10. Interpretation

In this part of this Act, unless the context otherwise requires—

“Commissioner-General” means, the Commissioner-General of Inland Revenue appointed or deemed to be appointed under the Inland Revenue Act,

No. 24 of 2017;

“charge card” means, a payment card which involves a line of credit granted by the issuer to the cardholder where the credit utilized by the cardholder must be settled fully on or before a date specified by the issuer, without any extended credit;

“credit card” means, a payment card which involves a line of credit granted by the issuer to the cardholder where the credit utilized can be settled in full or in part on or before a specified date. The issuer may charge interest or other charges on any amount not settled on the specified date;

“debit card” means, a payment card that may be used to withdraw cash or execute payments for purchase of goods and services, or for both such purposes, by directly debiting from the cardholder’s account;

“finance company” means, a finance company licensed under the Finance Business Act, No. 42

of 2011;

“financial institution” means, a licensed commercial bank, a licensed specialized bank, or a finance company engaged in the business as an issuer of payment cards or financial acquirer of payment cards under the authority of a licence issued by

Central Bank of Sri Lanka;

“financial acquirer” means, any person who makes arrangements with third parties to accept payment cards of cardholders as a means of payment and reimburses those third parties with the value of the goods or services purchased by the cardholder, or who reimburses such third parties for cash advances obtained by the card holders or performs both such functions;

“issuer” means, an entity that issues a payment card and thereby enters into a contractual relationship with the cardholder;

“licensed commercial bank” means, a commercial bank licensed under the Banking Act, No. 30 of 1988;

“licensed specialized bank” means, a specialized bank licensed under the Banking Act, No. 30 of 1988;

“payment card” means, a debit card, credit card, charge card or stored-value card;

“person” shall have the same meaning assigned to such expression under the Inland Revenue Act,

No. 24 of 2017;

“stored-value card” means, a payment card or any other device with access to a stored value that can be used as a means of payment and does not include a card that can be used only to settle payment obligations to the issuer of such card.