Tag: foreign currency

Attempt to smuggle out foreign currency worth over Rs 3.7 mn fails

6Sep

By Faraz ShauketalyNo Comments

LOCAL

Attempt to smuggle out foreign currency worth over Rs 3.7 mn fails

Woman trying to smuggle out a haul foreign currency to India has been apprehended by Customs officials at the Bandaranaike International Airport (BIA). The 60 year old from Negombo area had been arrested early this morning (06). The value of the apprehended haul of foreign currency is over Rs 3.7 million, according to Customs officials. The customs officials have found a stock US Dollars and Swiss Francs hidden inside her luggage. Further investigations are conducted under the supervision of Additional Director General of Sri Lanka Customs.

New Regulations and Orders made on the Foreign Exchange

27Nov

By Faraz ShauketalyNo Comments

Business

New Regulations and Orders made on the Foreign Exchange

With a view to further liberalizing capital flows and simplifying the processes associated with current account transactions and various types of foreign currency/Rupee accounts, the Government declared in its Budget Proposals for 2016, that a new foreign exchange law will be introduced. In keeping with this announcement, a new legislative and policy framework for foreign exchange operations has been introduced by the Foreign Exchange Act, No. 12 of 2017 with effect from November 20, 2017, repealing the Exchange Control Act, No. 24 of 1953. Provisions of the new Act are being implemented through the newly established Department of Foreign Exchange in the Central Bank of Sri Lanka. Relevant Regulations and Orders made under the new Act by the Minister of National Policies and Ec...