The Government is to present five new foreign exchange regulations for Parliament approval to ensure laws cater to the present situation.
This is following Cabinet this week approving the move to bring amendments to the orders and regulations of the Foreign Exchange Act No. 12 of 2017.
The Government said according to the provisions of the Foreign Exchange Act No. 12 of 2017, the minister in charge of finance is authorised to issue orders for the implementation of the provisions of the Act subject to the approval of the Cabinet of Ministers, in consultation with the Monetary Board of the Central Bank of Sri Lanka.
Orders No. 1, No. 2 and No. 3 of the 2017 Act have promulgated regulations made under Section 8 and Section 3 thereof. It has been identified the need to amend orders and regulations to cater to the present.
Accordingly, the Cabinet of Ministers approved the proposal tabled by the Prime Minister as the Minister of Finance to take the following steps in terms of the provisions in the Foreign Exchange Act No.12 of 2017 and promulgate the following orders and submit the same to the Parliament for approval.
1. Foreign Exchange No. 1 of 2021 (Types of capital Transactions outside of Sri Lanka by a resident in Sri Lanka) Orders.
2. Foreign Exchange No. 2 of 2021 (Types of capital Transactions in Sri Lanka by a resident outside Sri Lanka) Orders.
3. Foreign Exchange No. 3 of 2021 (Transfer of funds by emigrants) Orders.
4. Foreign Exchange No. 4 of 2021 (Different types of capital transactions) Orders.
5. Foreign Exchange No. 5 of 2021 (Opening and maintaining accounts for the purpose of engaging in foreign exchange transactions) Orders.
Making provisions in accordance with the Section 8 and the Section 3 of the 2017 Act.
(FT)