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| Wednesday, 11 August 2004 |
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The Central Bank of Sri Lanka making reference to its Media Conference held on Monday on the Pramuka Bank makes the following clarification regarding the priority repayment of deposits:- "In clarification of the issue relating to the scheme of distribution in a liquidation of a bank, the Central Bank would like to clarify that, at present, in terms of the law, deposits to the extent of rupees five thousand or less get priority. (Subject to other statutory dues, fees etc.). If the Banking (Amendment) Act which has been approved by the Cabinet of Ministers, is passed in Parliament, this limit will rise to Rupees Twenty Thousand (Rs. 20,000). This clarification is made because the sum of Rs. 25,000 was mentioned at the press conference as the limit stipulated in the Banking (Amendment) Act. |
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