In its place, a new act similar to the patriotic act of the US will be submitted to parliament.
Local and foreign human rights groups have accused the government of using the PTA to act against crimes other than terrorism.
The UNHRC and a UN panel that visited the island recently have asked the government to abolish the PTA.
The Campaign for Free and Fair Elections and the Centre for Human Rights and Research Sri Lanka too, have urged to repeal the PTA.
Foreign affairs minister Mangala Samaraweera told a recent media briefing that a new act would be introduced to face international terrorism.
Adopted in 1982, the PTA was used by the successive governments to crackdown on the LTTE and the youth uprising in the south.
After the new government took office, nearly 70 persons have been arrested under this act.
Also, members of the military suspected in the enforced disappearance of journalist Prageeth Ekneligoda and the MP N. Raviraj murder are being detained under provisions of this act.
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