Govt. extends controls on forex outflow by 6 months

A decision was taken at the meeting of the Cabinet of Ministers on 01st April 2020 to suspend certain remittances from this country to others for three (03) months, whereas the relevant order has been issued by the gazette notification on 02nd April 2020 for taking necessary measures as per section 22 of the foreign exchange act. Approval of the Cabinet of Ministers was granted at the meeting held on the 22nd April 2020 for taking necessary steps to encourage the remittance of foreign currency to the country across foreign currency deposit accounts. In terms of the cabinet decisions mentioned above, the gazette notifications respectively on 02.04.2020 and 08.03.2020 were issued for the statutes applicable under sections 22 and 29 of the Foreign Exchange Act No 12 of 2017. Furthermore, the Cabinet of Ministers approved the following proposals submitted by the Hon. Prime Minister as the Minister of Finance, Economic and Policy Development for taking measures applicable to the said orders. • Extending the period of the gazette notification appearing the orders applicable for the limitation of remittances made out of the country by another six (06) months from 02nd July 2020. • Issuance of a new gazette notification revising the existing gazette notification dated 08.04.2020 issued comprised of the orders under section 29 of the Foreign Exchange Act No. 12 of 2017 for minimizing the issues erupted due to the provisions existing in the laws applicable to foreign exchange law, money laundering and investment money on terrorist activities when implementing the methodologies introduced for encouraging the remittance of foreign exchange into the country through foreign exchange deposit accounts.

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