Companies Permitted to Engage Money Changing Business

 
Companies who can Buy, Exchange and Sell Foreign Currencies

All branches are permitted to engage in money changing business and details of the head offices are given below.

Name of the Bank Address Contact No
Amana Bank PLC No. 403, Galle Road, Colombo 03 +94 11 7756000
Axis Bank Ltd. No. 356, Galle Road, Colombo 03 +94 11 2577720
Bank of Ceylon “BOC Square”, No. 01, Bank of Ceylon Mawatha, Colombo 01  +94 11 2446790-811
Bank of China Ltd Colombo Branch No. 40, York Street, Colombo 01  
Cargills Bank Ltd No. 696, Galle Road, Colombo 03 +94 11 7640000/502
Citibank, N. A. No. 65C, Dharmapala Mawatha, Colombo 07 +94 11 2447316-8
Commercial Bank of Ceylon PLC Commercial house, No. 21, Sir Razik Fareed Mawatha, Colombo 01 +94 11 2486000-3
Deutsche Bank AG No. 86, Galle Road, Colombo 03 +94 11 2447062-6
DFCC Bank PLC No. 73/5, Galle Road, Colombo 03 +94 11 2442442
Habib Bank Ltd. No. 70A, Dharmapla Mawatha, Colombo 07 +94 11 2326565
Hatton National Bank PLC No. 479, T B Jayah Mawatha, Colombo 10 +94 11 2664664
The Hongkong & Shanghai Banking Corporation Ltd. No. 24, Sir Baron Jayathilaka Mawatha, Colombo 01 +94 11 2446591
ICICI Bank Ltd. No. 58, Dharmapala Mawatha, Colombo 07 +94 11 4242400
Indian Bank No. 57, Sir Baron Jayathilake Mawatha, Colombo 01 +94 11 2323402
Indian Overseas Bank No. 139, Main street, Colombo 11 +94 11 5324422
MCB Bank Ltd. No. 08, Leyden Bastian Road, Colombo 01 +94 11 2448765/6
National Development Bank PLC No. 40, Nawam Mawatha, Colombo 02 +94 11 2448448
Nations Trust Bank PLC No. 242, Union Place, Colombo 02 +94 11 4313131
Pan Asia Banking Corporation PLC No. 450, Galle Road, Colombo 03 +94 11 2565565
People’s Bank No. 75, Sir Chittampalam A Gardiner Mawatha, Colombo 02 +94 11 2327841-6
Public Bank Berhad No. 340, R A De Mel Mawatha, Colombo 03 +94 11 2576289-92
Sampath Bank PLC No. 110, Sir James Peiris Mawatha, Colombo 02 +94 11 4730630
Seylan Bank PLC No. 90, Galle Road, Colombo 03 +94 11 2456789
Standard Charted Bank No. 37, York Street, Colombo 01 +94 11 2480000
State Bank of India No. 16, Sir Baron Jayathilake Mawatha, Colombo 01 +94 11 2326133-5
Union Bank of Colombo No. 64, Galle Road, Colombo 03 +94 11 2316005

 

Name of the Bank Address Contact No
Licensed Specialized Banks
National Savings Bank Savings House, No. 255, Galle Road, Colombo 03

+94 11 2372184, +94 11 2375254

Sanasa Development Bank PLC No. 12, Edmonton Road, Kirulapone, Colombo 06

+94 11 2512039, +94 11 2832547

Approved branches are permitted to engage in money changing business and the details of the head offices are given below.

