Aug 14, Colombo: Sri Lanka's cabinet of Ministers Thursday approved a bill restricting the transfer of island's land to foreign citizens.
The Land (Restrictions on Alienation) Bill proposed by the President Mahinda Rajapaksa, in his capacity as the Minister of Finance and planning, prohibits selling the land both private and public to non-citizens of the country.
The proposed bill has been prepared by the Legal Draftsman and cleared by the Attorney General, for the implementation of the budget proposal for last year (2013).
The decision to prohibit selling the country's land to foreigners has been taken due to the increasing demand for foreign investments, with the expansion of government's development activities. However, the ban will not be applied to foreign diplomatic missions.
President Rajapaksa announced the Government's decision to ban the sale of land when he presented the 2013 Budget to Parliament in November last year.
The bill will be debated next in parliament for approval.