Special authority to be established

The government last week said it would establish a special authority to monitor cashless transactions.

Minister of Special Assignments Dr. Sarath Amunugama last week at a meeting in Hataraliyadda pointed out that a large number of monetary transactions were taking place without the use of cash.

“Credit cards are used sometimes even to pay taxi fares. There will be a time when coins and currency notes would have completely disappeared,” he said.

“There should be someone to regulate these cashless transactions. Otherwise there can be a lot of abuses,” he said. He added that the government had taken note of the importance of monitoring such transactions and has come up with a proposal to tackle the issue.

“This is what government intends to do –to set up some regulatory authority. At present the proposal is to give this regulatory power to the Ministry of Finance. This is only a proposal yet,” he said.  In this connection the Minister also referred to the possible role of ICTA. He ICTA would provide the technological assistance for this process.

However no decision has been taken yet regarding private sector participation in the proposed national payments and settlement system.

“In regard to the regulatory authority also there is no final decision yet. The Central Bank has also a claim. Once a final decision is taken it will come to Parliament through a Bill for setting up the necessary regulatory mechanism,” Amunugama said.