Operation date of Forex Act changed for 3rd time
View(s):Will it be third time lucky for the enforcement of Sri Lanka’s new Foreign Exchange Act? On October 31, a new gazette notification has set November 20 the date of operation of the law, after two other dates issued earlier.
When it was changed earlier to November 1 from October 15 as exclusively reported in the Business Times, informed official sources said it was unlikely to come into force since the relevant regulations are yet to be gazetted.
The October 31st gazette issued under the direction of Prime Minister Ranil Wickremesinghe, who is also Minister of National Policies and Economic Affairs, sets November 20 as the new date “on which the aforesaid Act shall come into operation”.
The new laws are seen liberalising foreign exchange transactions and allowing a freer flow of foreign currency into and out of Sri Lanka.