Sri Lanka, May 2 -- The Committee on Public Finance (CoPF) has approved, subject to conditions, the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill which was amended to facilitate legal provisions for the suspension of Parate Law until December 15.

Accordingly, the banks' practice of acquiring properties of whose loans are yet to be paid off will be suspended until 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 (30) under the chairmanship of Member of Parliament (Dr.) Harsha De Silva, the Communications Department of Parliament said. ...