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Message: <blockquote data-quote="monson" data-source="post: 20260776" data-attributes="member: 30005">The Central Bank is working on replacing the country’s Exchange Control Act with a new legislation titled Foreign Exchange Management Act (FEMA) in an effort to liberalise currency regulations in line with internationally accepted practices, the governor of the Central Bank Arjuna Mahendran said on Thursday.Addressing a press conference held at the Central Bank auditorium, the governor noted that the new exchange management law would relax many of the existing controls, including that for Paypal, the popular worldwide online payments system that enables money transfers but however take time to be legislated.“Sri Lanka was left out of Paypal’s network of countries where inward remittances could be made because the island’s exchange controls did not allow refunds to be made. In the meantime the Controller of Exchange, using his powers has exempted Paypal from the exchange control requirement. So we are now awaiting Paypal’s response,” Mahendran explained.-  New Exchange Control Act soon<a href="http://nation.lk/online/2016/02/27/new-exchange-control-act-soon.html" target="_blank">http://nation.lk/online/2016/02/27/new-exchange-control-act-soon.html</a><img src="/styles/default/xenforo/smilies/default/lol.gif"  class="smilie" loading="lazy" alt=":lol:" title="LOL    :lol:" data-shortname=":lol:" /><img src="/styles/default/xenforo/smilies/default/lol.gif"  class="smilie" loading="lazy" alt=":lol:" title="LOL    :lol:" data-shortname=":lol:" /><img src="/styles/default/xenforo/smilies/default/lol.gif"  class="smilie" loading="lazy" alt=":lol:" title="LOL    :lol:" data-shortname=":lol:" /></blockquote>

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