Payment And Settlement Systems Act (No. 28 of 2005)

Sri Lanka Consolidated Acts

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Payment And Settlement Systems Act (No. 28 of 2005) - Sect 4

Responsibility of the Central Bank in relation to payment, clearing and settlement systems

(1) The Central Bank shall be the authority responsible for the preparation of a plan for a national payment system. The Central Bank shall also be charged with the responsibility of providing guidance and leadership for the establishment and development of payment, clearing and settlement systems in Sri Lanka.

(2) The Central Bank shall facilitate-

	(a) the interaction of its clearing and settlement systems and related arrangements with other systems or arrangements connected with the exchange, clearing or settlement, of payments or securities ;

	(b) the development of new methods and technologies for payments in domestic or foreign currencies and the transfer of securities ; and

	(c) the co-operation among all participants in the evolution of payment systems and the provision of payment services.

(3) In the exercise of its powers under this Act, the Central Bank may, notwithstanding anything to the contrary in any other law- (b) establish, operate, organize, promote, participate or assist in the establishment, operation, organization and promotion of, and regulate and supervise -

(a) regulate and supervise the services and facilities provided by any Bank, any other financial institution or person, with regard to the sending, processing and receiving of payment orders and instructions for the transfer of securities on its own account and for its customers in domestic or foreign currencies, and assist any bank or other financial institution in the establishment, operation and organization of such services and facilities ;

	(i) any system for the clearing and settlement of payments and other arrangements for the making or exchange of payments in domestic or foreign currencies ;

	(ii) any system for the clearing and settlement of securities and other arrangements for the exchange of securities ; and

	(iii) any system to facilitate the clearing and settlement including other arrangements for the making or exchange of payments or the exchange of securities in any currency against other payments or securities in another currency.

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