Name of the Money Changer Address Contact No
Registered Finance Companies
Asia Asset Finance PLC No. 76/1, Dharmapala Mawatha, Colombo 03
Tel: +94 11 5669922
Fax: +94 11 2577477
Bimputh Finance PLC No. 362, Colombo Road, Pepiliyana, Boralesgamuwa
Tel: +94 11 5759037
Fax: +94 11 5550368
Citizens Development Business Finance PLC No.123, Orabipasha Mawatha, Colombo 10
Tel: +94 11 7388388
Fax: +94 11 2429888
Lanka Credit and Business Finance Ltd No. 76, S De S Jayasinghe Mawatha, Kohuwala Nugegoda
Tel: +94 11 2825404
Fax: +94 11 2825406
L B Finance PLC No. 275/75, Prof. Stanley Wijesundera Mawatha, Colombo 07
Tel: +94 11 2631631
Fax: +94 11 2631000
Senkadagala Finance PLC 2nd Floor, No. 267, Galle Road, Colombo 03
Tel: +94 11 2301301
Fax: +94 11 2301937
Sinhaputhra Finance PLC No.11, Hill Street, Kandy
Tel: +94 81 5555555
Fax: +94 81 2203403
Singer Finance (Lanka) PLC No. 331, First Floor, Dr. Colvin R. De Silva Mawatha, Colombo 02
Tel: +94 11 2303717
Fax: +94 11 2303715
Hotels  
Cinnamon Red Colombo No. 59, Ananda Coomaraswamy Mawatha, Colombo 03
Tel:        +94 112145145
Fax:   
Cinnamon Citadel Kandy 124, Srimath Kuda Ratwatte Mawatha, Kandy
Tel:        +94 812234365
Fax:
Cinnamon Lodge Habarana P.O. Box 02, Habarana
Tel:        +94 662270011
Fax:
Habarana Village by Cinnamon P.O. Box 01, Habarana
Tel:        +94 662270047
Fax:
Pearl City Hotel (Pvt) Ltd No. 17, Bauddhaloka Mawatha, Colombo 04
Tel: +94 11 4523800
Fax: +94 11 4523866
Shangri-La Hotel Colombo No. 01, Centre Road, Galle Face, Colombo 02
Tel:        +94 117888288
Fax:
Shangri-La's Hambantota Resort & Spa Sittrakala Estate, Cithragala, Ambalantota
Tel: +94 47 7888888
Fax: +94 47 7634014
Trinco Blu by Cinnamon Uppaveli, Trincomalee
Tel:        +94 262222307
Fax:

Name of the Money Changer Address Contact No
Crown Money Exchange (Pvt) Ltd. No. 56, Mudalige Mawatha, Colombo 01
Tel: +94 11 2472957
Fax: +94 11 2393150
City Exchange (Pvt) Ltd - Head Office No. 92, York Street, Colombo 01
Tel:        +94 11 2432322
Fax:       +94 11 2390935
Devi Forex (Pvt) Ltd. No. 131, Sea Street, Colombo 11
Tel: +94 11 2388757
Fax: +94 11 2327101
Ravi Forexae (Pvt) Ltd. No. 115, Sea Street, Colombo 11
Tel: +94 11 2436358
Fax: +94 11 2471966
Jewel Lanka Money Exchange (Pvt) Ltd. No. 188, Main Street, Negombo
Tel:         +94 31 2224419
Fax:        +94 312238544
Thomas Cook Lanka (Pvt) Ltd. Bandaranaike International Airport, Katunayake
Tel: +94 11 4832881 (Arrival)
Tel: +94 11 4833784 (Departure)
Fax: +94 11 4832881
Metro Forex (Pvt) Ltd.   No. 192, Main Street, Negombo
Tel: +94 31 2222202
Fax: +94 31 2222202
Maruthi Money Exchange (Pvt)Ltd. No. 285, Galle Road, Wellawatte, Colombo 06
Tel: +94 11 2362086
Fax: +94 11 2362086
Pushpa Money Changer (Pvt) Ltd. No. 67, Greens Road, Negombo
Tel: +94 31 2236998
Fax: +94 31 2234501
Arrujina Jewellery (Pvt) Ltd. No. 42, Sea Street, Colombo 11
Tel: +94 11 2435298
Fax: +94 11 2387606
Universal Money Changers (Pvt) Ltd No. 143A, Galle Road, Colombo 06
Tel:         +94 11 2504444
Fax:

