The long-awaited Foreign Exchange Act, passed by Parliament and replacing Sri Lanka's archaic Exchange Control Act making the transaction of foreign exchange more relaxed than before, will come into operation today (Monday).
This is after the necessary regulations, enabling the operation of the Act, were gazetted on Friday under a directive by Prime Minister Ranil Wickremesinghe as the Minister of National Policies and Economic Affairs.
These regulations have been cited as the Foreign Exchange (Capital Transactions in Foreign Exchange Carried On by Authorized Dealers) Regulations No. 2 of 2017.
Among other matters under the new rules, companies listed in the Colombo Stock Exchange can freely invest up to US$2 million or the equivalent in any Central Bank designated foreign currency in shares, units, debt securities or sovereign bonds overseas while the same investment in the case of unlisted companies is restricted to $500,000, partnerships to $300,000 per annum and individuals to $200,000. A company or partnership is entitled to utilise up to $300,000 (per annum) in opening overseas offices.
The regulations also provide for Sri Lankans residing overseas who are either dual citizens or have a permanent residency (PR) visa in another country to obtain loans from Sri Lankan commercial banks to purchase, construct or renovate.a residential property.
- ENDS -
You can share this post!
Content
Public Security Minister Ananda Wijepala told Parliament today that the suspect in the rape of a lady doctor at the Anuradhapura teaching hospital has been identified as an army deserter and he will be apprehended shortly.
Police have arrested the suspect connected to the sexual assault on a female doctor at the Anuradhapura Teaching Hospital today morning in Galnewa.
The Dutch Public Prosecutor suspects two companies of paying bribes in the construction of hospitals in Sri Lanka, according to an investigation by FD, the Dutch financial newspaper.
The Minister of Power, Kumara Jayakody, stated that in the future, internationally funded projects, such as power projects, will only be carried out through government-to-government (G2G) agreements and competitive procurement.
The Government today tabled in the House the Report of the Commission to Inquiry into the Establishment and Maintenance of Unlawful Places of Detention and Torture Chambers in the Batalanda Housing Scheme.
Three persons arrested on Saturday close to the Thalawila St Anne’s Church have been held under detention orders for questioning.
Leave Comments