Five intervening petitions filed in support of Central Bank Bill

Friday, 31 March 2023 00:48 - - {{hitsCtrl.values.hits}}

Intervening Petitioners claim no constitutional provisions have been violated by the proposed bill
Says instead it will ensure protection and stability of financial system and economic development
Intervening Petitioners claim applications by petitioners are misconceived and based on a flawed understanding of Bill and constitution

Five intervening petitions have been filed before the Supreme Court in support of the proposed Central Bank Bill.

The move comes after several parties including Pivithuru Hela Urumaya Leader Udaya Gammanpila and National Democratic Front Leader Wimal Weerawansa filed a total of seven petitions challenging the bill claiming it violates Articles 3 and 4 of the Constitution thus requiring a referendum to go through.

The intervening petitioners including Chairman of the Suwasariya Foundation Dumindra Ratnayaka, Chairman of Fintrex Finance Ltd., Ajit Gunawardene and others however claim the proposed bill enshrines the people’s inalienable sovereignty as provided by Articles 3 and 4 of the constitution instead.

The intervening petitioner has told courts the new bill will achieve and maintain domestic price stability, ensure the security of the financial system stability and support the general economic policy framework of the Government.

Meanwhile the intervening petitioners added that the bill will ensure the protection and stability of Sri Lanka’s financial system and the development of the economy while also helping the Central Bank exercise their duty of care to the public among many other benefits to the people. The petitioners have said the proposed bill is not in violation of the constitution as claimed by the petitioners and their petitioner’s applications are misconceived and based on a flawed understanding of the bill and constitution.

They have requested the court in its determination to determine that the petitioner of the petitioner-respondent is devoid of any basis in terms of the provisions of the constitution and the law and that none of the clauses in the bill is consistent with any constitutional provisions.

The Supreme Court is due to deliver the verdict on the petitions filed against the Central Bank (Amendment) Bill confidentially to the Speaker of the Parliament in the coming days after the petition against the bill was taken up before Supreme Court justices Priyantha Jayawardene, Kumuduni Wickramasinghe and Arjuna Obeysekere on 24 March. Justice Priyantha Jayawardene said that the hearing of these petitions will be completed in two days.

The ‘Central Bank of Sri Lanka Bill’ to provide administrative and financial independence to the Central Bank was presented to the Parliament on 7 March by Leader of the House and Minister, Susil Premajayantha. This Bill was presented for ancillary matters including the establishment of the Central Bank of Sri Lanka in order to provide financial and administrative independence and the removal of the Monetary Law Act currently established by the Central Bank.