The Central Bank of Sri Lanka has warned the public against the unauthorized use of the word ‘Finance’ in business names.
The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), 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, a media release by the CBSL says.
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 adds.
