- Permitted Credits/Debits
What is it ?
‘Foreign Exchange Earners’ Accounts (FEEA)’ assist residents who earn foreign exchange to conduct transactions in foreign exchange.
For whom ?
- Companies incorporated in Sri Lanka
- Sole proprietorships and partnerships registered in Sri Lanka
- Companies incorporated outside Sri Lanka which are registered as overseas companies under the Companies Act No 7 of 2007
Types of Accounts
- Accounts in the form of Current, Savings or Term Deposits in any foreign currencies
- Inward remittances received from abroad through the banking system in respect of export of goods and services, entrepot trade and overseas projects undertaken by the account holder
- Foreign currency notes brought into the country by the account holder
- Proceeds from foreign currency loans received from authorized dealers
- Proceeds from foreign currency loans obtained from foreign lenders with the prior permission of the Controller of Exchange
- Interest accrued on funds held in the account
- Outward remittances with respect to entrepot trade
- Outward remittances in respect of claims, refunds and commissions related to export of goods and services
- Payment of freight charges to accounts maintained by shipping and airline agents on behalf of their principals
- Outward remittances in respect of repayment of foreign currency loans obtained from foreign lenders with the prior permission of the Controller of Exchange
- Repayment of foreign currency loans obtained from authorized dealers
- Withdrawals in Sri Lankan Rupees provided that such withdrawals are not converted into foreign currency and re-credited to the account