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BILL TO PREVENT OPERATION OF ILLEGAL FINANCIAL AGENCIES

Sep 20, 2011 11:24:42 AM - itnnews.lk

A new Bill to prevent the operation of fraudulent Financial Agencies will be presented in Parliament tomorrow. Minister Ranjith Siyambalapitiya said that the adoption of the new Bill will ensure the safety of depositors.The Minister recalled how many depositors experienced difficulties after placing their deposits with private financial institutions which were not registered with the Central Bank.When attempts were made to sort out the issue, it was found that the monetary laws of the country were not strong enough to nab such fraudsters and protect the depositors.He revealed of plans to introduce a new Bill in Parliament ensuring the safety of depositors through the enactment of stringent laws..The Minister was speaking at the commissioning of the new water supply network of the Moneragala Vihare at Kadigamuwa in Gligamuwa.  About 300 families will benefit by this Scheme.