Policy approval for revised Bills of Exchange Amendment Bill

Saturday, 10 May 2025 00:44 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Wednesday granted policy approval to publish the revised draft of the Bills of Exchange (Amendment) Act in the Government Gazette and subsequently present it to Parliament for approval.

The move revives a legislative process that was previously delayed due to the dissolution of Parliament in September 2024.

The decision follows earlier Cabinet approval granted on 24 January 2024, to either amend or repeal the outdated Bills of Exchange Ordinance No. 25 of 1927, a law governing negotiable instruments such as promissory notes and bills of exchange.

A draft amendment, prepared by the Legal Draftsman, was later approved for publication on 15 July 2024. However, it could not proceed to Parliament as planned due to the dissolution of the legislature on 24 September 2024.

The proposal to this effect jointly submitted by President Anura Kumara Disanayake in his capacity as the Finance, Plan Implementation and Economic Development Minister and Justice and National Integration Minister Harshana Nanayakkara was approved by the Cabinet of Ministers this week.