| 1.
| | This Act may be cited as the Monetary Law Act. |
| 2.
| | The unit of monetary value. |
| 3.
| | The par value of the rupee. [ 8, Law 10 of I978.] |
| 4.
| | The use of the rupee. |
| 5.
| | Establishment and objects of Central Bank. |
| 5A.
| | Powers of the Central Bank and the Monetary Board in relation to section 69 A of the Inland Revenue Act, No. 4 of 1963. [56, 18 of 1965.] |
| 6.
| | Capital of Central Bank. |
| 7.
| | Place of business. |
| 8.
| | Constitution of Monetary Board. [2, Law 37 of 1974] |
| 9.
| | Monetary Board to be a body corporate. |
| 10.
| | General powers of Monetary Board. |
| 11.
| | Disqualification for appointment as Governor, or -as member of Monetary Board. [ 3, Law 37 of 1974] |
| 12.
| | Appointment, remuneration, & c., of Governor of Central Bank. |
| 13.
| | Term of office of Governor and appointed member, [ 4, Law 37 of 1974] |
| 14.
| | Remuneration of appointed member. |
| 15.
| | Alternate for appointed member. |
| 16.
| | Removal from office of Governor or appointed member. |
| 17.
| | Meetings of Monetary Board.[ 6, Law 37 of 1974.] |
| 18.
| | Attendance of certain officers at meetings of Monetary Board. |
| 19.
| | General functions and duties of Governor. |
| 20.
| | Governor to be principal representative of Central Bank and Monetary Board. |
| 21.
| | Delegation of powers of Governor. |
| 22.
| | Appointment of Deputy Governors. |
| 23.
| | Disqualification and removal of Deputy Governors. |
| 24.
| | Deputy Governor to act as Governor. |
| 25.
| | Establishment and functions of department of economic research. |
| 26.
| | Authority to obtain information. |
| 27.
| | Training of technical personnel. |
| 28.
| | Establishment and functions of department of bank supervision. |
| 29.
| | Examination of banking institutions. |
| 30.
| | Power of Monetary Board to suspend or restrict business of a banking institution. |
| 31.
| | Director of Bank supervision to be liquidator winding up of a banking institution. |
| 32.
| | Offences in regard to information and examinations. |
| 32A.
| | Scheme to in sure deposits held by banking institutions and co-operative societies. [ 7, Law 37 of 1974.] |
| 32B.
| | Insurance of deposits held by banking institutions of societies. [ 7, Law 37 of 1974.] |
| 32C.
| | Premiums payable on deposits.[ 7 Law 37 of 1974.] |
| 32D.
| | Examination of insured banks and insured societies, amp c.[ 7, Law 37 of 1974.] |
| 32E.
| | Regulations. [7,Law 37 of 1974] |
| 33.
| | Other departments. |
| 34.
| | Monthly statement. |
| 35.
| | Annual report. [8.Law 37 of 1974] |
| 36.
| | signatures on balance sheets and financial statements |
| 37.
| | Financial year. |
| 38.
| | Computation of profits and losses. |
| 39.
| | Distribution of profits. |
| 40.
| | Extraordinary expenses of currency issue and monetary stabilization. |
| 41.
| | Revaluation profits and losses. |
| 42.
| | Audit. |
| 43.
| | Powers and functions. |
| 45.
| | Duty to maintain secrecy. [ 8, Law 37 of 1974.] |
| 46.
| | Liability for False statements in Central Bank accounts, &c. |
| 47.
| | Protection for acts done in good faith, & c |
| 48.
| | Definition of "currency", |
| 49.
| | Issue power. |
| 50.
| | Prohibition against issue of person other notes by any person other than Central Bank. |
| 51.
| | Liability for notes and coins. |
| 52.
| | Currency to be legal tender. |
| 53.
| | Characteristics of currency. |
| 54.
| | Contracts for printing of notes and minting of coins. |
| 55.
| | Exchange of currency. |
| 56.
| | Replacement of currency unfit for circulation. |
| 57.
| | Retirement of old notes and coins. |
| 58.
| | Mutilation or defacement of currency notes. |
| 58A.
| | Use of currency coin otherwise than as legal tender. [ 2, 14 of 1979.] |
| 59.
| | Conclusive evidence of imitation of a currency note. |
| 59A.
| | Conclusive evidence of imitation of a coin or current coin. [ 2,5 of 1968.] |
| 60.
| | Definition of " demand deposits ". |
| 61.
| | Acceptance and creation of demand deposits. |
| 62.
| | Definition of " the money supply ". |
| 63.
| | Principles governing determination of domestic monetary policy. |
| 64.
| | Action to preserve monetary stability. |
| 65.
| | Principles governing determination of international monetary policy. [ 8, Law 10 of 1978.] |
| 66.
| | International Reserve. |
| 67.
| | Composition of International Reserve. |
| 68.
| | Action to preserve the international stability of the rupee. |
| 70.
| | Dealings in gold |
| 71.
| | Foreign exchange operations of central Bank |
| 72.
| | Purchases and sales of foreign exchange from or to commercial banks in Sri Lanka. |
| 73.
