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PFCA’s are an amalgamation of previous Resident Foreign Currency Accounts (RFC), Non-Resident Foreign Currency Accounts (NRFC), Resident Non- Nationals’ Foreign Currency Accounts (RNNFC) and Non-Resident Non-National Foreign Currency Accounts (NRNNFA)
Business Foreign Currency Account
BFCA’s are an amalgamation of “Foreign exchange Earners Accounts” (FEEA), “Inward Remittances Distribution Account” (IRDA) and “Foreign Currency Account for an Agent of Foreign Shipping Line/Airline” (FCAASA) of previous Exchange Control Act.
Outward Investments Account
Outward Investment Account(OIA) is a special account for resident investors in Sri Lanka to channel funds abroad for eligible overseas investments such as investment in Shares and debt securities of companies incorporated outside Sri Lanka, Units in regulated unit trusts, Sovereign Bonds issued by foreign governments and to set up overseas office.
Inward Investments Account
IIA is an amalgamation of “Securities Investment Accounts” (SIAs) and “Special Foreign Investment Deposit Accounts” (SFIDAs) opened and maintained in foreign currencies and in Sri Lanka Rupees of previous Exchange Control Act.
Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system.
Transfers from Personal Foreign Currency Accounts, Inward Investment Accounts or accounts maintained in the Offshore Banking Unit of the same account holder.
Dividends, sale or maturity proceeds, disposal of liquidation, capital redemption, share buyback, profits, surplus funds, rental income, recovery of principal, interest or any other related income received from capital transactions undertaken in Sri Lanka by persons resident outside Sri Lanka as permitted under the provisions of the Foreign Exchange Act, No. 12 of 2017.
Foreign currency brought into Sri Lanka by the account holder upon declaration (i.e., where such foreign currency notes exceed or equals to USD 15,000 or its equivalent in other foreign currency on a declaration to Customs Department or where such foreign currency notes are less than USD 15,000 or its equivalent in other foreign currency on an appropriate declaration to the authorized dealer).
Sale proceeds including capital gains, leasehold rights, sub-lease hold rights, if any, received in Sri Lanka Rupees re-designated where such investment had been made through the Inward Investment Account [or through the Securities Investment Account of the account holder or upon ascertaining the proof of inward remittances prior to these regulations come into effect].
Transfers from Business Foreign Currency Account of a person resident in Sri Lanka as repayment of foreign currency loans obtained by such person (i.e., borrower) from the account holder (i.e., foreign lender) under a general or special approval granted under the provisions of the repealed Exchange Control Act or Foreign Exchange Act, No. 12 of 2017.
Sri Lanka Rupees converted into foreign currency by a resident in Sri Lanka (i.e., borrower) for repayment of foreign currency loans obtained from the account holder (i.e., foreign lender) under a general or special
approval granted under the provisions of the repealed Exchange Control Act or Foreign Exchange Act, No. 12 of 2017.
Transfers from Diplomatic Foreign Currency Accounts and Diplomatic Rupee Accounts of the same account holder.
Transfers from an Inward Investment Account of another person (i.e., buyer) in respect of sale of permitted investments to such buyer by the account holder where such investment has been made by the account holder through the same Inward Investment Account (including any subsequent shares devolving on the investor by virtue of a corporate action by the issuer, exercise of a right, entitlement or conversion).
Transfers from Capital Transactions Rupee Account of the same account holder as permitted by Directions issued by the Central Bank.
Transactions or Transfers from any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.
Interest earned on the funds held in the account.
Dividends, proceeds on sale, share buyback and any other related income received from all classes of shares issued by companies incorporated in Sri Lanka against the value of plant and equipment supplied by the non-resident investor.
Disbursements in Sri Lanka in Sri Lanka Rupees.
Outward remittances in favor of the account holder.
Transfers to Inward Investment Accounts, Personal Foreign Currency Accounts or accounts maintained in the Offshore Banking Unit of the same account holder.
Payments relating to capital transactions undertaken in Sri Lanka by persons resident outside Sri Lanka in terms of the permissions granted under the provisions of the Foreign Exchange Act, No. 12 of 2017.
Disbursements relating to foreign currency loans to persons resident in Sri Lanka where such loans have been obtained in terms of a general or special approval granted under the provisions of the Foreign Exchange Act, No. 12 of 2017.
Transfer of proceeds of foreign currency loans (including debt securities) to an Outward Investment Account of the borrower, where such loans have been obtained for the purpose of financing an overseas capital transaction (i.e., an outward investment) permitted under the provisions of the Foreign Exchange Act, No.12 of 2017.
Transfers to Diplomatic Foreign Currency Accounts and Diplomatic Rupee Accounts of the same account holder.
Transfers to an Inward Investment Account of another person (i.e., seller) in respect of the purchase of any permitted investment from such seller by the account holder.
Transactions or Transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.
Transfer of proceeds of foreign currency loans( including debt securities) to Business Foreign Currency Accounts held by a person resident in Sri Lanka (borrower) where such loans have been obtained in terms of a permission granted in terms of the provision of the Act (excluding loans obtained for the purpose of making capital transactions outside Sri Lanka)
Capital Transaction Rupee Account
CTRA is an amalgamation of “Non- Resident Rupee Accounts” (NRRAs), “Non- Resident Blocked Accounts” (NRBAs) and “Migrant Blocked Accounts” (MBAs) of previous Exchange Control Act.
Local credits other than funds derived from capital transactions.
If the account holder is an individual Sri Lankan permanently residing outside Sri Lanka, a Sri Lankan dual-citizen or a foreign national of Sri Lankan origin, the superannuation benefits, interest, dividends, pensions, rent, lease rentals and profits or any other approved pension or retirement funds etc.
If the account holder is a Non-National resident outside Sri Lanka, sale proceeds of local assets including inherited movable or immovable property.
If the account holder is a Sri Lankan National resident outside Sri Lanka, proceeds of foreign currency or Sri Lanka Rupee loans and advances obtained by the account holder in terms of the provisions of the Act for the purpose of local disbursements.
Remittance of migration allowance up to USD 200,000 per individual in respect of a Sri Lankan emigrant, as per the directions issued by the Central Bank.
Remittance of an allowance of USD 30,000 per annum in respect of an eligible Sri Lankan emigrant in addition to the above migration allowance, as per the directions issued by the Central Bank.
Remittance of USD 30,000 per annum for capital transactions in respect of foreign nationals as per the directions issued by the Central Bank.
Disbursement in Sri Lanka in Sri Lankan Rupees.
Transfer of eligible migration allowance to an account maintained outside Sri Lanka by the eligible account holders who are referred under eligibility criteria.
So go ahead, apply now, call us or let’s chat and we’ll get you going on saving up and growing your hard earned foreign currency like you’ve never done before.