Companies who can Buy and Exchange Foreign Currencies (Not permitted to sell foreign currencies)

Name of the Money Changer Address Contact No
Abdeen Money Changers (Pvt) Ltd. No. 47, Hospital Street, Colombo 01
Tel: +94 11 2447431
Fax: +94 11 2344657
Abilash Money Exchange (Pvt) Ltd. No. 20, Station Road, Ja-Ela
Tel: 
Fax:
Aruna Forexc (Pvt) Ltd. No. 22, New Bazaar Street, Nuwara Eliya
Tel: +94 52 2222165
Fax: +94 52 2222165
Asian Money Exchange (Pvt) Ltd. No. 53, York Street, Colombo 01
Tel: +94 77 3869841
Fax:  
Ariyawansa  Enterprises (Pvt) Ltd No. 27, Kandy Road, Kiribathgoda
Tel:        +94 11 4375185
Fax:
Bullion Money Exchange (Pvt) Ltd. No. 210, Main Street, Colombo11
Tel: +94 11 2430640
Fax: +94 11 4722559
Brescia Grameen (Private) Limited No. 88/02, Chilaw Road, Kattuwa, Negombo
Tel:        +94 31 2233329
Fax:
Capital  Exchange (Pvt) Ltd. No. 54, Hospital Street, Colombo 01
Tel: +94 11 2473220
Fax: +94 11 2473220
Central Money Exchange (Pvt) Ltd. Majestic City, No. 03-22A, Station Road, Colombo 04
Tel:
Fax:
Colombo Money Exchange (Pvt) Ltd. No. 65, Galle Road, Wellawatte, Colombo 06
Tel:         +94 11 2594531
Fax:        +94 11 2594533
Colombo Money Exchange (Pvt) Ltd. - Chatham Street No. 96, Chatham Street, Fort, Colombo 01
Tel:  
Fax:  
Dadigama Group (Pvt) Ltd. No. 12, Dehiwala Road, Maharagama
Tel: +94 11 2840391
Fax: +94 11 2840391
Data Exchange International (Pvt) Ltd. No. 78,80, Bristol Building, Sir Baron Jayathilake Mawatha, Colombo 01
Tel: +94 11 2390900
Fax: +94 11 2390903
Daya Authorized Money Changer (Pvt) Ltd No. 112, Sea Street, Colombo 11
Tel:         +94 11 2320345
Fax:
Delta Sarath Holdings (Pvt) Ltd No. 59, New Road, Ambalangoda
Tel:         +94 91 5703200
Fax:
George Michael Holdings (Pvt) Ltd. No. 157, Chilaw Road, Wennappuwa
Tel: +94 31 2249779
Fax: +94 31 2249780
Galle Money Exchange (Pvt) Ltd. No. 71, Samudra Mawatha, Galle
Tel: +94 91-2222222
Fax:  
Galle Money Exchange (Pvt) Ltd. - Galle Fort No.80, Layn Baan Street, Fort, Galle
Tel:
Fax:
Global Village Exchange (Pvt) Ltd. No. 116, Sea Street, Negombo
Tel: +94 31 2236744
Fax: +94 31 2222907
Golden Money Changers (Pvt) Ltd. No. 41, Mudalige Mawatha, Colombo 01
Tel: +94 11 2451070
Fax: +94 11 2321899
Gold Lanka Jewellery (Pvt) Ltd No. 196, Main Street, Negombo
Tel:         +94 31 2234100
Fax:
Haifa Travels & Tours (Pvt) Ltd No. 53A, Bristal Paradise Building, York Street, Colombo 01
