Sri Lankan government’s new Foreign Exchange Act comes into effect
The new Foreign Exchange Act No 12 of 2017 announced by the Sri Lankan government has reportedly come into effect from yesterday.
According to a local news report, the new piece of legislation covers matters including classes of capital transactions, opening and maintenance of accounts, permitted investments and the granting of loans and advances.
The legislation also has provisions about capital transactions undertaken outside Sri Lanka by persons resident in Sri Lanka and capital transactions undertaken in Sri Lanka by persons resident outside Sri Lanka.
The regulations under the said Act have been published by Gazette No 2045/56 issued on 17th of November 2017.
OSL take:
The long awaited gazette notification on the new Foreign Exchange Act is expected to ease many issues related to foreign exchange transactions that existed previously.
| Article Code : | VBS/AT/23112017/Z_2 |