5. Section 5 of the principal enactment is hereby amended as follows:
| (1) by the repeal of subsection (1) of that section and the substitution therefor, of the following subsection: " (1) every bank shall
| | (a) at the time at which it opens any letter of credit in any month in any relevant quarter, on an application made in that behalf being made by any person to whom this Act applies, being an importer of any article, collect from such person an amount equal to
| | | (i) one per centum of the value of that letter of credit, where such letter of credit is opened prior to August 7, 1992; |
| (ii) three per centum of the value of that letter of credit, where such letter of credit is opened on or after August 7, 1992 but prior to January 1, 1994; and |
| (iii) three and one-half per centum of the value of that letter of credit, where such letter of credit, is opened on or after January 1, 1994 ; |
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| | (b) at the time when one of the documents of payment in respect of an article (not being an article in respect of which a letter of credit has been opened by such bank) is presented to it, in any month in any relevant quarter, commencing on or after January 1,1994, by any person to whom this Act applies, collect from such person an amount equal to the amount which such bank would have been required to collect in accordance with the preceding provisions of this section, had a letter of credit been opened by it, on the date on which such document is presented to it, in respect of such article, | | |
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| (2) in subsection (2) of that section, by the substitution for the words, " the letter of credit with reference to which", of the words " the letter of credit or, to the document of payment referred to in paragraph (b) of subsection (1), as the case may be, with reference to which ". |
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Sri Lanka Consolidated Acts