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

Business

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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