Sri Lanka Consolidated Acts

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Exchange Control (Amendment) Act (No. 17 of 1971) - Sect 10

Amendment of section 54 of the principal Act

8. Section 54 of the principal Act is hereby amended as follows: -
(1) by the substitution for the definition of " Ceylon currency", of the following new definition: -
" Ceylon currency " means currency which is expressed or drawn in Ceylon rupees;
(2) in the definition of " currency ", by the substitution for the words " means coins and currency notes, and includes bank notes,", of the words " includes coins, currency notes, bank notes,";
(3) by the insertion, immediately after the definition of " currency ", of the following new definition: -
" foreign assets " means any movable or immovable property outside Ceylon of any class or description whatsoever and without prejudice to the generality of the preceding provisions of this definition, includes foreign exchange, foreign currency, gold and securities;";
(4) by the substitution, for the definition of " foreign currency ", of the following new definition: -
" foreign currency " means any currency other than Ceylon currency and includes any currency payable by a foreign Government or institution to a person in, or resident in, Ceylon in respect of his pension or other gratuities due to him;';
(5) by the insertion, immediately after the definition of " foreign currency ", of the following new definition: -
" foreign exchange " means foreign currency and includes all deposits, credits and balances payable in any foreign currency, and any such drafts, travellers cheques, letters of credit and bills of exchange as are expressed or drawn in Ceylon currency but payable in any foreign currency; '; and
(6) by the substitution for the definition of " specified foreign currency ", of the following new definition: -


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