INSUBCONTINENT EXCLUSIVE:
Minister of Justice, Prison Affairs and Constitutional Reform, Wijayadasa Rajapakse, unveiled plans to introduce a new legislative framework
aimed at regulating microfinance institutions operating within the country.Expressing deep concern regarding the unregulated status of
certain microfinance entities, Minister Rajapakse emphasized the necessity for decisive measures
He underscored the intention to establish an independent regulatory institution, distinct from the Central Bank, dedicated to the oversight
and effective regulation of microfinance entities.Minister Rajapakse made these remarks on Monday (04) during a press briefing at the
Ministry of Justice presently oversees the operational responsibilities of 21 institutions, encompassing a diverse range of subjects,
including law enforcement and law reform
With a caseload exceeding 1.1 million cases within the courts in the country, concerted efforts have been undertaken in recent times to
with a particular focus on the establishment and operation of conciliation boards aimed at facilitating the expeditious resolution of select
cases, he said.The Minister further stated that globally recognized expedited methods for resolving criminal cases stand in contrast to our
This delay in criminal proceedings represents a substantial issue, jeopardizing the administration of justice and leaving all parties
involved without timely recourse.To address this challenge, a draft law aimed at expediting the resolution of criminal cases is currently
under development and is slated for submission to Parliament in January
In advanced jurisdictions, there is a paradigm shift towards non-custodial measures for individuals involved in minor offenses
Recognizing that incarceration, in many instances, is not the most suitable recourse, the new legal framework being proposed aims to explore
Notably, some individuals find themselves incarcerated due to societal oversights, and the proposed legislation acknowledges this by
providing avenues for release on bail conditions
This approach aims to strike a balance between societal concerns and individual liberties, fostering a more nuanced and equitable criminal
justice system.The Office of Missing Persons currently manages a caseload of approximately 14,000 complaints
Upon assuming duties of this Ministry, only 62 complaints had undergone investigation
Presently, we have successfully concluded investigations for 4,795 complaints, reflecting a substantial improvement in case resolution
It is noteworthy that all outstanding complaints lodged with the Office of Missing Persons are slated for resolution by the coming
year.Furthermore, to fortify and enhance the efficiency of the judicial process, a comprehensive set of eight new bills is set to be
submitted to Parliament.Efforts are underway to establish a reconciliation society within each village, where government officials and
politicians do not play a direct role
The activities of these societal initiatives, referred to as reconciliation societies, are guided by the preferences of elders and religious
leaders within the respective villages
The responsibilities encompass the independent execution of tasks such as infrastructure development, including road construction and
provision of electricity, rendering political involvement unnecessary.The villagers take charge of organizing religious festivals, sports
events and cultural celebrations, fostering a sense of community ownership and participation
The overarching vision is to seamlessly integrate each Grama Seva Division into a unified network, operating independently from external
The reconciliation society is entrusted with safeguarding the welfare and interests of the village, thereby ensuring the preservation and
affected by various factors
buses, transformers and over 25 courts, have significantly impacted the economic landscape
to economic challenges is the unregulated proliferation of microfinance institutions, perceived as a substantial concern in the country
The absence of legal frameworks and regulatory oversight, coupled with the lack of registration with the Central Bank, has created an
environment where individuals find it challenging to secure loans through conventional financial institutions due to their stringent rules
Consequently, many turn to microfinance institutions, exacerbating the existing economic predicament.To address this concern, there is a
pressing need to establish a dedicated regulatory body, separate from the Central Bank, to oversee and govern microfinance institutions
Efforts are underway to introduce comprehensive laws aimed at regulating these entities and mitigating the potential adverse effects they
The goal is to instate a regulatory framework that ensures responsible and accountable practices within the microfinance sector, thereby
contributing to the overall economic well-being of the nation.--PMD
