COPF gives conditional approval for suspending Parate Law

The Committee on Public Finance (CoPF) has given conditional approval for the amended Recovery of Loans by Banks (Special Provisions) (Amendment) Bill to facilitate legal provisions for the suspension of Parate Law until 15 December.

Thus a banks’ practice of acquiring properties of whose loans are yet to be paid off will be suspended until 15 December 15 and the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 will be amended to facilitate the necessary legal provisions.The approval was given when the Committee on Public Finance met in Parliament recently under the chairmanship of MP Harsha De Silva.