Sri Lanka’s new Foreign Exchange Act comes into effect

Nov 20, 2017 (LBO) – Sri Lanka’s new Foreign Exchange Act No 12 of 2017 has come into effect from today.

New Act covers matters including classes of capital transactions, opening and maintenance of accounts, permitted investments and granting of loans and advances.

It also has provisions about capital transactions undertaken outside Sri Lanka by persons resident in Sri Lanka and capital transactions undertaken in Sri Lanka by persons resident outside Sri Lanka.

The regulations under the said Act have been published by Gazette No 2045/56 issued on 17th November 2017 which is reproduced below.

Gazette-No-2045-56