Foreign Exchange Bill challenged in Supreme Court

A Special Determination Petition challenging the Bill titled “Foreign Exchange, 2017” was yesterday filed before Supreme Court seeking a declaration that the Bill shall become law only through a two-thirds majority in Parliament and the approval of the people at a referendum. This special determination petition was filed by Attorney-at-law Dharshana Weraduwage.

The petitioner stated that a Bill titled “Foreign Exchange, 2017” was presented to Parliament and placed on the Order Paper of Parliament on April 7, 2017.

The petitioner said clauses of the Bill are in Vehement Infringement of Articles 03, 04, 12(1), 14(1)(g), 27(2)(a), 27(3), 148 of the Constitution and duly require the approval of the people at a Referendum by virtue of the provisions of Article 83, since the said Clauses and the Bill collectively, have been drafted to exclude regulation of “Gold” exchange which was regulated hitherto through the Exchange Control Act No 24 of 1953 (as amended ), which can have unforeseeable consequences endangering the National Economy, Security, Fundamental Rights and the Sovereignty of the people.

The petitioner further said Clauses and the Bill collectively, have been drafted to exclude the application of uniform rates of exchange as authorised by subsection (3) of section 76 of the Monetary Law Act, which had a binding force on all Foreign Exchange Transactions in terms of section 05(2) of the Exchange Control Act No 24 of 1953 (as amended), which can have unforeseeable consequences endangering the National Economy, Security, Fundamental Rights and the Sovereignty of the people.


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