Business

SL’s new Forex Act becomes operative on Nov.1 

17 October 2017 - 195   - 0

 


The Government has cancelled an earlier date of October 15 for Sri Lanka’s new Foreign Exchange Act, No. 12 of 2017 to become operational, and now issued a fresh date of operation – November 1, 2017.
The order was issued by Prime Minister Ranil Wickremesinghe as the Minister of National Policies and Economic Affairs. 
“The order made under Section 1 of the aforesaid Act and published in Gazette Extraordinary No. 2036/32 of September 14, 2017 is hereby revoked,” the new October 13-dated gazette notification said. The news laws are seen liberalizing foreign exchange transactions and allowing a freer flow of foreign currency into and out of Sri Lanka. 
No reason for given for altering the date of operation of the new law. – ENDS -

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