The Supreme Court yesterday (11) dismissed a fundamental rights petition filed against a government decision to reduce the interest paid in lieu of investments of EPF money in treasury bills and bonds.
A bench comprising Vijith Malalgoda, Gamini Amarasekera and Janak de Silva took up the case.
The petitioner was financial analyst and EPF member, Chathuranga Abeysinghe.
He claimed the decision to reduce the interest rates to 9 pc as per domestic debt restructuring (DDR) is a violation of fundamental rights of those who are members of the EPF.
At the previous hearing, lawyers for the Central Bank said the DDR process adopted by the legislature cannot be challenged in court.
The SC previously dismissed a similar FR petition filed by the Inter-Company Employees Union.