| | Parities of foreign currencies with respect to the rupee. |
| 74.
| | Exchange rates for Central bank transactions. |
| 75.
| | Loans to and from foreign institutions, & c. |
| 76.
| | Rates applicable to purchases and sales of exchange by commercial banks. [8,Law 10 of 1978.] |
| 76A.
| | Exchange rates for Central Bank and commercial bank transactions where parities of foreign currencies are not determined. [ 2. Law 16 of 1977.] |
| 77.
| | Control of foreign exchange holdings of commercial banks. |
| 78.
| | Requirements regarding currency positions of commercial banks. |
| 79.
| | Revaluation profits and losses on holdings of foreign exchange by banking institutions. [ 8, Law 10 of 1978.] |
| 80.
| | Information on exchange operations. |
| 81.
| | Capital movements. |
| 82.
| | Principles governing credit operations. |
| 83.
| | Types of operations authorized [ 88, 30 of 1971.] |
| 84.
| | Extension of maturities, |
| 85.
| | Loans to mortgage institutions. |
| 86.
| | Emergency loans and advances. |
| 87.
| | Interest and discount rates. |
| 88.
| | General conditions as to grant of credit facilities. |
| 88A.
| | Loans or advances to credit institutions.[ 67, 11 of 1963.] |
| 88B.
| | Instrument of assignment by way of pledge to the Central Bank to be free of stamp duty. [67, 11 of 1963.] |
| 88C.
| | Instrument of assignment by way of pledge to the Central Bank need not be registered under the Registration of Documents Ordinance. [67, 11 of 1963.] |
| 88D.
| | Notarial execution not required in the case of assignments by way of pledge. [ 67, 11 of 1963.] |
| 88E.
| | Medium and Long Term [ 67, 11 of 1963.] |
| 88F.
| | Interpretation. [ 67, 11 of 1963.] |
| 88G.
| | This Part of this Act to prevail over other written law. [67, 11 of 1963.] |
| 89.
| | Provisional advances to the Government |
| 90.
| | Principles governing open-market operations. |
| 91.
| | Authority of Central Bank to transact open-market operations. |
| 92.
| | Conditions as to issue of securities by Central Bank. |
| 93.
| | Reserve requirements. |
| 94.
| | Monetary Board to prescribe reserve ratios. |
| 95.
| | Fixing of special high ratios in time of inflation. |
| 96.
| | Computation of required reserves. |
| 97.
| | Consequences of reserve deficiencies. |
| 98.
| | Clearance and settlement. |
| 99.
| | Principles governing additional regulation. |
| 100.
| | Maturities of bank loans and security therefor. |
| 101.
| | Limitation of loans and investments of commercial banks. |
| 102.
| | Minimum capital ratios. |
| 103.
| | Margin requirements against letters of credit. |
| 104.
| | Fixing of interest rates,commissions and charges. |
| 105.
| | Conditions of eligibility of credit instruments for discount, & c, by Central Bank. |
| 106.
| | Central Bank lo be fiscal agent and banker of the Government. |
| 107.
| | Official depository of the Government. |
| 108.
| | Loan guarantees and loan insurance. |
| 108A.
| | Guarantee of loans to small-scale enterprises. [ 10, Law 37 of 1974.] |
| 109.
| | Other institutions as agents of Central Bank. |
| 110.
| | Remuneration for services. |
| 111.
| | Representation with foreign Governments, agencies, and international institutions. |
| 112.
| | Issue of Government securities |
| 113.
| | Management of the public debt. |
| 114.
| | Advice on Government credit operations. |
| 115.
| | Recommendations as to policy, & c, of Government agencies or institutions. |
| 116.
| | Monetary policy and Fiscal policy.[11, Law 37 of 1974] |
| 116A.
| | Transfer and use of dormant funds in commercial banks. [ 12, Law 37 of 1974.] |
| 117.
| | Business which Central Bank may not transact |
| 118.
| | Exemption from income tax, import duty, and stamp duty. |
| 119.
| | Acts of Monetary Board valid notwithstanding subsequent discovery of disqualification. |
| 120.
| | Officers and servants to be deemed public servants for purposes of Chapter IX of the Penal Code |
| 121.
| | Protection for banking institutions. |
| 121A.
| | Prohibition of use of words " bank " " banker " and " banking " in names of institutions other than banking institutions. [ 13, Law 37 of 1974.] |
| 121B.
| | No commercial bank to be established, no branch of a commercial bank to be opened, and no commercial bank to acquire business of another commercial bank, except with prior approval of Minister of Finance. [ 13, Law 37 of 1974] |
| 122.
| | Offences and penalties. |
| 123.
| | Offences by corporations. |
| 124.
| | Exclusion of application of companies Ordinance |
| 125.
| | Provision for conflict with other written law. |
| 126.
| | Defence (Finance) Regulations, & c. |
| 127.
| | Interpretation. |
| 128.
| | Validity of currency in circulation, & c. |
| 129.
| | Appointment of pensionable public officers to posts in central Bank, |
| 130.
| | Contributions by Central Bank in respect of pensionable public officers appointed to posts in the bank. |
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