The forex-starved Government has issued fresh regulations limiting the repatriation of funds and foreign exchange issuance for a period of six months beginning 2 July 2021.
Under the regulations, repatriation of funds under the migration allowance out of funds received as monetary gifts by an emigrant from an immediate family member, has been suspended.
Further, repatriation of funds under the migration allowance through Capital Transactions Rupee Accounts by the emigrants who have already claimed migration allowance under general permission, has been limited up to a maximum of $ 10,000 or equivalent in any other designated foreign currency.
In addition to this, eligible migration allowance for the emigrants who are claiming the migration allowance for the first time under general permission, has been limited up to a maximum of $ 30,000 or equivalent in any other designated foreign currency.
Further, the repatriation of any current income or accumulated current income (including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity, and pensions or any other retirement benefits) by the emigrants through the Capital Transaction Rupee Accounts or Emigrant’s Remittable Income Accounts, under general permission, has also been limited up to a maximum of $ 30,000 or equivalent in any other designated foreign currency.
Outward remittances or issuance of foreign exchange for any Sri Lankan individual who resides in or outside Sri Lanka and has obtained Temporary Residence Visa of another country which falls into a category of visa that entitles the individual to obtain permanent residency status or citizenship in that country at a future date, is now limited up to a maximum of $ 20,000 or equivalent in any other designated foreign currency.
Meanwhile, the issuance of foreign exchange for any person resident in Sri Lanka who intends to leave Sri Lanka under the Temporary Residence Visa of another country has been limited up to a maximum of $ 10,000 or equivalent in any other designated foreign currency.
Further, suspension has been imposed on making payments through Outward Investment Accounts for the purpose of making investments in overseas by persons resident in Sri Lanka under general permission granted in the Schedule of the Regulations No. 1 of 2021 published in the Extraordinary Gazette Notification No. 2213/34 dated 3 February 2021 with several exclusions.
Central Bank limits fund repatriation and forex issuance
05 Jul 2021
Central Bank limits fund repatriation and forex issuance
05 Jul 2021