Sri Lanka Consolidated Acts

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Foreign Exchange Amnesty Act (No. 1 of 1971) - Sect 5

Special provisions applicable to persons to whom this Act applies who have complied with the relevant directions issued to them In respect of their foreign assets

5. The following provisions shall apply in the case of a person to whom this Act applies who has, in respect of the foreign assets disclosed by him, complied with the relevant directions issued to him by the competent authority:-
(a) such person shall not be liable to any prosecution for an offence, or to any penalties, for any contravention of the provisions of the law for the time being in force relating to exchange control in respect of such assets; and
(b) such person shall be exempt from the liability to pay, under the law for the time being in force relating to income tax, income tax on the income arising out of such assets:

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