Central Bank of Sri Lanka warns of the use of word ‘finance,’ financing’ or ‘financial’ by companies

Central Bank of Sri Lanka today issued a notice to entities using the word ‘finance,’ financing’ or ‘financial’ as part of its name or description warning them with the improper use.

In terms of section 10 of the Finance Business Act, no entity other than a licensed finance company shall use the words ‘finance’, ‘financing’ or ‘financial’ as part of its name or description, says the Central Bank in its statement.

Accordingly, any entity other than a licensed finance company which uses the words ‘finance’, financing’ or ‘financial’ or any of its derivatives or its transliterations or their equivalent in any other language as part of its name or description shall remove such words from its name and description on or before 09 May 2012.

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