Exchange controls extended by another six months | Daily News


 

Exchange controls extended by another six months

The Cabinet of Ministers has approved a proposal made by Prime Minister Mahinda Rajapaksa as Finance, Economic and Policy Development Minister to extend the period of the gazette notification limiting remittances made out of the country by another six months from July 2, 2020.

Minister Dr. Bandula Gunawardane speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department said a decision was taken at the meeting of the Cabinet of Ministers on April 1 to suspend certain remittances from Sri Lanka for three (3) months, under a gazette notification on April 2, 2020 as per Section 22 of the Foreign Exchange Act. Cabinet approval was granted at the meeting held on April 22, 2020 to take action to encourage foreign currency remittances to the country foreign currency deposit accounts and the gazette notifications respectively on 02.04.2020 and 08.03.2020 were issued to the statutes applicable under Sections 22 and 29 of the Foreign Exchange Act No 12 of 2017.


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