Frequently Asked Questions

  1. Can a new Personal Foreign Currency Account (PFCA) be opened by depositing unutilized balance of foreign travel allowance?

    No. New PFCAs cannot be opened by depositing unutilized foreign currency and they need to sell it to an authorized dealer or restricted dealer for local currencies.

  2. What kind of documentary evidence should be submitted to banks, when opening new accounts?

    Other than the documents/information stated in the respective Directions issued to authorized dealers (banks), any other document/information may be requested by the bank in accordance with permission of the Act based on their general banking practices, procedures and applicable ‘Know-Your-Customer’ regulations.

  3. Are dual citizens eligible to open Personal Foreign Currency Accounts (PFCAs)? 

    Yes. Dual citizens are eligible to open PFCAs whether they are resident or non-resident in Sri Lanka.
    (Refer paragraph 1(1) of Schedule II of Regulations No. 3 of 2017)

  4. Can any Sri Lankan resident individual open a Personal Foreign Currency Account (PFCA) without having a regular foreign exchange income?

    Yes. Any person who receives foreign exchange either through the banking system as inward remittances or from a non-resident/PFCA of another person can open a PFCA.

  5. If a person resident outside Sri Lanka remits foreign currency to a person resident in Sri Lanka, can the recipient open a Personal Foreign Currency Account (PFCA) with such funds?

    Yes. A PFCA can be opened by any type of inward remittance received through the banking channels.

  6. Can the holders of Personal Foreign Currency Accounts and Business Foreign Currency Accounts withdraw foreign currency notes for any purpose?

    No. Withdrawals in foreign currency can be made only for travel purposes subject to a maximum of USD 10,000 or its equivalent in another foreign currency.
    (Refer paragraph 1(3)(g) of Schedule II of Regulations No. 3 of 2017)

  1. What is the current stance for remitting out current and retained profits earned from an investment made through an Inward Investment Account (IIA)?

    Current year profits can be remitted out in terms of the Direction No. 01 of 2017 issued on current transactions and retained profits can be remitted out in terms of paragraph 2(d) of Schedule II of Regulations No. 1 of 2017 on capital transactions.

  2. Can funds be remitted for medical purposes?

    All expenses associated with medical purposes can be remitted out by producing required documents to authorized dealers since they are considered as current transactions.
    (Refer 3.1.1 of the Schedule II to the Directions No. 1 of 2017)

  3. Does “monetary gifts” fall under current transactions?

    No. Only the transfers related to gifts of food, clothing and other consumer goods, medical supplies, etc associated with relief efforts are permitted under current transactions.

  4. Can monthly accommodation/living expenses be remitted out under family maintenance?

    A person in or resident in Sri Lanka can freely remit funds for maintenance of their families or dependents (parents, spouse or children) living in abroad.
    (Refer 4.3 of the Schedule I to the Directions No. 1 of 2017)

  1. Can the Sri Lankans employed abroad obtain lease facilities from banks with absolute ownership of vehicles?

    Yes. Sri Lankans employed abroad can obtain loans for any purpose in Sri Lanka.
    (Refer Directions No. 10 of 2017)

  1. Is there any change in the requirement of repatriating export proceeds within 120 days?

    Every exporter of goods should repatriate their export proceeds within 120 days from the date of exportation. However, a grace period of 30 days may be granted by the Central Bank of Sri Lanka after the completion of 120 days.(Refer heading F of Schedule IV of the Regulations No. 1 of 2017).

  1. Who have proceeded outside Sri Lanka on temporary basis over 182 days are considered as “non-residents”. Therefore, what is the status of a person who has gone for a travel for more than 182 days and now in Sri Lanka and request to open an account?

    Citizens of Sri Lanka are considered as residents in Sri Lanka once they come back to the country since such temporary visits are done on ‘visitor visa’. Therefore, they are eligible to open any category of accounts available for residents in Sri Lanka.

  1. As per the regulation, persons who have proceeded outside Sri Lanka for a period of more than 182 days have to be considered as non-residents. Therefore, aren’t the dual citizens who just arrived Sri Lanka eligible for applying credit cards?

