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What
is it? |
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Rupee Accounts
for Non-Resident Sri Lankan Investment is a special
account to encourage Sri Lankan citizens
residing
outside
Sri Lanka to remit their foreign exchange earnings for
investment in Sri Lanka. |
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The account is to be maintained in Sri Lanka Rupees.
Joint accounts are not permitted under this scheme. |
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Who
is eligible to open an account? |
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Sri Lankan citizens who are permanent residents of other countries. |
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Sri Lankan citizens who have
proceeded outside Sri Lanka for taking up employment
or setting up in a business or profession and continue
to reside abroad. |
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Account can be opened only with
proceeds of foreign exchange received through a licensed
commercial bank as an Authorized Dealer to the credit
of the person intending to open the account. |
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Deposits: |
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Proceeds of inward remittances made by the account holder
through banking |
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channels. |
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Interest earned on funds lying to the credit of the
account. |
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Income derived from investments made by using funds
in the RANSI account. |
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Sale / liquidation proceeds of investments made out
of funds in the RANSI |
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account. |
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Debits: |
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For capital funds required for
making investment in securities such as shares, government
securities, debentures and units in unit trusts and
other financial assets and real assets including land
and buildings. |
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For outward remittances from funds lying to the credit
of the RANSI account. |
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For any other local disbursements. |
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Payment for investment out of funds
in the RANSI account should be made by bank drafts purchased
out of funds in the account in favour of the person
or body of persons to whom payment is made in respect
of the investment and the bank should maintain a record
of such payments made out of funds in the RANSI account.
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What
are the benefits? |
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Ability to open & maintain account in Sri Lanka
Rupees for investment purposes |
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with a higher return. |
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