Tel:
Fax:
International Exchange (Pvt) Ltd. No. 53B, York Street, Colombo 01
Tel: +94 11 2347331
Fax: +94 11 2424987
Jayes Investments Limited No. 104, Bankshall Street, Colombo 11
Tel:         +94 11 232 3783
Fax:
Jeya Forex Exchange (Pvt) Ltd No. 688, Galle Road, Colombo 03
Tel:         +94 11 2554533
Fax:
Kamal Enterprises (Pvt) Ltd No. 57A, Bristol Paradise Building, York Street, Colombo 01
Tel:         +94 11 4863720
Fax:
Keyser Exchange (Pvt) Ltd. No. 147, Keyzer Street, Colombo 11
Tel: +94 11 2459139
Fax: +94 11 2472221
Kudamadu Money Exchange (Pvt) Ltd Main Road, Mahawewa
Tel:         +94 32 2254618
Fax:
Maruthi Money Exchange (Pvt)Ltd. - Jaffna No. 388, Hospital Road, Jaffna
Tel:  
Fax:  
Mayurie Money Changers (Pvt) Ltd. No. 240, Main Street, Negombo
Tel: +94 31 2239389
Fax:  
Midna Mini Market (Pvt) Ltd. No. 12, Shopping Complex, Wennappuwa
Tel: +94 31 2255632
Fax: +94 31 2255337
Milano  Money Exchange (Pvt) Ltd. No. 108, Chilaw Road, Wennappuwa
Tel: +94 31 2253970
Fax: +94 31 2253970
M.P. Money Changers (Pvt) Ltd No. 32B, Colombo Road, Gampaha
Tel:          +94 33 2226018
Fax:
Narmatha Gold Centre (Pvt) Ltd. No. 187, Power House Road, Jaffna
Tel: +94 21 2221933
Fax: +94 21 2224779
Narmatha Gold Centre (Pvt) Ltd. - Kilinochchi A9 Road, Opposite of the Courts, Kilinochchi
Tel:
Fax:
New Natasha (Pvt) Ltd. No. 15, Supermarket Complex, Wennappuwa
Tel: +94 31 2253120
Fax: +94 31 2255337
New Regal's Money Changer (Pvt) Ltd. No. 110, Main Street, Kurunegala
Tel: +94 37 2224447
Fax: +94 37 2232639
New Lanka Gold House (Pvt) Ltd No. 59, Rathnapura Road, Horana
Tel:         +94 34 2261587
Fax:
Pearl Exci (Pvt) Ltd No. 23A, Fernando Avenue, Negombo
Tel:         +94 31 2227104
Fax:
Rafeek's Gems (Pvt) Ltd. No. 109, Chatham Street, Colombo 01
Tel: +94 11 2327424
Fax: +94 11 2344747
Rimha Jewellers (Pvt) Ltd. No. 4/A, Masjidh Road, Puttalam
Tel: +94 32 4865444
Fax: +94 32 2265884
Rivindu Enterprises (Pvt) Ltd. No. 378, Negombe Road, Wattala
Tel: +94 11 2946996
Fax:  
Royal Money Exchange (Pvt) Ltd. - Head Office No. 51/C, York Street, Colombo 01
Tel: +94 11 2331824
Fax: +94 11 2395834
Royal Money Exchange (Pvt) Ltd. – Colombo 06 No. 55, Galle Road, Colombo 06
Tel: +94 11 2587107
Fax: +94 11 2555488
Royal Money Mart (Pvt) Ltd. No. 132/1, Galle Road, Aluthgama
Tel: +94 34 2275209
Fax: +94 34 4289144
Royal Money Mart (Pvt) Ltd.