    Electronic Fund Transfer Cards (including credit cards) can be issued to any person in Sri Lanka. Therefore, whatever the residential status as defined in the regulations, any dual citizen can obtain a credit card if such person is in Sri Lanka at the time of applying the card. Further, dual citizens who are defined as residents outside Sri Lanka can obtain credit cards up to a limit of 90% funds available in their foreign currency accounts in Sri Lanka held as collateral.(Refer Direction No. 02 of 2017)

1. Who is a Restricted Dealer (RD)?

RD is any person, class or classes of persons permitted by the Director – Department of Foreign Exchange to deal in foreign exchange within Sri Lanka for the purposes specified in the permit issued in terms of Section 4 (2) read with Section 16 of the Foreign Exchange Act (FEA).

2. What are the categories of RDs?

Following companies/entities are presently granted permissions as RDs to engage in the money changing business;

  • Limited Companies solely engaged in the Money Changing Business (Money Changers);
  • Licensed Finance Companies (LFCs) & Specialized Leasing Establishment (SLE); and
  • Hotels registered as tourist hotels with the Sri Lanka Tourism Development Authority (SLTDA)

3. What are the details of RDs who have been currently permitted to engage in the money changing business?

The list can be viewed and downloaded under the field of the Money Changing Business- “Companies Permitted to Engage in Money Changing Business” in the home page of this website (www.dfe.lk).

4. What is the procedure of obtaining a permit for money changing business?

Money Changers and other companies/entities are granted money changing permits in terms of the criteria approved by the Monetary Board of the Central Bank of Sri Lanka in time to time.

  • Limited Companies who are interested in obtaining a permit to engage in money changing business should submit a duly filled application as per the prescribed format available under the field of the money changing business in this website, along with the required documents/information, to the Director, Department of Foreign Exchange, Central Bank of Sri Lanka.
  • Other entities who are interested in obtaining a permit to engage in money changing business should submit a written request along with the documents/information mentioned in the website.

5.What are the basic requirements to be fulfilled to become a Money Changer?

Basic requirements can be viewed under the field of the Money Changing Business – “ Obtaining a Money Changing Permit as a Restricted Dealer under Section 4(2)(a) & 4(2)(b) of the Foreign Exchange Act, No. 12 of 2017”, in the home page of this website.

6. Whether a license fee is charged to grant the permit?

No. permission is free of charge.

7. Is an existing limited company eligible to engage in the money changing business?

Yes. Any existing limited company which fulfills the all requirements mentioned in the website can obtain a money changing permit.

8. Are foreign companies which have branches registered in Sri Lanka eligible to engage in money changing business in Sri Lanka?

Yes, the applications are considered on case by case basis.

9. Are the existing RDs permitted to open branches?

  • Yes.  Existing RDs are permitted to open branches.
  • However, money changers can open only two (02) branches within the minimum capital requirement of Rs. 15 Million provided one at least (01) branch shall be established outside the Western Province.  If the money changer wishes to apply for more than two branches, an additional capital of Rs. 5 Mn. is required for each additional new branch.
  • LFCs/ SLEs and Hotels can open branches with prior approval of the Director, Department of Foreign Exchange.

10 What are the permitted activities of RDs?

Permitted activities are decided by the Department of Foreign Exchange and those are clearly mentioned in the permit and currently permitted activities can be listed as follows;

  • Purchase foreign currency against Sri Lanka rupees;
  • Exchange foreign currency for any other foreign currency; and
  • Sell foreign currency against Sri Lanka rupees (applicable only for RDs who are authorized to sell foreign currency) for the purpose of travel.

11. What is the period of validity of the Permits issued to RDs?

Permits will usually be issued on calendar year basis. New permit may be issued for the following year before the date of expiry subject to the compliance with the conditions in the permit.

12 .What are the documents to be submitted by existing money changers to obtain money changing permit for the following year?

  • A letter, addressed to Director, Department of Foreign Exchange, requesting the permit for the following year before expiry of the existing permit (on or before the deadline mentioned in the existing permit)
  • Latest Financial Statement with the proof of stated capital of Rs. 15 Mn.
  • The list of the names of the employees authorized by the company to engage in the money changing business together with their designations and specimen signatures
  1. In addition, each authorized place of business shall have to maintain an annual turnover (foreign currency deposits with the Authorized Dealer) as prescribed by the Department of Foreign Exchange to be eligible to obtain a new permit at the expiration of the existing permit. 
  2. Other categories of RDs are exempted from the said turnover requirement.

13. Are there any limits for currency purchases by RDs?

There are no limits with regard to the amount of foreign currency purchased by RDs from the public.

