BASL files writ petition over forced currency conversions
December 15, 2021 01:15 am
President of the Bar Association of Sri Lanka, President’s Counsel Saliya Pieris and Deputy President Anura B. Meddegoda have filed a writ petition before the Supreme Court, with regards to the conversion of foreign currency earnings of BASL members by the Central Bank of Sri Lanka.
The petition has named Finance Minister Basil Rajapaksa, Central Bank Governor Ajith Nivard Cabraal, and all members of the Monetary Board as respondents.
The application explains that the BASL members received payment for services provided within and outside of Sri Lanka in both foreign currency and rupees.
It also states that in the instance of foreign currency payments, they are remitted to and deposited in Personal Resident Foreign Currency Accounts (PRFCA), Special Deposit Accounts (SDA) or other permitted accounts in banks in licenced commercial banks in the country.
The petitioners pointed out that under such circumstances such professional fees cannot be considered repatriation of export proceeds into Sri Lanka.
On this basis, the petition calls on the Supreme Court to quash the Gazette Extraordinary 2251/42 dated October 28, 2021, as being ultra vires the powers of the 1st Respondent and as being unlawful, irrational, unjustifiable, arbitrary, capricious, in breach of all principles of justice, and due process.
The Petitioners state that such draconian measures of forcefully converting the foreign currency of BASL members amount to the expropriation of private property which is both unconstitutional and wholly illegal.
