Srilanka Liberalized Foreign Exchange Law from October 15th

Srilanka Liberalized Foreign Exchange Law from October 15th

Srilanka enacted progressively draconian foreign exchange controls   after a money printing central bank was set up in 1951, abolishing a currency board that had kept the exchange rate fixed and inflation law from 1885.
Citizens who tried protect their hard earned wealth from being expropriated by the central bank and the state through currency depreciation were criminalized by the law.
With the issue of a gazette notice liberalizing Srilanka foreign exchange law, undeclared money  held abroad up to million dollar could be brought in with no penalty under the new law and amounts in excess could be brought with the payment of a one person fee, provided they are not under restraint from money laundering, terrorist finance or bribery laws.
Prime Minister and Minister of National Policies and economic affairs, Ranil Wickramasinghe has issued this gazette notice giving effect to the law foreign exchange Act number 12 of 2017, which decriminalizes violations and allows money held abroad to be brought back easily, will come into effect from 15th October 2017.