A bill to regulate non-banking lending institutions is to be introduced, with penalties for non-compliance including fines of up to Rs five million, up to five years’ imprisonment, or both, upon conviction in a magistrate’s court.
The proposed Microfinance and Credit Regulatory Authority Bill was published by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development.
The proposed bill not only aims to protect the customers of the moneylending business and the microfinance business but also seeks to repeal the Microfinance Act, No. 6 of 2016.
Read more in today's Sunday Times edition here
In a dramatic turn of events that could only be missed by those truly living under a rock, the eruption of a metaphorical ’’Supernova’’ in early January 2026 has signified the collapse of the world law and economic order as we know it.
Prime Minister Hairni Amarasuriya will lead the Sri Lanka delegation to the World Economic Forum‘s Annual Meeting in Davos, Switzerland later this month. She will be accompanied by Deputy Minister of Finance Anil Jayantha and Foreign Ministry officials.
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