No.119, Chatham street, Colombo 02

Tel:
Salaka Trust Investments (Pvt) Ltd No. 466, Union Place, Colombo 02
Tel:         +94 11 2672085
Fax:
Shifaz Money Exchange (Pvt) Ltd. No. 51, Bristol Paradise Building, York Street, Colombo 01
Tel: +94 11 2344168
Fax: +94 11 2327888
Sharanga Money Exchange (Pvt) Ltd No. 157/1, Kasturiyar Road, Jaffna
Tel:         +94 21 2226972
Fax:
Sornam Forex (Private) Limited No. 59, Batticaloa Road, Kalmunai
Tel:         +94 67 2220191
Fax:
Swiss Money Exchange (Pvt) Ltd. - Head Office No. 51/B/A, York Street, Colombo 01
Tel: +94 11 2448115
Fax: +94 11 2445538
Swiss Money Exchange (Pvt) Ltd. – Colombo 06 No. 87A, Galle Road, Colombo 06
Tel: +94 11 2555551
Fax: +94 11 2555551
Thamasha Forex (Private) Limited No. 131, 1st Floor, New Ganesha Jewellery Building, Bazaar Street, Chilaw
Tel:         +94 32 2222589
Fax:
Thomas Cook Lanka (Pvt) Ltd - Kandy L1-K9, Kandy City Centre,  Dalada Veediya, Kandy
Tel:         +94 81 2205811
Fax:
Thomas Cook Lanka (Pvt) Ltd - Colombo City Centre Unit No RT.00.13.01, Ground Floor, Colombo City Centre, Colombo 02
Tel:         +94 11 7898390
Fax:
Thomas Cook Lanka (Pvt) Ltd - One Galle Face Mall LG 34, The Mall at One Galle Face, Centre Road Galle Face, No 1, Colombo 02
Tel:         +94 11 7011221
Fax:
Unic Forex (Pvt) Ltd No. 09, Fort Road, Chilaw
Tel:         +94 32 2222300
Fax:
Vasanthas International Money Exchange (Pvt) Ltd No. 56, D S Senanayake Veediya, Kandy
Tel:         +94 81 2233151
Fax:
Western Money Exchange (Pvt) Ltd No. 454, Hospital Road, Jaffna
Tel:         +94 21 2222002
Fax:
Windsor Money Exchange (Pvt) Ltd. No. 55, York Street, Colombo 01
Tel: +94 11 2421328
Fax: +94 11 2390903

 

 

 

Introduction

Restricted Dealers are authorized to deal in foreign exchange in terms of the provisions of Section 4(2)(a) & 4(2)(b) of the Foreign Exchange Act (FEA) No. 12 of 2017 subject to the provisions of Section 9 of FEA subject to certain terms and conditions.

Restricted Dealers are permitted to:

  • Purchase foreign currency against Sri Lanka rupees
  • Exchange foreign currency for any other foreign currency (except hotels) and
  • Only selected Restricted Dealers can engage in selling foreign currency against Sri Lanka rupees

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

1. Companies incorporated as Limited Companies (other than Licensed Commercial Banks, Licensed Specialized Banks, Licensed Finance Companies/ Specialized Leasing Establishments and Hotels)

A. Criteria to be appointed as a Money Changer to engage in money changing business under the Foreign Exchange Act no. 12 of 2017

1. Minimum Capital :

1.1   The money changing business should be conducted only by a company incorporated in Sri Lanka with a minimum stated capital as indicated below:

                                                         Table 1: Minimum Capital

Place of Business

Minimum Capital Requirement (Rs.)

(On calendar year basis)

Shopping Malls, Star Class Hotels and International Airports

5 million

Any other places

15 million

1.2   If a Money Changer wishes to have branches, two branches may be opened without additional capital, provided that one branch is established outside the Western Province.

1.3   More than two branches may be permitted subject to a further contribution of Rs. 5 Mn for the capital of each new branch.

2.Directors, substantive shareholders (persons who hold more than 10% of total shareholding of the company), ultimate beneficial owners and management (persons who are in managerial positions of the company):

2.1       Assessment of the Fitness and Propriety

  1. The directors, substantive shareholders, ultimate beneficial owners and management of the money changing company should be fit and proper persons to conduct money changing activities. In assessing the fit and proper of the directors, substantive shareholders, ultimate beneficial owners and management, the matters specified in the Annex I shall be considered by the Director of the Department of Foreign Exchange. The respective directors, substantive shareholders, ultimate beneficial owners and management shall submit affidavits as per the specification given in Annex II.

