EXCHANGE CONTROL REGULATIONS

 

Dealings in gold, foreign currency and securities in Sri Lanka is regulated by the Exchange Control Act. Central Bank of Sri Lanka is empowered to carry out the provisions of the Act.

 

The powers, duties or functions conferred on the Central Bank are exercised or performed by the Controller of Exchange, subject to the direction and control of the Governor of the Central Bank.

 

Accordingly the Controller of Exchange has issued several circulars, rules, notifications, orders and directions and, subject to the above instruments, delegated powers to authorized dealers to approve certain transactions on his behalf. There have been numerous amendments made to the several instruments issued by the Controller.

Source: Central Bank of Sri Lanka

ACCEPTING FOREIGN CURRENCY

1. Licensed commercial banks are authorized by the Minister of Finance to act as authorized dealers in relation to gold or any foreign currency............. [ More.. ]

CREDIT FACILITIES TO FOREIGN CONTROLLED COMPANIES AND GUARANTEES INVOLVING PAYMENTS IN FOREIGN EXCHA

A. A loan, overdraft or other credit facility by a person resident in Sri Lanka to a firm or company (other than a banking company) controlled directly or indirectly by persons resident outside Sri Lanka ................. [ More.. ]

CURRENT (NON-CAPITAL) TRANSACTIONS

A. Authorized dealers are permitted by the Controller of Exchange to release foreign exchange without restriction for all current (non-capital) transactions after exercising their judgment and discretion ............... [ More.. ]

DECLARATION OF FOREIGN CURRENCY

A person arriving in or departing from Sri Lanka is required to make a declaration to Customs of foreign currency imported or exported at the time of arrival or departure only if the amount of foreign currency exceeds United States Dollars Ten Thousand or ...............[ More.. ]

FOREIGN CURRENCY ACCOUNTS FOR RESIDENTS & RESIDENT COMPANIES

1. Following accounts in foreign currency are permitted to be opened in domestic banking unit in commercial banks in Sri Lanka [ More.. ]

FOREIGN CURRENCY LOANS TO EXPORTERS

authorized dealers are permitted by the Controller of Exchange to grant to an exporter of goods and services (hereinafter referred to as “direct exporter”) loans in foreign currency ................[ More.. ]

FOREIGN DIPLOMATIC AND OTHER MISSIONS AND THEIR FOREIGN STAFF IN SRI LANKA

A. Opening of external accounts in Sri Lankan rupees for foreign diplomatic and other missions and their foreign staff in Sri Lanka is permitted by the Controller of Exchange................[ More.. ]

IMPORTS AND EXPORTS

A. Subject to paragraph D below, import of goods for commercial purposes shall be made on one of the following terms of payments................... [ More.. ]

MISCELLANEOUS

A. Sri Lankan passport holders may take out or bring into Sri Lanka, Sri Lanka currency notes up to the value of Rs.5,000.00................... [ More.. ]

OFF-SHORE BANKING

A. Off-shore banking business is being carried on by the off-shore unit of a licensed commercial bank authorised by its license under the Banking Act to carry on off-shore banking business.................. [ More.. ]

PURCHASE AND SALE OF FOREIGN CURRENCY

A .Where Sri Lankan currency is received by a foreign passport holder on the sale of foreign currency to an authorized dealer or a money changer, such ............... [ More.. ]

RELEASE OF FOREIGN CURRENCY NOTES TO SHIP CHANDLING TRADE AND FOR CREW WAGES

. A. Ship chandlers are permitted by the Controller of Exchange to obtain foreign currency notes for payment of gratuity to masters of vessels and other ship personnel on submission of invoices detailing................ [ More.. ]

REMITTANCE OF FAMILY MAINTENANCE

A. Persons resident in Sri Lanka may remit expenses for the maintenance of their families living abroad............. [ More.. ]

RUPEE ACCOUNTS OF NON-RESIDENTCE AND BRANCHES OF FOREIGN CORPORATIONS

Following rupee accounts are permitted to be opened and maintained by non-residents and Branches of foreign corporations .............. [ More.. ]

SHARE INVESTMENT EXTERNAL RUPEE ACCOUNT - SIERA

A SIERA account may be opened and maintain in any commercial bank in Sri Lanka by foreign investor [that is approved country funds, approved regional funds, corporate bodies incorporated outside Sri Lanka and individuals resident ..............[ More.. ]

SHIPPING, AIRLINE, TOUR OPERATORS AND REGISTERED FREIGHT FORWARDERS

1. Rupee accounts A. Rupee accounts for payments received for passage collections and freight collections by local shipping, airline and tour operators may be opened for their foreign principals in the name of the foreign ............... [ More.. ]

TRAVEL ABROAD

A. Authorized dealers are permitted by Controller of Exchange after verifying the bona-fides of the request, to release at their judgment and discretion to persons resident in Sri Lanka ................. [ More.. ]