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The Recovery of Loans by Banks (Special Provisions) (Amendment) bill which was amended to facilitate legal provisions for the suspension of Parate Law till 15 December 2024, passed in parliament without amendments. The Bill endeavours to amend the Recovery of Loans by Banks (Special Provisions) Act No 4 of 1990.
Meanwhile, Ranjan Senanayake, General Secretary of Ceylon Bank Employees Union, also told BBC Sinhala News that the suspension of Parate Law may create a risk of collapse of Sri Lanka's banking system. He further said that they accept that there are people who are unable to pay their debts. It is important to provide some relief for them. However, the suspension of the Parate law will result in the benefit of a few large-scale businessmen who have not paid their debts.