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Thursday, August 11, 2022

Sri Lanka amends limit on foreign currency possession

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The Minister of Finance has issued an order to reduce the amount of foreign currency retained in possession by an individual in Sri Lanka from USD 15,000 t0 USD 10,000 or its equivalent in other foreign currency.

The directive, issued pursuant to Section 08 of Foreign Exchange Act No. 12 of 2017, is effective from the 16th of June.

In a statement, the Central Bank of Sri Lanka (CBSL) said the decision was taken with the intention of attracting foreign currency in the hands of the public into the formal banking system.

According to the CBSL, an amnesty period of 14 working days effective from the date of the Order (June 16, 2022) is granted for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession for the following:

• To deposit into a Personal Foreign Currency Account or into a Business Foreign Currency Account as specified in the Order, or

• To sell to an Authorized Dealer (A licensed commercial bank or National Savings Bank)

At the end of the said amnesty period, the CBSL has the right to initiate actions against persons who hold foreign currency in possession by violating the Order, in terms of the provisions of the Foreign Exchange Act.

For further information, the general public can contact any licensed commercial bank or National Savings Bank, or refer to the Order under Section 8 of the Foreign Exchange Act published in the Gazette (Extraordinary) Notification No. 2284/34 dated 16 June 2022 via the official website of the Department of Foreign Exchange (www.dfe.lk).

They can also contact the Department of Foreign Exchange via 011-2477255, 011-2398511 and [email protected]

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