Speaker Karu Jayasuriya today informed the Parliament that the Supreme Court has determined that the Foreign Exchange Bill is in accordance with the constitution of Sri Lanka.
A petition was filed with the Supreme Court by several individuals including MP Bandula Gunawardena challenging the constitutionality of the bill, which was presented the House on April 7, 2017.
The petition claims that certain clauses have been drafted in a manner that allows the Finance Minister to have unwarranted control over the Central Bank and to negate the entrenched provisions of the Monetary Law. It states that clauses in the bill could endanger the country’s economy and security.
Therefore the petition sought a court order calling for a two-thirds majority vote in Parliament and a referendum to pass the bill.
The three-member judge bench of the Supreme Court had informed the determination to the Speaker who, in turn, informed the Parliament today.
