Scrap surcharge when settling loans & leases; PM advise to CBSL

Colombo (News 1st); Prime Minister Mahinda Rajapaksa has advised the Central Bank to explore the possibility of scrapping the surcharged imposed by financial institutions, when settling leases and loans in full, ahead of the settlement date.

According to the Finance Ministry, when a customer settles a lease or a loan in full ahead of the settlement date, he or she is slapped with a 03% surcharge by the respective financial institution and it was a subject of discussion at the recent Progress Review Meeting of the Finance Ministry. The Prime Minister had called for the process of a surcharge being imposed to be scrapped and to a common framework to be prepared.