View All - 2005 Acts
Section No :  
Acts & Ordinances
PAYMENT AND SETTLEMENT SYSTEMS
Marginal Notes
1. This Act may be cited as the Payment and Settlement Systems Act, No. 28 of 2005 and shall come into operation on such date as the Minister may by Order published in the Gazette appoint (hereinafter referred to as the "appointed date").
2. Objectives of the Act.
3. Regulatory schemes to be in addition to other schemes and powers of the Central Bank under this Act.
4. Responsibility of the Central Bank in relation to payment, clearing and settlement systems
5. Payment system policy.
6. Securities accounts and securities account holders.
7. Disposition of securities.
8. Creditor Process.
9. Dealers lien.
10. Interpretation for Chapter 11.
11. Central Bank to supervise &c service providers.
12. Directive for money services and payment systems.
13. Designated Payment Systems.
14. Rules of designated payment systems.
15. Directives for designated payment systems.
16. Information obligations and compliance.
17. Regulations for Chapter III.
18. Interpretation for Chapter III.
19. Designated clearing and settlement systems.
20. Agreements with clearing house or participant.
21. Directives.
22. Powers of Central Bank.
23. Insolvency proceedings.
24. Settlement rules.
25. Notice and information.
26. Audits and inspections by the Central Bank.
27. Powers of the Central Bank in relation to the clearing system.
28. Termination of betting agreements.
29. Central Bank may require proof of the existence of a clearing system.
30. Responsibility of participants.
31. Participation of foreign Banks.
32. Interpretation for Chapter V.
33. Electronic presentment of cheques for payment.
34. Procedure on non-payment of an electronically presented cheque.
35. Warranties and indemnity.
36. Certain provisions of the Bills of Exchange Ordinance not to apply.
37. Regulations to supersede agreements and arrangements.
38. Action to be taken in case of failure to comply with the provisions of the Act, &c.,
39. Offences.
40. Confidentiality of information and documents &c.,
41. Immunity.
42. No designation or directive to be stayed in case of application for judicial review being made.
43. Regulations.
44. Central Bank to issue instructions &c,.
45. Regulation &c, to be binding.
46. This Act to prevail in case of inconsistency.
47. Sinhala text to prevail in case of inconsistency.