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What
is it? |
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Resident Foreign
Currency Accounts scheme is for Sri Lankans who are
residing
in Sri Lanka.
It gives an opportunity for them to keep their foreign currency in Sri Lanka. 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. 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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Sri
Lankan citizens
residing
in Sri Lanka. |
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Initial deposit requirement is USD 100 or an equivalent
of any other foreign |
| currency accepted by the Bank. |
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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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SET card facility. |
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