header logo
සිංහලதமிழ்
Vallibel FD
vallible LE
Latest
Sri Lanka’s new microfinance laws come into effect
Jul 14, 201604:28 PM
Google NewsAdd on Google
Sri Lanka’s new microfinance laws come into effect
Mobitel inner 1278

Sri Lanka’s new laws on licensing, regulating and supervision of companies carrying out microfinance business have come into effect with the gazetting of the new Act.

 

Prime Minister Ranil Wickremesinghe, in his capacity as Minister of National Policy and Economic Affairs, has by order, published in the Gazette of July 11, brought into operation the Micro Finance Act no. 6 of 2016. 

 

“This is a historical occasion, as the Micro Finance industry, which serves a large section of the people, mainly female, at the bottom of the economic pyramid, has not been under any sort of prudential regulation,” the PM’s Office said in a press release today (14). 

 

This has given an ‘open season’ to Pyramid Scheme racketeers such as the infamous, Sakvithi, Danduwan Mudalali and many others, it said. 

 

 

 

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them (mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Comments

0
Comments are disabled

Note: Due to legal constraints, the Ada Derana Editorial team has taken a decision to disable comments on all articles concerning ongoing court procedures.

MostRead
Mobitel 1278
VideoStories
Crowds flock to IRD offices amid new TIN requirement; IRD urges public to avoid unnecessary visits

Crowds flock to IRD offices amid new TIN requirement; IRD urges public to avoid unnecessary visits

More opposition against new security bills Govt too incompetent to govern the country – Sajith

More opposition against new security bills Govt too incompetent to govern the country – Sajith

Prices of petrol and diesel increased; Bus, three-wheeler and other TUs dismayed by fuel price hike

Prices of petrol and diesel increased; Bus, three-wheeler and other TUs dismayed by fuel price hike

Govt promises substantial relief through Budget; Opposition says govt continuing to increase taxes

Govt promises substantial relief through Budget; Opposition says govt continuing to increase taxes

No fuel price revision for November? Public turns to social media amid shortage of LP gas

No fuel price revision for November? Public turns to social media amid shortage of LP gas

Sri Lanka's tax arrears near Rs. 2.1 trillion IMF calls for reforms citing collection challenges

Sri Lanka's tax arrears near Rs. 2.1 trillion IMF calls for reforms citing collection challenges

Policymakers must ensure equal access to AI - SCU Vice-Chancellor Prof. Tyrone Carlin on Hyde Park

Policymakers must ensure equal access to AI - SCU Vice-Chancellor Prof. Tyrone Carlin on Hyde Park

Courts must be independent and ensure governments act within the law - SC Justice Yasantha Kodagoda

Courts must be independent and ensure governments act within the law - SC Justice Yasantha Kodagoda

Taxpayer Identification Number to be mandatory for certain transactions from Nov. 1

Taxpayer Identification Number to be mandatory for certain transactions from Nov. 1

16-year-old hospitalised with gunshot wounds after police fire on three-wheeler in Kadawatha

16-year-old hospitalised with gunshot wounds after police fire on three-wheeler in Kadawatha

'Kassapa Thero and I visited the hotel on separate days'- Sarath Weerasekara responds to controversy

'Kassapa Thero and I visited the hotel on separate days'- Sarath Weerasekara responds to controversy

Litro Gas orders 44,000MT of LPG for November to meet increased demand

Litro Gas orders 44,000MT of LPG for November to meet increased demand

Opposition Leader visits Lunugamvehera to assess human-elephant conflict

Opposition Leader visits Lunugamvehera to assess human-elephant conflict

Suspected thief tied to a tree and assaulted by villagers dies while in police custody

Suspected thief tied to a tree and assaulted by villagers dies while in police custody

Several bank accounts of Rakitha Rajapakshe suspended;Rs. 40M found in frozen bank accounts?

Several bank accounts of Rakitha Rajapakshe suspended;Rs. 40M found in frozen bank accounts?

Lassana Flora