CBSL Warns on Unauthorized Use of 'Finance' in Business Names

COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has issued a public notice reminding individuals and businesses of the legal restrictions on the use of the terms 'finance', 'financing', or 'financial'.

According to Section 10(2) of the Finance Business Act, No. 42 of 2011, only authorized finance companies and specified institutions are permitted to use these terms in their names or business descriptions.

The CBSL emphasized that any person or entity using these terms without prior written approval from the Central Bank is in violation of the Act.

Such contraventions are considered offences under Section 56(4) of the Act.

The public is strongly advised to comply with these legal requirements to avoid penalties.