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What
is it? |
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Non-Resident
Foreign Currency accounts scheme is for Sri Lankans
who are employed abroad. It is an incentive given to
them to repatriate their earnings to Sri Lanka by permitting
them to maintain accounts in foreign designated foreign
currencies. Credits to these accounts are restricted
to proceeds of foreign currency remittances received
in the name of the account holder. 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, therefore no Capital account transactions are permitted. |
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Who
is eligible to open an account? |
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Sri
Lankan citizens employed abroad. |
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Sri
Lankan citizens who had been employed abroad and returned
to |
| Sri
Lanka provided the account is opened within 90 days of
their return to |
| Sri
Lanka. |
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Sri
Lankans who are citizens of other countries. |
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What
are the 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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Interest earned in foreign exchange. |
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Funds can be remitted for authorized purposes without
any Exchange Control |
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approval. |
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Interest income exempted from income tax. |
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Eligible for Foreign currency housing loans. |
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SET card facility. |
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