CMA Seminar on Understanding New Foreign Exchange Act No. 12 of 2017

The Institute of Certified Management Accountants of Sri Lanka (CMA) will conduct a seminar on ‘Understanding New Foreign Exchange Act No. 12 2017’ on Thursday, 21 December from 1 p.m. – 5 p.m. at the Taj Samudra, Crystal Ballroom.

The seminar would highlight Sri Lanka’s New Foreign Exchange Act No 12 of 2017 which came into effect on 20 November and the regulations to the act which have been published by Gazette No. 2045/56 issued on 17 November. 

The new act introduced with a view to liberalise capital flows and increase foreign direct investment covers matters including classes of capital transactions, opening and maintenance of accounts, permitted investments and granting of loans and advances. It also has provisions about capital transactions undertaken outside Sri Lanka by persons resident outside Sri Lanka. 

Many sectors will benefit with the liberalisation of the foreign exchange act and the commercial banks will be given more responsibility in its implementation and would be permitted to handle both current and capital remittances. The setting up of recognised money changers will be a boon to the tourist industry and foreigners will have easy access to encash foreign currency especially in the resort areas.      

Details of the New Foreign Exchange Act will be presented and discussed by eminent speakers and panellists consisting of Chief Guest (Dr.) Harsha de Silva Deputy Minister of National Policies and Economic Affairs, keynote address will be delivered by Udeni Alawattege Director Department of Foreign Exchange Central Bank of Sri Lanka, detailed presentation on the New Exchange Control Act by Pavithri Liyanage Senior Assistant Director Department of legal and Compliance Central Bank of Sri Lanka.

The panel discussion will be moderated by Dinesh Weerakkody Chairman Human Resource Development Council and Former Chairman Commercial Bank, and the panellists will consist of Naomal Gonnewardena Partner Nithya Partners law firm, Rajiva Bandaranaike CEO Colombo Stock Exchange, Shiran Fernando Chief Economist Ceylon Chamber of Commerce, Kelum Amerasinghe Head of Foreign Operation Commercial Bank Plc., and from the Department of Foreign Funds Central Bank of Sri Lanka. Malani Fonseka Deputy Director, Shanas Kamaleen Senior Asst. Director and Thilini Kapuruge Senior Asst. Director

This seminar will be meant for bankers, finance and leasing companies, stock brokering companies, exporters, industrialists, hoteliers and tourist agencies, importers, exporters, overseas employment agencies, professionals and companies providing services overseas, businessmen, SME sector and those employed overseas.

All those who wish to register for the seminar please contact Shanthi on 071 47055 36 or                        e mail: [email protected] on or before 18 December.