Holding of Foreign Exchange in possession

Holding of foreign exchange in possession

Persons in Sri Lanka may retain in his possession foreign currency notes up to USD 10,000 or its equivalent in other foreign currencies, for any period, by such foreign currency received as remuneration from a person resident outside Sri Lanka or purchase from an authorized entity to travel purpose or withdrawn from his/her Personal Foreign Currency Account or Business Foreign Currency Account (BFCA) for travel purpose.

When a person in Sri Lanka received foreign currencies for providing of goods and services to a person resident outside Sri Lanka may retain such currency up to 7 days and within such time it should be credited in to BFCA or sold to an Authorized Dealer (AD) or to a Restricted Dealer (RD).

Non-residents in Sri Lanka may retain any amount of foreign currency in his possession, if such currency acquired by him/her in outside Sri Lanka or from foreign exchange accounts maintained with ADs or RDs.

 

Persons, who obtain foreign currency from ADs or RDs for a certain purpose, may not retain more than 90 days without converting in to Sri Lankan Rupees.

Foreign currencies earned outside Sri Lanka and bring back to Sri Lanka, may not retain more than 90 days without converting in to Sri Lankan Rupees or crediting into a foreign currency account.