Home
Register
In view of the improved macroeconomic environment, greater stability in the external sector as well as the development of a more effective and comprehensive regulatory and surveillance framework, several Exchange Control Regulations have been liberalized over the past few years. In keeping with the above policy trend, a series of further relaxation measures as follows, will be implemented with effect from 28 May 2014. Such measures are also expected to further enhance the external competitiveness of Sri Lanka in the global market.
1. Permission to foreign investors to invest in debentures of companies incorporated in Sri Lanka
Foreign investors will be allowed to invest in non-listed debentures, in addition to listed debentures, through the Securities Investment Account (SIA).
2. Widening the eligibility to obtain an Electronic Fund Transfer Card (EFTC)
Holders of Migrant Blocked Accounts, SIA, Diplomatic Accounts etc. will be allowed to obtain debit cards.
3. Issuance of Foreign Travel Cards
A general permission will be granted to Licensed Commercial Banks (LCBs) to issue travel cards to their customers.
4. Increased facilities to resident foreign exchange earners
• Foreign Exchange Earners’ Account (FEEA) holders will be allowed to make payments relating to foreign contracts out of the existing funds in the FEEA,
• LCBs will be allowed to provide loans in foreign currency to FEEA holders.
In addition, several amendments that have been made on a piece meal basis from 2012 onwards, will be consolidated.
5. Removal of the minimum balance requirement for Special Foreign Investment Deposit Account (SFIDA)
The current requirement of maintaining a minimum balance in SFIDA accounts will be removed.
6. Remittance of living expenses in advance to obtain student visas
A general permission will be granted for LCBs to facilitate transactions of students to open accounts with a foreign bank, if such students intend to proceed outside Sri Lanka for their studies.
Such payments also could be remitted through a Resident Foreign Currency Account, a Resident Non National Foreign Currency Account, or a Foreign Currency Account for International Services Providers and their Employees (FCAISPE).
7. Credit facilities to importers resident in Sri Lanka, by suppliers resident outside Sri Lanka
The time restriction that was prevalent on supplier’s credit for importers will be removed.
8. Letters of Credit
The prevailing restriction on extending a Letter of Credit (LC) will be removed.
Source: www.cbsl.gov.lk
1. Permission to foreign investors to invest in debentures of companies incorporated in Sri Lanka
Foreign investors will be allowed to invest in non-listed debentures, in addition to listed debentures, through the Securities Investment Account (SIA).
2. Widening the eligibility to obtain an Electronic Fund Transfer Card (EFTC)
Holders of Migrant Blocked Accounts, SIA, Diplomatic Accounts etc. will be allowed to obtain debit cards.
3. Issuance of Foreign Travel Cards
A general permission will be granted to Licensed Commercial Banks (LCBs) to issue travel cards to their customers.
4. Increased facilities to resident foreign exchange earners
• Foreign Exchange Earners’ Account (FEEA) holders will be allowed to make payments relating to foreign contracts out of the existing funds in the FEEA,
• LCBs will be allowed to provide loans in foreign currency to FEEA holders.
In addition, several amendments that have been made on a piece meal basis from 2012 onwards, will be consolidated.
5. Removal of the minimum balance requirement for Special Foreign Investment Deposit Account (SFIDA)
The current requirement of maintaining a minimum balance in SFIDA accounts will be removed.
6. Remittance of living expenses in advance to obtain student visas
A general permission will be granted for LCBs to facilitate transactions of students to open accounts with a foreign bank, if such students intend to proceed outside Sri Lanka for their studies.
Such payments also could be remitted through a Resident Foreign Currency Account, a Resident Non National Foreign Currency Account, or a Foreign Currency Account for International Services Providers and their Employees (FCAISPE).
7. Credit facilities to importers resident in Sri Lanka, by suppliers resident outside Sri Lanka
The time restriction that was prevalent on supplier’s credit for importers will be removed.
8. Letters of Credit
The prevailing restriction on extending a Letter of Credit (LC) will be removed.
Source: www.cbsl.gov.lk
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?