The Supreme Court concluded arguments forwarded in support and against the Bill titled “Foreign Exchange, 2017” yesterday through three Special Determination Petitions. All parties in the petitions were directed to file their written submissions before today (25). Later on, the Supreme Court’s determination over the proposed Bill is to be communicated to the Speaker. The Supreme Court bench comprised Justice Eva Wanasundara, Justice Buwaneka Aluvihare and Justice Prasanna Jayawardena.
These petitions had been filed by MP Bandula Gunawardena, Attorney-at-law Dharshana Weraduwage and Attorney-at-law Nagananda Kodituwakku seeking a declaration that the Bill shall become law only through a two-thirds majority in Parliament and the approval of the people at a referendum. Deputy Solicitor General Arjuna Obeysekara with DSG Nerin Pulle appearing for the Attorney General informed Court that in accordance with the proposed Bill, every transaction should be carried out by an authorized dealer and the capital transactions to be done by the subject Minister in consultation with the Monetary Board of the Central Bank with the determination of the Cabinet of Ministers. “This piece of legislation would strengthen the sovereignty of the people,” DSG Nerin Pulle added.
Senior Counsel Kanishka Vitharana with Counsel Dharshana Weraduwage and Nagananda Kodituwakku appearing for the petitioners made their oral submissions before three-judge-bench. In his petition, MP Bandula Gunawardena stated that a Bill titled “Foreign Exchange, 2017” was presented to Parliament and placed on Order Paper of the Parliament on April 7, 2017.