The Hon. (Dr.) Upali Pannilage - Minister of Rural Development, Social Security and Community Empowerment

¶ 01 Sir, that is his interpretation. Co‑operatives and organizations already registered under other frameworks are excluded. Entities under provincial councils, local authorities, the Central Bank’s existing regimes, pawn institutions registered under the Pawn Brokers Act, registered co‑operative societies, organizations under provincial proclamations, the Samurdhi Act, and under the Agrarian Development framework are outside this Bill. The Bill targets those engaging in lending and financial services without registration or license, which have caused serious problems. As a responsible Government, we must intervene to protect customers—including through regulations and a proper complaints mechanism—rather than to regulate ordinary friendly societies or funeral aid groups as claimed.

¶ 02 Thank you.