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By A.J.A. Abeynayake The Bar Association of Sri Lanka (BASL) Tuesday petitioned the Court of Appeal seeking the issuance of a writ order nullifying the Extraordinary Gazette Notification issued by the Governor of the Central Bank of Sri Lanka ordering the conversion of foreign currency received through bank accounts into Sri Lankan rupees. The petition […]
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To print this article, all you need is to be registered or login on Mondaq.com. The Indonesian Currency Law and Bank Indonesia ("BI") Regulation No. 17/3/PBI/2015 regarding the Mandatory Use of Rupiah restrict most transactions within Indonesian territory from being carried out using foreign currency. Core upstream activities in Indonesia are exempted from this requirement for a certain period of time, such as expenditures in relation to the first three years of the exploration period (the "Firm Commitment" period), over/under lifting, and domestic oil and gas sales tr...
Thursday, 25 February 2021 - 20:04 State Minister Ajith Nivard Cabraal states that a follow up and review will be carried out at the end of this year regarding the resumption of vehicle imports. He stated this at a media briefing held at the Ministry of Finance today. Attygalle also commented. Meanwhile CBSL stated the reasons for the Repatriation and Conversion of Export Proceeds stating why were these measures needed? On 18 February 2021, the Monetary Board issued Rules in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lanka rupees, and al...
Sri Lanka's Central Bank says that the repatriation and conversion requirements related to export proceeds are not uncommon in other regional economies, which have displayed strong export performance. Releasing a statement, Central Bank emphasized that in fact, the requirements are more stringen