  2. Police clearance certificates shall be submitted to the Director of the Department of Foreign Exchange as follows;

    1. Directors, substantive shareholders, ultimate beneficial owners and management of new companies - at the time of submitting their applications for engaging in money changing business.
    2. Directors, substantive shareholders, ultimate beneficial owners and management of existing MCs - annually at the time of submitting requests for new money changing permits for the following year.
    3. At any subsequent change of a director/substantive shareholder/ultimate beneficial owner/management of a Money Changer -with an immediate effect from such change.
    4. Proposed place of business - by new companies, along with their applications for engaging in money changing business.

2.2   Tax Requirement

Two directors of the company should be income tax payers, paying tax of not less than Rs. 60,000 each per annum and documentary evidence confirming their latest tax payments should be produced along with the application. In the event the directors are paying PAYE tax, they may be treated as income tax payers.

3. Annual Turnover :

                                                      Table 2: Annual Turnover

Period

(On calendar year basis)

Minimum annual turnover requirement per outlet (USD)

for purchasing

for selling*

Initial 2 years (first year on pro rata basis)

In Shopping Malls, Star Class Hotels and International Airports

500,000

3,000,000

Any other places

1,000,000

3rd & 4th years

1,500,000

4,000,000

From 5th year onwards

2,000,000

7,000,000

*Subject to a limit of US$ 5,000 per transaction

If the company fails to raise respective income, a new permit will not be granted for the following year on the expiration of the validity of the existing permit.

4. Business :

Carrying on money changing business should be one of the primary objectives of the company.

5. Place of business :

The place of business should be conducive for money changing business and operations relating to money changing business should be carried out at a separate counter, which is used exclusively for the said business and physically separated from all other businesses. This business should not be integrated with any other business of the business place.

6.Bank Accounts :

A separate bank account should be opened with a commercial bank to surrender foreign currency purchased by them during the course of their business activities within a period of five working days.

7. Automation / Computerization:

All Money Changers are required to implement automated systems by installing suitable operating software for conducting their business processes including the printing of customer receipts, maintaining the daily balance statements and the purchase register and preparing monthly statements of transactions and deposits.

8. Other Requirements/terms and conditions

8.1  Fit and Proper of the directors, substantive shareholders, ultimate beneficial owners and management

Where the Director of the Department of Foreign Exchange, having regard to the matters specified under 2.1 above, is satisfied at any time that a person appointed or continued is not fit and proper as a director, substantive shareholder, ultimate beneficial owner and management for continuation, may determine that the person is not fit and proper to be any position of a money changing company.

8.2 Automation / Computerization :

  1. The money changing activities will be monitored by the Department of Foreign Exchange through a Closed-Circuit Television System (CCTV) installed at the proposed place of business as per the specification given by the Department of Foreign Exchange.
  2. The stated capital of the company may be used to meet expenses of the installation of the CCTV monitoring system and automation/computerization process.
  3. The installation of CCTV and readiness of computerization will be checked prior to issue of the permit.

8.3 The Central Bank of Sri Lanka reserves the right to impose any other terms and conditions other than that are mentioned above.

