Govt. instructs Legal Draftsman to amend Bills of Exchange Ordinance

Friday, 26 January 2024 00:30 - - {{hitsCtrl.values.hits}}

The Government has directed the Legal Draftsman to formulate a draft bill to amend the Bills of Exchange Ordinance No. 25 of 1927 based on the recommendations included in the report furnished by the President appointed committee.

Certain controversial facts have surfaced by certain provisions of the Bills of Exchange Ordinance No. 25 of 1927 which are in effect at present while some of the provisions in it are out of date.

Therefore, a committee chaired by the President’s Counsel Nihal Jayawardhane has been appointed for obtaining recommendations on the Bills of Exchange Ordinance that clarify and enhance the law applicable to legitimate documents that transactions can be made.

The aim is to enhance the law applicable to legitimate documents and transactions, ensuring that it aligns with contemporary standards and resolves any existing controversies.

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