Foreign Exchange Amnesty ACT

Arrangement of Sections

1. Short title.

2. Application of Act.

3. Opportunity given to persons to whom this Act applies to make declarations.

4. Power of competent authority to issue direction in respect of foreign assets specified in declarations.

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.

6. Power of competent authority to issue directions.

7. Special provisions applicable to persons to whom this Act applies and who prior to October 25, 1970, have ceased to possess foreign assets.

7A. Special provisions relating to the admissibility of certain evidence obtained under this Act in prosecutions for exchange control offences.

8. Maintenance of secrecy.

9. Interpretation.

13 of 1974,

1 of 1971.

AN ACT to provide for the making of declarations on or before March 31, 1971, of all movable or immovable property outside Ceylon held by persons resident in Ceylon in contravention of the provisions of the law for the time being in force relating to exchange control, to enable all such property which is so declare to be dealt with or disposed of in accordance with such directions as may be issued from time to time by the competent authority in order to give full force and effect to the exchange control policy of the government and the provisions of this act, to indemnify the persons who have made such declarations against liability to penalties or prosecutions under the provisions of that law, to exempt such persons from liability to pay income tax on all such property so declared under the law for the time being in force relating to income tax, and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 21st January, 1971]

1. Short title.

This Act may be cited as the Foreign Exchange Amnesty Act.

2. Application of Act.

(1) The succeeding provisions of this Act shall apply to any person resident in Ceylon who, on the date of the commencement of this Act, holds foreign assets which were acquired or possessed by him in consequence of any contravention of the provisions of the law for the time being in force relating to exchange control, other than any such person—

(a) whose conduct , the course of being activities is or are in the law for any along investigated under that of any or suspected contravention provisions of that law; or

(b) against whom any suit or prosecution is pending before any Court for any alleged contravention of any provisions of that law.

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