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Foreign Exchange Entitlement Certificates (Repeal) Law

AN ACT to provide for the making of declarations on or before March 31, 1971, of all movable or immovable property outside Ceylon held by persons resident in Ceylon in contravention of the provisions of the law for the time being in force relating to exchange control, to enable all such property which is so declare to be dealt with or disposed of in accordance with such directions as may be issued from time to time by the competent authority in order to give full force and effect to the exchange control policy of the government and the provisions of this act, to indemnify the persons who have made such declarations against liability to penalties or prosecutions under the provisions of that law, to exempt such persons from liability to pay income tax on all such property so declared under the law for the time being in force relating to income tax, and to provide for matters connected therewith or incidental thereto.

FOREIGN EXCHANGE ENTITLEMENT CERTIFICATES (REPEAL) LAW

Arrangement of Sections

1. Short title.

2. Repeal of Act No. 28 of 1968.

3. Power of Governor to issue directions in cases of hardship.

4. Directions by Central Bank.

5. Interpretation.

17 of 1977.

A LAW to repeal the Foreign Exchange Entitlement Certificates Act, No. 28 of 1968, and to provide for certain consequential matters.

[Date of Commencement: 16th November; 1977]

1. Short title.

This Law may be cited as the Foreign Exchange Entitlement Certificates (Repeal) Law.

2. Repeal of Act No. 28 of 1968.

(1) The Foreign Exchange Entitlement Certificates Act, No. 28 of 1968, is hereby repealed.

(2) Notwithstanding the repeal of the Foreign Exchange Entitlement Certificates Act, No. 28 of 1968, the following provisions shall apply in relation to every contract entered into with any Commercial Bank which remains unfulfilled on the midnight of November 15/16, 1977, for the purchase or the sale of Foreign Exchange Entitlement Certificates or for the purchase or sale of foreign exchange, or for the purchase or sale of Foreign Exchange Entitlement Certificates and for the purchase or sale of foreign exchange in respect of any transaction where the person entering into such contract is entitled or required to purchase origin Exchange Entitlement Certificates in respect of such transaction—

(a) Where a person has entered into a contract with a Commercial Bank for the sale of foreign exchange and a contract for the issue of Foreign Exchange Entitlement Certificates in respect of the same transaction, such person shall be entitled to receive payment in Sri Lanka currency of an amount calculated at the exchange rate, specified in the contract for the sale of foreign exchange and an amount equivalent to the value of the Foreign Exchange Entitlement Certificates, calculated at the rate specified in the contract for the issue of Foreign Exchange Entitlement Certificates.

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