Removal of restrictions on capital movements

(1) Subject to the provisions of this Act, restrictions on the movement of all capital payments, and on all current payments, including payments for goods and services and other current transfers to Member States, shall be removed. (2) For the purposes of sub-section (1), the laws listed in Column 1 of the Schedule are amended to the extent specified in Column 2 with effect from the dates specified in Column 3. (3) The Competent Minister may, by Order published in the Gazette and subject to an affirmative resolution of the National Assembly, amend the Schedule to remove restrictions which were not notified to the Council for Finance and Planning in accordance with section 5 before the 1st day of July, 2005. (4) For the purposes of this Part, capital and current payments and transfers include– (a) equity and portfolio investments; (b) short-term bank and credit transactions; (c) of interest on loans and authorizations; (d) dividends and other income on investments after taxes; (e) repatriation of proceeds from the sale of assets; and Caribbean Community (Movement of Factors) 17 (f) other transfers and payments relating to investment flows.