Payment and Settlement Systems Act 2005 · As enacted · Part I · General Provisions
2. Objectives of the Act
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The objectives of the Act shall be—
to provide for the regulation, supervision and monitoring of payment, clearing and settlement systems ;
to provide for the disposition of securities in securities accounts maintained at the Central
Bank ;
to provide for the regulation, supervision and monitoring of providers of money services ; and
to facilitate the electronic presentment of cheques.
Subject to the definitions specifically provided for in the other provisions of this Act, and unless the context otherwise requires—
“clearing system” means a mechanism for the exchanging and processing of obligations to make payment or the transfer of securities among banks and other financial institutions for the purpose of settling them ;
“money services” means services relating to money including safekeeping, money transmission, cheque encashment and currency exchange ;
“payment system” means institutions and mechanisms facilitating payment in money and the transfer of monetary value by means of payment transactions .
It includes mechanisms for clearing and settlement of obligations to make payment ;
“electronic presentment of cheques“ means the electronic transmission by a banker of an image and payment information of the cheque, to the banker on whom it is drawn ;
“settlement system” means a mechanism for the discharge of obligations to make payment and to transfer securities cleared by banks and other financial institutions through the adjustments to their accounts.
“books, records, accounts, documents, information” means books, records, accounts, documents or information recorded or stored in any media including paper and data stored by electronic, optical, magnetic or in any information system.
Part II
Payment, Clearing and Settlement Systems and Money Services
Part III
Part IV