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What
is it? |
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Exporters
Foreign Currency Accounts are an incentive given to
exporters by permitting them to maintain their export
earnings in foreign currency. Only export proceeds can
be credited to these accounts.Debits to these accounts
are freely permitted. |
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However they cannot send advance payments for imports
unless the CIF Colombo value of the import is not more
than USD 7,500. Funds can be remitted only for purposes
authorized by Exchange Control and therefore no Capital
account transactions are permitted. |
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Who
is eligible to open an account? |
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Exporters of goods registered with the Export Development
Board. |
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Exporters
of services registered with the Export Development Board. |
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Shipping Lines (their profits only). |
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(Indirect exporters i.e. Suppliers
to direct exporters not entitled). |
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What
are the other benefits? |
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Accounts maintained in foreign currency. |
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Available in the form of Savings or Fixed Deposit accounts. |
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Can be used to manage the exchange risks. |
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Interest earned in foreign exchange. |
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Payment of commissions to agents abroad and payment
of claims /charges |
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can be made without any losses in exchange. |
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