Categories: BusinessHeadlines

LNP – Central Bank warns against unauthorized use of ‘Finance’ in business names

The Central Bank of Sri Lanka (CBSL) has issued a warning against the use of word ‘Finance’ in business names.

Accordingly, the CBSL clarified that the use of the word ‘Finance’ is in contravention of the provisions of the Finance Business Act, No. 42 of 2011, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), which states that no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.

In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act, it pointed out.

Meanwhile, the CBSL highlighted that the public is strongly advised to adhere to the aforesaid legal requirement.

AddThis Website Tools
Tyronne Jayamanne

Recent Posts

LNP – Angelo Mathews to retire from Test cricket

LNP – Angelo Mathews to retire from Test cricket

Former Sri Lanka captain Angelo Mathews will retire from Test cricket after the first match…

2 hours ago
LNP – ’’No beds, no rights’’: UK woman held over £1.2m Kush haul cries foul in Sri Lanka jail

LNP – ’’No beds, no rights’’: UK woman held over £1.2m Kush haul cries foul in Sri Lanka jail

Sri Lanka’s Prisons Department yesterday has denied claims of mistreatment made by a British woman…

4 hours ago
LNP – Miss Indonesia wins talent final at Miss World 2025

LNP – Miss Indonesia wins talent final at Miss World 2025

In a spectacular celebration of global artistry and cultural diversity, the 72nd Miss World Festival…

4 hours ago

LNP – Duminda Dissanayake arrested over ‘gold-plated’ T-56 firearm

Former Minister and Anuradhapura District Organiser of the Sri Lanka Freedom Party (SLFP), Duminda Dissanayake,…

4 hours ago

LNP – Trump administration bars Harvard from enrolling international students

The Trump administration on Thursday revoked Harvard University’s ability to enroll international students, delivering a…

7 hours ago

LNP – Sri Lanka looks to modernize and digitize driving license for overseas use

A discussion has been held on the challenges Sri Lankan citizens face in using their…

7 hours ago