Reform of Exchange Controls – Part III: Proposed Foreign Exchange Act, an improvement on many counts, but not free from ghostly features contained in the present one 

Monday, 8 May 2017

Making exchange control a permanent law

In parts one and two of this series (available respectively at: http://www.ft.lk/article/610886/Reform-of-exchange-controls--There-is-a-need--but-do-it-correctly-%E2%80%93-Part-I and http://www.ft.lk/article/612271/Reform-of-exchange-controls-%E2%80%93-Part-II--Bringing-exchange-controls-to-the-permanent-law-book), it was presented that the colonial rulers introduced exchange controls to Sri Lanka in 1939 as a war strategy during the World War II. The objective was to prevent the foreign exchange resources of the colony from falling into the hands of the enemy, namely, the Germans and the Japanese. Thus, exchange controls were expected to be a temporary measure and to be lifted at the end of the war.

Reform of Exchange Controls – Part III Proposed Foreign Exchange Act, an improvement on many counts, but n... by Thavam Ratna on Scribd