14. What are the required documents RDs should look for at the time of sales and purchases of currencies?

At the time of selling  foreign currency,

  • Passport
  • Air Ticket
  • Copy of the Visa and relevant documents in proof of the purpose of the travel

At the time of purchasing foreign currency,

  • National Identity Card or Passport

15. Are RDs permitted to endorse the passports of persons for sales of foreign currency for the purpose of travelling?

Yes.

16. Can a person resident in Sri Lanka purchase foreign currency notes from an Authorized Dealer (AD) as well as from a RD for travelling abroad?

  • LFCs and Money Changers, who are permitted to sell foreign currency notes up to US$ 5,000 for each foreign travel on production of documents that are necessary to determine the bona-fide of the request of the customer.
  • If any AD, LFC/SLE, Money Changer has already issued foreign currency notes up to US$ 5,000 or its equivalent in any other foreign currency for a foreign travel, LFC/SLE, Money Changer are not permitted to issue foreign currency notes again for the same travel. However, if any of the above has issued foreign currency notes less than USD 5,000, then balance amount can be issued.
  • Hotels are not permitted to sell foreign currency notes.

17. Whether RDs can buy or sell any type of foreign currencies?

RDs are permitted to accept/purchase only the foreign currencies which are accepted by their bank\s.

18. How do RDs obtain the exchange rate that they should purchase or sell foreign currency?

RDs can obtain the exchange rates from their banks

19. Can customer ask for a receipt from the RD for his transaction?

At the time of any currency sale or purchase, RDs should issue a receipt to the customer. Public has a right to ask for the receipt which include the information such as name & address of the RD, name & address of the customer and the details of the transaction etc.

20. How does a person identify any entity as a RD?

All RDs should display a name board in front of their business premises which should indicate the permit number assigned to them by the Central Bank of Sri Lanka, copy of the permit and the following logo.

 Logo

21. Whether customers can complain to the Central Bank of Sri Lanka with regard to any misconduct of the business by any RD?

Yes. They can make any complaint to the Director, Department of Foreign Exchange, Central Bank of Sri Lanka, Colombo 01 with regard to any misconduct of the business by any RD.

 


1.  Have foreign currency payments for imports been suspended/limited by the Order made under Section 22?

No. Payments for imports have not been suspended/limited by the said Order.

2.  Have outward remittances for education expenses, living expenses and for other purposes of current in nature been suspended/limited by the Order made under Section 22?

No. Payments for education expenses, living expenses and for other transaction of current in nature have not been suspended/limited by the said Order.

3.  Have all outward remittances through Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs) been suspended/limited by the Order made under Section 22?

Payments for current transactions through PFCAs and BFCAs have not been restricted by the said order.

However, payments for capital transactions through the said accounts has been limited up to USD 20,000, during the effective period of this Order.

4.  Have the payments of dividends and other capital proceeds relating to the investments made by non-residents in Sri Lanka through Inward Investment Accounts been suspended/limited by the Order made under Section 22?

No. Payments of dividends and other capital proceeds have not been suspended/limited by the said Order.

5.  Has repatriation of LKR funds held in Sri Lanka by non-nationals (excluding Emigrants) through Capital Transaction Rupee Accounts (CTRAs) been restricted/suspended by the Order made under Section 22?

No. the said Order has not imposed any suspensions/limitations on repatriation of LKR funds held in Sri Lanka by non-nationals (excluding Emigrants) through CTRAs.

As per the general permission granted under the prevailing foreign exchange regulations, a non-national (excluding Emigrants) may remit out LKR funds equivalent to USD 30,000 per annum, subject to the Directions issued on CTRAs.

6.  Can emigrants repatriate LKR funds held in Sri Lanka during the effective period of the Order under Section 22?

Yes. An emigrant who claims Migration Allowance for the first time may remit USD 30,000 during the effective period of the said Order. Emigrants who have already claimed Migration Allowance can only remit USD 10,000 during the same period.

7.  Have the payments for Capital Transactions outside Sri Lanka been fully suspended under the Order issued under Section 22?

  • The payments for Capital Transactions through Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs) may be carried out subject to a maximum of USD 20,000.  
  • Payments for Capital Transactions through Outward Investment Accounts (OIAs) are allowed if such investments are;
    • to be financed out of a foreign currency loan obtained by the investor from a person resident outside Sri Lanka.
    • additional investments to be made to fulfil the regulatory requirements in the investee’s country.
    • additional investments/infusions to be made by eligible resident companies in already established subsidiaries or branch offices in overseas incorporated/established, subject to a maximum of USD 15,000.
    • For the purpose of maintenance of liaison, marketing, agency, project, representative or any other similar offices already established in overseas subject to a maximum of USD 30,000.

