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srilawsby aturio
As enacted
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33. Interpretation

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

In this Act unless the context otherwise requires–

“asset” means any movable or immovable property of any class or description whatsoever;

“authorized dealer” means a bank licensed under the Banking Act, No. 30 of 1988 authorized under section 4 to act as authorized dealer;

“capital transaction” means a transaction which is not a current transaction within the meaning of this Act;

“Central Bank” means the Central Bank of Sri Lanka established by section 5 of the Monetary Law

Act (Chapter 420);

“current transaction” means any international transaction necessitating a transfer of foreign exchange into or from Sri Lanka, and referred to in paragraph (d) of Article XXX of the Articles of the International Monetary Fund set out in the Schedule to this Act;

“Commissioner General of Inland Revenue” means the Commissioner General of Inland Revenue within the meaning of Inland Revenue Act, No.

10 of 2006;

“foreign asset” means any movable or immovable property outside Sri Lanka of any class or description whatsoever and without prejudice to the generality of the preceding provisions of this definition, includes foreign exchange, foreign currency, foreign securities and foreign bank accounts;

“foreign currency” means any currency other than

Sri Lankan currency;

“Foreign Currency Account” means a foreign currency account in a licensed bank which is authorized to deal in foreign exchange;

“foreign exchange” means foreign currency and includes –

(a)

deposits, credits and balances payable in foreign currency;

(b)

drafts, travelers’ cheques, letters of credit and bills of exchange drawn in Sri Lanka and payable outside Sri Lanka in foreign currency;

(c)

drafts, travelers’ cheques, letters of credit and bills of exchange drawn outside Sri

Lanka but payable in Sri Lankan currency;

(d)

any document or instrument of a type customarily employed for international transfers of funds;

“foreign exchange dealings” includes accepting, buying, selling, borrowing and lending of foreign exchange and exchange to any other foreign currency;

“foreign security” means a security denominated or expressed in foreign currency and issued outside

Sri Lanka;

“licensed bank” means a licensed commercial bank or a licensed specialized bank;

“licensed commercial bank” means a bank licensed under subsection (4) of section 2 of the Banking

Act, No. 30 of 1988;

“licensed specialized bank” means a bank licensed under subsection (3) of section 76A of the

Banking Act, No. 30 of 1988;

“Minister” means the Minister assigned the subject of Central Bank;

“Monetary Board” means the Monetary Board of the Central Bank of Sri Lanka;

“permit” means a permit granted to a restricted dealer under paragraph (a) of subsection (2) of section 4;

“person” means any natural or legal person including partnerships;

“person resident outside Sri Lanka” means a person who is not a resident in Sri Lanka; and

“Sri Lankan currency” means currency which is expressed or drawn in Sri Lanka rupees.

Schedules