison Affairs and Constitutional Reforms Ministry Secretary Wasantha Perera, 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 also participated at the discussion.

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