Press briefing of Cabinet Decision taken on 2019-10-15

Regulation made under section 7 of the Foreign Exchange Act, No.12 of 2017

- The Regulation No.1 of 2017 dated 17th November 2017 has been made under section 7 of the Foreign Exchange Act, No.12 of 2017 with the approval of the Cabinet to provide authority to specify the classes of capital transactions in foreign exchange for permitted investments, their limits and other connected conditions. According to the said Regulation, although it is required for the exporters to bring in the proceeds on merchandise exports to Sri Lanka within 120 days from the date of exportation, enabling the foreign buyers to be attracted on the request of the exporters and considering the concurrence of the Monetary Board of the Central Bank of Sri Lanka, the proposal made by the Minister of Finance to amend the Regulation No.1 of 2017 issued in accordance with section 7 of the Foreign Exchange Act, No.12 of 2017, to extend the 120 day time frame up to 180 days and to present same in Parliament for approval under section 29 of the said Act, was approved by the Cabinet.