BASL, SLJI & CAB to hold seminar on Cheque Imaging and Truncation System

Friday, 25 September 2015 00:00 -     - {{hitsCtrl.values.hits}}

The Bar Association of Sri Lanka in collaboration with the Sri Lanka Judges Institute and the Clearing Association of Bankers will present a seminar to further familiarise participants with the Cheque Imaging and Truncation System (CITS). 

Members of the judiciary will be among the principal invitees at the event, which will take place on 3 October at the Kingsbury Hotel, Colombo with Lanka Clear as the platinum sponsor, the Transnational Group along with BC Computers Ltd. serving as gold sponsors and the Daily FT providing print media partnership for the event.

The CITS was introduced in order to expedite the clearing system in the country. The process of the CITS is such that instead of the submission of original documents, certified images can be forwarded for legal purposes, etc. 

The CITS revolutionised the clearing system in Sri Lanka, mainly due to the switch from a virtual manual system to a technologically-based system. However, the system seems to have achieved mixed results where there have been quite a number of instances in which the full effect of the new banking practices under the CIT scheme has not reached many sections of the legal profession and the courts. This results in many people engaged in litigation connected with the clearance of cheques continuing to make applications to courts calling for documents under the previous clearing system and the ultimate result is the delay in the legal process. 

The primary goal of this seminar is to promote awareness of the new practices adopted by the banking industry following the introduction of the Cheque Imaging and Truncation System. 

The day’s events will begin at 9.30 a.m. with the welcome address delivered by Geoffrey Alagaratnam P.C., President, the Bar Association of Sri Lanka followed by the theme speech by the CEO of Lanka Clear, Sunimal Weerasooriya. A speech on ‘New banking practices’ will be presented by Jonathan Alles, Managing Director/CEO, Hatton National Bank Plc, which will precede the keynote address by K. Kanag-Isvaran President’s Counsel.

The panel discussion will follow with respected members of the legal fraternity such as Justice Suresh Chandra (Retired Judge of the Supreme Court), Justice K.T. Chitrasiri (Judge of the Court of Appeal), Justice D. S. C. Lekamwasam (Retired Judge of the Court of Appeal) and moderated by Maithri Wickremesinghe President Counsel. The day’s proceedings will end with fellowship between invitees and organisers.