B. Documents required to be furnished

  1. A letter expressing the willingness of the company to abide by the criteria mentioned above if your application to engage in money changing business is successful.
  2. A letter addressed to the Director/ Department of Foreign Exchange obtained from the banker/s of the company of their opinion of the company’s relationship with the bank and the status of maintaining accounts, together with details of all bank accounts held by the company and a confirmation of respective account balances as at the end of the preceding month. (If the company does not maintain accounts with Licensed Commercial Bank/s, the same should be submitted in respect of the directors of the company.)
  3. A detailed description as to the location of the proposed place/s of money changing business.
  4. A detailed account of educational, professional and business background of the directors, substantive shareholders, ultimate beneficial owners of the company and employees to be deployed in the money changing business.
  5. A full and complete description of the assets (movable and immovable) and liabilities of the company giving the value of such assets and liabilities (Applicable only for newly incorporated companies).
  6. Audited Accounts/Financial statements of the last three years of the company (Not applicable for newly incorporated companies).
  7. Receipts in respect of latest Income Tax payments made by at least two directors of the company.
  8. Certified copies of the documents related to the incorporation of the company [Certificate of Incorporation, Form 1, Form 6, Articles of Association, Form 20 (if applicable), Form 13 (if applicable), etc.].
  9. Confirmation from the company’s secretaries regarding the stated capital of the company along with the shareholding structure.
  10. A certified copy of a Board Resolution confirming that one of the primary objectives of the company is engaging in money changing business and the certified copy of form 39 to the same effect (if applicable).
  11. Details of the automated system of the company
  12. Business projections at least for the first three years of operations including the target turnover (amount of foreign currency deposits with banks) together with the basis of such projections.

2. Licensed Finance Companies (LFCs)/ Specialized Leasing Establishments (SLEs)

Criteria

  1. Registration with the Central Bank of Sri Lanka:LFCs and SLEs should have been registered with the Central Bank of Sri Lanka under the Business Finance Act, No. 42 of 2011 (Formerly, Finance Companies Act, No. 78 of 1988) and Finance Leasing Act No. 56 of 2000, respectively. 

 

  • Central bank of Sri Lanka reserves the right to impose any other terms and conditions other than that are mentioned above.

 

Documents required to be furnished

  1. Financial Statements of the company for last 3 years.
  2. Copy of the receipt for the payment of annual license fee.
  3. Board resolution that one of the primary objectives of the company is carrying on money changing business.
  4. List of existing branches of the company along with their addresses & branch codes with three digits.
  5. Details of the banker where the company is going to open foreign currency accounts along with the foreign currency type.

3. Hotels

Criteria

Registration with the Sri Lanka Tourism Development Authority: 

  1. Money changing business should be conducted only a limited company which is a registered proprietor of a hotel that is registered as a tourist hotel with Sri Lanka Tourism Development Authority (SLTDA).

Other Requirements

  1. Stated capital of the company should be at least Rs. 10 Mn.
  2. Place of business should be conducive for money changing business and operations relating to money changing business should be carried out at a counter which is used exclusively for the said business, physically separated from all other businesses. Money changing business should not integrate with any other business of the hotel premises.
  3. Central Bank of Sri Lanka reserves the right to impose any other terms and conditions other than that are mentioned above.

Documents required to be furnished

  1. A letter expressing the willingness of the company to abide by the criteria mentioned above if your application to engage to money changing business is successful.
  2. A letter addressed to the Director/ Department of Foreign Exchange obtained from the banker/s of the company of their opinion of the company’s relationship with the bank and the status of maintaining accounts, together with details of all bank accounts held by the company and a confirmation of respective account balances as at the end of the preceding month. (If the company does not maintain accounts with Licensed Commercial Bank/s, the same should be submitted in respect of the directors of the company.)
  3. Details of all bank accounts held by the hotel which will be used to deposit foreign currencies (foreign currency purchased by the hotel shall be deposited in to a Business Foreign Currency Account (BFCA) or sold to Licensed Commercial Bank) together with confirmation obtained from the bankers the balances of the accounts as at end of preceding month .
  4. Details of payment of Income Tax made by the company for last 3 years.
  5. A detailed description as to the location of the proposed place/s of money changing business.
  6. Certified copies of the Certificate of Incorporation and Articles of Association of the company.
  7. Certified copies of Form 1, Form 6, Form 15 and Form 20(if applicable), Form 13 (if applicable), etc., in terms of the Companies Act No.07 of 2007.
  8. Certified copies of the Certificate of Registration and License issued by SLTDA.
  9. Confirmation from the company’s secretaries regarding the stated capital of the company.
  10. Audited Accounts/Financial Statements of the last three years of the company.