Govt. cuts cap on maximum forex in hand to $ 10,000; amnesty and new rules for conversion

Monday, 27 June 2022 02:24 - - {{hitsCtrl.values.hits}}

The Government has reduced the cap on the maximum foreign exchange one can have in possession to $ 10,000 or its equivalent in other currencies from $ 15,000 earlier.

Central Bank said, with the intention of attracting foreign currency in the hands of the public into the formal banking system, the Finance Minister has issued an Order under Section 8 of the Foreign Exchange Act No. 12 of 2017 to this effect

The order is as follows:

(1) Reducing the amount of foreign currency retained in possession by a person in, or resi-dent in, Sri Lanka from $ 15,000 to $ 10,000 or its equivalent in other foreign currencies.

(2) Granting an amnesty period of 14 working days effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes in pos-session for the following:

I.To deposit into a Personal Foreign Currency Account or into a Business Foreign Cur-rency Account as specified in the Order, or

II.To sell to an Authorised 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 per-sons who hold foreign currency in possession by violating the Order, in terms of the provi-sions of the Foreign Exchange Act.

CBSL said for further information one may: Contact any Licensed Commercial Bank or Na-tional Savings Bank; Refer 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 or contact the Department of Foreign Exchange through 011-2477255, 011-2398511 and [email protected].

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