 

 

 

 

 

Frequently Asked Questions

  1. Can a new Personal Foreign Currency Account (PFCA) be opened by depositing unutilized balance of foreign travel allowance?

    No. New PFCAs cannot be opened by depositing unutilized foreign currency and they need to sell it to an authorized dealer or restricted dealer for local currencies.

  2. What kind of documentary evidence should be submitted to banks, when opening new accounts?

    Other than the documents/information stated in the respective Directions issued to authorized dealers (banks), any other document/information may be requested by the bank in accordance with permission of the Act based on their general banking practices, procedures and applicable ‘Know-Your-Customer’ regulations.

  3. Are dual citizens eligible to open Personal Foreign Currency Accounts (PFCAs)? 

    Yes. Dual citizens are eligible to open PFCAs whether they are resident or non-resident in Sri Lanka.
    (Refer paragraph 1(1) of Schedule II of Regulations No. 3 of 2017)

  4. Can any Sri Lankan resident individual open a Personal Foreign Currency Account (PFCA) without having a regular foreign exchange income?

    Yes. Any person who receives foreign exchange either through the banking system as inward remittances or from a non-resident/PFCA of another person can open a PFCA.

  5. If a person resident outside Sri Lanka remits foreign currency to a person resident in Sri Lanka, can the recipient open a Personal Foreign Currency Account (PFCA) with such funds?

    Yes. A PFCA can be opened by any type of inward remittance received through the banking channels.

  6. Can the holders of Personal Foreign Currency Accounts and Business Foreign Currency Accounts withdraw foreign currency notes for any purpose?

    No. Withdrawals in foreign currency can be made only for travel purposes subject to a maximum of USD 10,000 or its equivalent in another foreign currency.
    (Refer paragraph 1(3)(g) of Schedule II of Regulations No. 3 of 2017)

  1. Can funds be remitted for medical purposes?

    All expenses associated with medical purposes can be remitted out by producing required documents to authorized dealers since they are considered as current transactions.
    (Refer 3.1.1 of the Schedule II to the Directions No. 2 of 2021)

  2. Does “monetary gifts” fall under current transactions?

    No. Only the transfers related to gifts of food, clothing and other consumer goods, medical supplies, etc associated with relief efforts are permitted under current transactions.

  3. Can monthly accommodation/living expenses be remitted out under family maintenance?

    A person in or resident in Sri Lanka can freely remit funds for maintenance of their families or dependents (parents, spouse or children) living in abroad.

  1. Can the Sri Lankans employed abroad obtain lease facilities from banks with absolute ownership of vehicles?

    Yes. Sri Lankans employed abroad can obtain loans for any purpose in Sri Lanka.
    (Refer Directions No. 10 of 2017)

  1. Is there any change in the requirement of repatriating export proceeds within 120 days?

    Every exporter of goods should repatriate their export proceeds within 120 days from the date of exportation. However, a grace period of 30 days may be granted by the Central Bank of Sri Lanka after the completion of 120 days.(Refer heading F of Schedule IV of the Regulations No. 1 of 2017).

  1. Who have proceeded outside Sri Lanka on temporary basis over 182 days are considered as “non-residents”. Therefore, what is the status of a person who has gone for a travel for more than 182 days and now in Sri Lanka and request to open an account?

    Citizens of Sri Lanka are considered as residents in Sri Lanka once they come back to the country since such temporary visits are done on ‘visitor visa’. Therefore, they are eligible to open any category of accounts available for residents in Sri Lanka.

  1. As per the regulation, persons who have proceeded outside Sri Lanka for a period of more than 182 days have to be considered as non-residents. Therefore, aren’t the dual citizens who just arrived Sri Lanka eligible for applying credit cards?

    Electronic Fund Transfer Cards (including credit cards) can be issued to any person in Sri Lanka. Therefore, whatever the residential status as defined in the regulations, any dual citizen can obtain a credit card if such person is in Sri Lanka at the time of applying the card. Further, dual citizens who are defined as residents outside Sri Lanka can obtain credit cards up to a limit of 90% funds available in their foreign currency accounts in Sri Lanka held as collateral.(Refer Direction No. 02 of 2017)

1. Who is a Restricted Dealer (RD)?

RD is any person, class or classes of persons permitted by the Director – Department of Foreign Exchange to deal in foreign exchange within Sri Lanka for the purposes specified in the permit issued in terms of Section 4 (2) read with Section 16 of the Foreign Exchange Act (FEA).

