Bring your dollars here: Bandula

1 May 2020 11:00 pm - 14     - {{hitsCtrl.values.hits}}

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Cabinet spokesman and Minister Bandula Gunawardana yesterday said Sri Lankans maintaining accounts in a foreign country, expatriate Sri Lankans and local or foreign investors could deposit any amount of foreign currencies including ‘Black Money’ in the Special Deposit Account (SDA) in any approved commercial bank in Sri Lanka.   

By doing so, they could collect an extra interest of 2% per annum once they withdraw or transfer the fixed account after a minimum of six months, he said.   Addressing the weekly cabinet news briefing, Minister Gunawardana said no questions would be asked or tax charged from the account holder and the account will be free of foreign exchange regulations and added for instance if the normal interest rate is 4% for a foreign currency account, 6% would be paid for the SDA, Minister Gunawardana stressed.   
 It is a fixed deposit for a minimum of six months and deposits can be made in any designated foreign currency like US Dollar, Australian Dollar, Sterling Pound, Canadian Dollar, Renminbi (Chinese Yuan) Euro, Hong Kong Dollar, Japanese Yen and Swiss Franc.   The CB guarantees that foreign currency deposits into the Sri Lankan banking system will be accepted without any hindrance from the Government, the Central Bank or any other Government authority while guaranteeing the future convertibility of these deposits into foreign currency whenever the depositor desires to do so. All forex remittances will be exempted from exchange control regulations and taxes and protected under banking secrecy provisions. 

 
All the regulations related to the new account have been incorporated in the Extraordinary Gazette notification issued by the Ministry of Finance, Economic and Policy Development. The notification announces that all interested Sri Lankans and well-wishers accordingly can instruct their foreign banks to transfer their funds to Sri Lanka.   There is no prescribed minimum amount to be deposited. The minimum period of maturity is six (06) months. Higher interest rates than the normal rates offered to foreign currency deposits will be offered at maturity. Accordingly, 1 percent and 2 percent points per annum for SDA with tenure of 6 months and 12 months respectively will be paid.  Funds are freely taken away outside Sri Lanka on maturity.   


All these accounts are free from taxes and all such deposits shall be protected under banking secrecy provision and further benefits with the relevant supporting legislation will be introduced with the 2020 Budget.   
Acceptable currencies are United States Dollars (USD), Euros, Sterling Pounds, Australian Dollars, Singapore Dollars, Swedish Kroner, Swiss Franc, Canadian Dollars, Hong Kong Dollars, Japanese Yen, Danish Kroner, Norwegian Kroner, Chinese Renminbi and New Zealand Dollars.   “The Central Bank has observed that there is a large number of expatriate Sri Lankans who have foreign currency savings in their respective countries they are employed. With the extra 2%, Sri Lanka pays one of the highest interest rates for foreign currency saving accounts. Therefore, foreign investors also can bring their investments to Sri Lanka and earn a hefty income,” Minister Gunawardana said. (Sandun A Jayasekera)

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  Comments - 14

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  • Bandu Saturday, 02 May 2020 11:26 AM

    Good for the politicos who looted and amassed wealth overseas. Some names come to mind.

    S.Vivekananthan Saturday, 02 May 2020 11:29 AM

    Mr.SLR 2500 , You were one of 225. Is doller come from Moon or Jupiter? Or Dubai or Cambodia? Pls guide us !

    Jegan Saturday, 02 May 2020 11:35 AM

    It’s stupidity at its best . Making way for international sanctions

    Dharmatileke Saturday, 02 May 2020 11:44 AM

    Wake up drug barrens, financial fraudsters,money laundering,gamblers etc....Wellcome to Srilanka.

    Ravi Fernando Saturday, 02 May 2020 11:47 AM

    Bandula now you have become a joker of this country, by trying to change the economic theories.

    kukula Saturday, 02 May 2020 11:47 AM

    Mr. Gunawardena.But suddenly you will change the policy midway and impose taxes and you will pay back LKR.

    Hans perlee Saturday, 02 May 2020 12:39 PM

    You think people are crazy to bring their money to a bankrupt country?

    CITIZEN Saturday, 02 May 2020 12:41 PM

    WE HAVE REMITTED ALL OUR EARNINGS IN USD FOR OVER A DECADE, BUT DID NOT GET DUTY FREE VEHICLE PERMIT WHICH IS NO 1 BENEFIT FOR US. IF YOU WANT US TO CONTINUE SENDING MONEY, CAN YOU GIVE A DUTY FREE VEHICLE PERMIT FOR WHAT WE HAVE ALREADY REMITTED TO BANKS IN LANKA

    gamini seekkubadu Saturday, 02 May 2020 12:53 PM

    Yes...now you remember the foreign workers..? that you all never did anything good for them up to now..?

    Luis Samson Saturday, 02 May 2020 12:59 PM

    Seriously? This idiot thinks that the rest of the Sri Lankans have IQ's as low as his. Today anyone who has foreign currency in a Personal Foreign Currency Account (previously NRFC) cant withdraw the funds...and now he wants us to believe that it wont happen again? Bloody 2,500 Covoid-dengue joker he is. I really hop GR will get rid of all these jobless jonnies around him, and get cracking in developing this country fast.

    Dhaya Saturday, 02 May 2020 03:41 PM

    Your 225 and influential people have the "Black money", go behind them. You want others to bring so that you politicians can go with looting. Possibly you'll don't have money to loot.

    Allush Saturday, 02 May 2020 06:03 PM

    GR has become another joker like my3 n Bandula

    Roger Galpihilla Wednesday, 06 May 2020 03:44 PM

    Many of my foreign friends who their brought money in USD were promised they can take it back are given lowest interest rates and WHT taken and not allowed to take them back. Once Bitten...............

    Pon Kulendiren Thursday, 07 May 2020 05:32 PM

    Can Sri Lanka afford to Pay a 12% interest rate on dollar account ?. No, it is not possible as the Reserves are depleting. This minister is talking utter nonsense when the Human Rights record of the island is going from bad to worse. First, put things right before you invite people to invest


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