Regulatory Alerts2006-05-10 | General Direction No. 01/2006General Direction No. 01/2006 on Cheque Imaging and Truncation System
The Central Bank of Sri Lanka issued General Direction No. 01/2006 to regulate the Cheque Imaging and Truncation System (CITS) operated by LankaClear under the Payment and Settlement Systems Act. The directive mandates that participating banks present cheques electronically via digital images and data, thereby truncating physical movement while preserving the right to demand physical presentation. It establishes LankaClear as the sole operator responsible for system maintenance, clearing processes, and adherence to strict operational, security, and business continuity standards.
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