2. What are the categories of RDs?

Following companies/entities are presently granted permissions as RDs to engage in the money changing business;

  • Limited Companies solely engaged in the Money Changing Business (Money Changers);
  • Licensed Finance Companies (LFCs) & Specialized Leasing Establishment (SLE); and
  • Hotels registered as tourist hotels with the Sri Lanka Tourism Development Authority (SLTDA)

3. What are the details of RDs who have been currently permitted to engage in the money changing business?

The list can be viewed and downloaded under the field of the Money Changing Business- “Companies Permitted to Engage in Money Changing Business” in the home page of this website (www.dfe.lk).

4. What is the procedure of obtaining a permit for money changing business?

Money Changers and other companies/entities are granted money changing permits in terms of the criteria approved by the Monetary Board of the Central Bank of Sri Lanka in time to time.

  • Limited Companies who are interested in obtaining a permit to engage in money changing business should submit a duly filled application as per the prescribed format available under the field of the money changing business in this website, along with the required documents/information, to the Director, Department of Foreign Exchange, Central Bank of Sri Lanka.
  • Other entities who are interested in obtaining a permit to engage in money changing business should submit a written request along with the documents/information mentioned in the website.

5.What are the basic requirements to be fulfilled to become a Money Changer?

Basic requirements can be viewed under the field of the Money Changing Business – “ Obtaining a Money Changing Permit as a Restricted Dealer under Section 4(2)(a) & 4(2)(b) of the Foreign Exchange Act, No. 12 of 2017”, in the home page of this website.

6. Whether a license fee is charged to grant the permit?

No. permission is free of charge.

7. Is an existing limited company eligible to engage in the money changing business?

Yes. Any existing limited company which fulfills the all requirements mentioned in the website can obtain a money changing permit.

8. Are foreign companies which have branches registered in Sri Lanka eligible to engage in money changing business in Sri Lanka?

Yes, the applications are considered on case by case basis.

9. Are the existing RDs permitted to open branches?

  • Yes.  Existing RDs are permitted to open branches.
  • However, money changers can open only two (02) branches within the minimum capital requirement of Rs. 15 Million provided one at least (01) branch shall be established outside the Western Province.  If the money changer wishes to apply for more than two branches, an additional capital of Rs. 5 Mn. is required for each additional new branch.
  • LFCs/ SLEs and Hotels can open branches with prior approval of the Director, Department of Foreign Exchange.

10 What are the permitted activities of RDs?

Permitted activities are decided by the Department of Foreign Exchange and those are clearly mentioned in the permit and currently permitted activities can be listed as follows;

  • Purchase foreign currency against Sri Lanka rupees;
  • Exchange foreign currency for any other foreign currency; and
  • Sell foreign currency against Sri Lanka rupees (applicable only for RDs who are authorized to sell foreign currency) for the purpose of travel.

11. What is the period of validity of the Permits issued to RDs?

Permits will usually be issued on calendar year basis. New permit may be issued for the following year before the date of expiry subject to the compliance with the conditions in the permit.

12 .What are the documents to be submitted by existing money changers to obtain money changing permit for the following year?

  • A letter, addressed to Director, Department of Foreign Exchange, requesting the permit for the following year before expiry of the existing permit (on or before the deadline mentioned in the existing permit)
  • Latest Financial Statement with the proof of stated capital of Rs. 15 Mn.
  • The list of the names of the employees authorized by the company to engage in the money changing business together with their designations and specimen signatures
  1. In addition, each authorized place of business shall have to maintain an annual turnover (foreign currency deposits with the Authorized Dealer) as prescribed by the Department of Foreign Exchange to be eligible to obtain a new permit at the expiration of the existing permit. 
  2. Other categories of RDs are exempted from the said turnover requirement.

13. Are there any limits for currency purchases by RDs?

There are no limits with regard to the amount of foreign currency purchased by RDs from the public.

14. What are the required documents RDs should look for at the time of sales and purchases of currencies?

At the time of selling  foreign currency,

  • Passport
  • Air Ticket
  • Copy of the Visa and relevant documents in proof of the purpose of the travel

At the time of purchasing foreign currency,

  • National Identity Card or Passport

15. Are RDs permitted to endorse the passports of persons for sales of foreign currency for the purpose of travelling?

Yes.

