Minister of Justice, Prison Affairs and Constitutional Reforms Wijayadasa Rajapaksa has appointed an expert committee headed by President’s Counsel Nihal Jayawardena to update laws to meet the present day needs after considering the difficulties faced by the business community and the public due to fraud, irregularities and omissions that occur in dealings by cheques.
The existing Bills of Exchange Ordinance is a 95-year-old law enacted in 1927.
Thus, the Ordinance will be amended and the expert committee will prepare a report in such manner in which the law to be amended by studying the existing domestic and international legal conditions, within a period of two weeks.
The Minister of Justice stated that it is an urgent need to amend this Act to suit the present day needs as the general public, the business community, banks and financial institutions are facing a considerable inconvenience due to the frauds and irregularities that occur in transactions by cheques, by studying the laws prepared by Singapore, India and other countries in this regard and take steps to prepare new laws.
A special discussion was held today (14) at the Ministry of Justice regarding the amendment of the existing laws related to fraud, irregularities and omissions in dealings by cheques and on that occasion, Wasantha Perera, Secretary to the Ministry of Justice, Prison Affairs and Constitutional Reforms, Nihal Jayawardena, PC, G.G. Arulpragasam, Attorney-at-Law including 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 were present.
