Abolition of time-tested Exchange Control Act

Only 18 opposed it and 113 skipped vote

By Shamindra Ferdinando

Amidst allegations that the abolition of the time-tested Exchange Control Act of 1953 contributed to the country’s bankruptcy and foreign exchange crisis, The Island, in terms of the Right to Information Act No 12 of 2016 requested from the Office of Secretary General of Parliament, the names of the MPs who had voted for the new law (Foreign Exchange Act No 12 of 2017) and those who opposed it.

According to parliamentary records, 94 voted for the Bill and 18 voted against it while 113 skipped the vote. The TNA voted with the UNP and the SLFP-led UPFA for the new law. The then Prime Minister Ranil Wickremesinghe, who moved the second reading motion in his capacity as the Minister of National Policies and Economic Affairs was among those who skipped the vote on July 25, 2017.

Justice Minister Wijeyedasa Rajapakse voted for the new law, which, he says, has helped unscrupulous exporters park export proceedings overseas to the tune of USD 100 bn. Two of the strongest critics of current economic policies namely Dr. Harsha de Silva and Eran Wickremaratne voted for the new law enacted in 2017.

Former Governor of the Central Bank Dr. Indrajith Coomaraswamy has publicly alleged that the new exchange law was not formulated in consultation with the Central Bank. The Governor led Central Bank team which appeared before the Parliamentary Select Committee (PSC) probing the 2019 Easter Sunday carnage declared that the new law hindered its regulatory powers.

The following MPs voted for the new law: S.B. Dissanayake, Nimal Siripala de Silva, Gamini Jayawickrama, John Amaratunga, Lakshman Kiriella, Gayantha Karunatilleka, Rajitha Senaratne, Ravi Karunanayake, Kabeer Hashim, Sajith Premadasa, Mano Ganesan, Thilanga Sumathipala, Anura Priyadarshana. Yapa, Tilak Marapana, Vajira Abeywardena, S.B. Nawinna, Sarath Fonseka, Navin Dissanayake, Wijeyadasa Rajapakse,(Mrs.) Chandrani Bandara, (Mrs.) Thalatha Atukorale, D. M. Swaminadan, Abdul Haleem, Sagala Ratnayake, Daya Gamage, Faizer Musthapha, A. H. M. Fowzie, Dilan Perera, Lakshman Seneviratne, Ravindra Samaraweera, Niroshan Perera, Ruwan Wijewardene, Mohan Lal Grero, A.D. Premadasa Champika, Sujeewa Senasinghe, Wasantha Senanayake, Wasantha Aluvihare, Dr. Mrs. Sudarshini Fernandopulle, Eran Wickramaratne, Mrs. Sumedha G. Jayasena, Ameer Ali Shihabdeen, Lasantha Alagiyawanna, Faizal Cassim, Dr. Harsha De Silva, Ashok Abeysinghe, Karunarathna Paranawithana, Manusha Nanayakkara, Lucky Jayawardana, Vadivel Suresh, Edward Gunasekara M.S. Thowfeek, J.M. Ananda Kumarasiri, J.C. Alawathuwala, Seyed Ali Zahir Moulana, Ranjith Aluvihare, Abdullah Mahrooff, Srinal de Mel, Anura Sidney Jayarathne, K.K. Piyadasa, A.A. Wijetunge, Ajith Mannapperuma, Nalin Bandara Jayamaha, Hector Appuhamy, Sisira Kumara Abeysekara, Thushara Indunil Amarasena, A.Aravindh Kumar, Ananda Aluthgamage, K. Thurairetnasingam, Mavai S.Senathirajah, A. Adaikkalanathan, Sivagnanam Shritharan, E. Sarawanapawan, M.A. Sumanthiran, Charles Nirmalanathan, Gnanamuthu Srineshan, Ashoka Priyantha, Chandima Gamage, Mylvaganam Thilakarajah, Mohamed Navavi, Sujith Sanjaya Perera, Bandulal Bandarigoda, Imaran Maharoof, Ashu Marasinghe, Ishak Rahuman, Malith Jayathilake, Mujibur Rahuman, Harshana Rajakaruna, Jayampathy Wickramaratne, Thusita Wijemanne, Mrs. Rohini Kumari Wijeratne, Hesha Withanage, Sandith Samarasinghe, Chathura Senaratne and Wijepala Hettiarachchi.

The following MPs voted against D. V. Chanaka, Piyal Nishanta de Silva, Prasanna Ranaweera, Kanchana Wijesekara, Indika Anurudda Herath, Mrs. Sriyani Wijewickrama, Thenuka Vidanagamage, Shehan Semasinghe, Vijitha Herath, Bandula Gunawardane, C. B. Ratnayake, Nihal Galappathi, Gamini Lokuge, Rohitha Abeygunawardana, Wimalaweera Dissanayake, Udaya Shantha Gunasekara, Ranjith de Soysa and Roshan Ranasinghe. The then Speaker Karu Jayasuriya was in chair at the time the vote was taken.

Before the vote was taken the then UPFA MP Vasudeva Nanayakkara said the new law would lead to disaster. Quoting Washington-based Global Financial Integrity, MP Nanayakkara said that USD 1.99 bn had been moved out of the country through illegal means annually.