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srilawsby aturio
As enacted
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20. Restrictions on Borrowing from Central Bank

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Subject to the provisions of subsections (2) and (3), the Government shall not borrow from the Central bank.

(2)

The Government may borrow from the Central Bank, by way of advances, to meet a temporary excess of cash disbursements over cash receipts in a financial year :

Provided that every such advance shall be repaid within six months of the date of such advance and the total of such advances, outstanding at any time in a financial year, shall not exceed ten per centum of the estimated revenues of the

Government for that financial year.

(3)

Nothing contained in this section shall be deemed to prohibit the Central Bank from subscribing to primary issues of Government Treasury Bills.

Read on from s 21