16. Can a person resident in Sri Lanka purchase foreign currency notes from an Authorized Dealer (AD) as well as from a RD for travelling abroad?

  • LFCs and Money Changers, who are permitted to sell foreign currency notes up to US$ 5,000 for each foreign travel on production of documents that are necessary to determine the bona-fide of the request of the customer.
  • If any AD, LFC/SLE, Money Changer has already issued foreign currency notes up to US$ 5,000 or its equivalent in any other foreign currency for a foreign travel, LFC/SLE, Money Changer are not permitted to issue foreign currency notes again for the same travel. However, if any of the above has issued foreign currency notes less than USD 5,000, then balance amount can be issued.
  • Hotels are not permitted to sell foreign currency notes.

17. Whether RDs can buy or sell any type of foreign currencies?

RDs are permitted to accept/purchase only the foreign currencies which are accepted by their bank\s.

18. How do RDs obtain the exchange rate that they should purchase or sell foreign currency?

RDs can obtain the exchange rates from their banks

19. Can customer ask for a receipt from the RD for his transaction?

At the time of any currency sale or purchase, RDs should issue a receipt to the customer. Public has a right to ask for the receipt which include the information such as name & address of the RD, name & address of the customer and the details of the transaction etc.

20. How does a person identify any entity as a RD?

All RDs should display a name board in front of their business premises which should indicate the permit number assigned to them by the Central Bank of Sri Lanka, copy of the permit and the following logo.

 Logo

21. Whether customers can complain to the Central Bank of Sri Lanka with regard to any misconduct of the business by any RD?

Yes. They can make any complaint to the Director, Department of Foreign Exchange, Central Bank of Sri Lanka, Colombo 01 with regard to any misconduct of the business by any RD.

 


1.  Have foreign currency payments for imports been suspended/limited by the Order made under Section 22?

No. Payments for imports have not been suspended/limited by the said Order.

2.  Have outward remittances for education expenses, living expenses and for other purposes of current in nature been suspended/limited by the Order made under Section 22?

No. Payments for education expenses, living expenses and for other transaction of current in nature have not been suspended/limited by the said Order.

3.  Have all outward remittances through Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs) been suspended/limited by the Order made under Section 22?

Payments for current transactions through PFCAs and BFCAs have not been restricted by the said order.

However, payments for capital transactions through the said accounts has been limited up to USD 20,000, during the effective period of this Order.

4.  Have the payments of dividends and other capital proceeds relating to the investments made by non-residents in Sri Lanka through Inward Investment Accounts been suspended/limited by the Order made under Section 22?

No. Payments of dividends and other capital proceeds have not been suspended/limited by the said Order.

5.  Has repatriation of LKR funds held in Sri Lanka by non-nationals (excluding Emigrants) through Capital Transaction Rupee Accounts (CTRAs) been restricted/suspended by the Order made under Section 22?

No. the said Order has not imposed any suspensions/limitations on repatriation of LKR funds held in Sri Lanka by non-nationals (excluding Emigrants) through CTRAs.

As per the general permission granted under the prevailing foreign exchange regulations, a non-national (excluding Emigrants) may remit out LKR funds equivalent to USD 30,000 per annum, subject to the Directions issued on CTRAs.

6.  Can emigrants repatriate LKR funds held in Sri Lanka during the effective period of the Order under Section 22?

Yes. An emigrant who claims Migration Allowance for the first time may remit USD 30,000 during the effective period of the said Order. Emigrants who have already claimed Migration Allowance can only remit USD 10,000 during the same period.

7.  Have the payments for Capital Transactions outside Sri Lanka been fully suspended under the Order issued under Section 22?

  • The payments for Capital Transactions through Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs) may be carried out subject to a maximum of USD 20,000.  
  • Payments for Capital Transactions through Outward Investment Accounts (OIAs) are allowed if such investments are;
    • to be financed out of a foreign currency loan obtained by the investor from a person resident outside Sri Lanka.
    • additional investments to be made to fulfil the regulatory requirements in the investee’s country.
    • additional investments/infusions to be made by eligible resident companies in already established subsidiaries or branch offices in overseas incorporated/established, subject to a maximum of USD 15,000.
    • For the purpose of maintenance of liaison, marketing, agency, project, representative or any other similar offices already established in overseas subject to a maximum of USD 30,000.

 

 

 

 

Subcategories