New bank account introduced to remit foreign currency earnings

11 April 2020 07:43 pm - 13 - {{hitsCtrl.values.hits}}

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A new bank account termed Special Deposit Account (SDA) has now been introduced for all Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their choice in Sri Lanka. It is in the form of Term Deposits either in any designated foreign currency or in Sri Lanka Rupees, the Presidential Media Division said.

Any Sri Lankan individual resident in or outside Sri Lanka as well as dual citizens, citizens of other States with Sri Lankan origin, non-nationals residents in or outside Sri Lanka, Funds, corporate bodies, associations incorporated/registered outside Sri Lanka and any other well-wishers can open Special Deposit Accounts at any Sri Lankan bank of their preference.

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 on April 8th. 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 a tenure of 6 months and 12 months respectively will be paid. Funds are freely convertible and repatriable outside Sri Lanka on maturity.

All these accounts are free from taxes and foreign exchange regulations. All such deposits shall be protected under banking secrecy provision and further benefits with the relevant supporting legislations will be introduced with the 2020 Budget.

Acceptable currencies are United States Dollars (USD), Euro, 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.

Further information could be obtained from the websites of the Presidential Secretariat, the Ministry of Finance, the Central Bank of Sri Lanka or Sri Lankan overseas missions. All Sri Lankans who are willing to express their solidarity to sustain Sri Lanka’s resilience are invited to this opportunity in support of COVID – 19 prevention and social security initiative.

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Comments - 13

Ganesh Sunday, 12 April 2020 02:55 AM

What about the highest foreign income remitters currency from the Middle East Dinar, Riyal, Dirhams?

sss Sunday, 12 April 2020 06:41 AM

ooh our high rupee earning professionals who contribute nothing to economy and corrupt politicians to use these foreign exchange to import duty free luxuries.

Paramm Sunday, 12 April 2020 07:09 AM

It's a very good proposal. However with the change of governments after an election the party that comes to power change such proposals and the depositors get lost with huge loss. Cannot be trusted!!!!!

Anmanpan Sunday, 12 April 2020 08:40 AM

One in the hand is worth two in the bush. The rupee will soon go through the celling.

Sokrates Sunday, 12 April 2020 08:51 AM

Sri Lankans living in foreign countries are not allowed to vote at elections but shall give their hard earned money to looters and robbers. No thank you.

Sambo Sunday, 12 April 2020 08:52 AM

Why don't the politicians set an example by remitting all the millions of dollars they have in foreign accounts. Why only request the normal citizen.

Chula Rajapakse Sunday, 12 April 2020 08:57 AM

Good lateral thinking. Good luck I think there will be a good response Sri Lanka’s Need of the Hour: Sri Lankan’s of Spirit , Sr Lankans of Will Sri Lankan’s if Muscle , Brain and Power , Fit to cope with anything, these are wanted every hour , now more than ever, Not the watchword of I can’t but the nobler one I will try , Do whatever one does with a true and earnest zeal, Put your sinews to the task and put your shoulder to the wheal, And if the Covid Virus interferes , Put it down and box it’s ears

ISHWARAN RASANAYAGAM Sunday, 12 April 2020 09:16 AM

WHAT IS THE INTEREST RATE TO BE PAID FOR 1 YEAR DEPOSITS

Jude Sunday, 12 April 2020 09:25 AM

Here's a chance for UNSCRUPULOUS people to convert black money into white!!??

Rasika Weerathunga Sunday, 12 April 2020 10:30 AM

Dear Sir Why we bring money we work abroad we save money in Sri Lanka already but The Finance company PLC now holding our money even in maturity we do not get our money back why we are treated like this. We struggle we bring money to country then these organizations take our money and now they are not giving back our money. Now almost one year we have problems but no body listening to our problems. How we will get motivated to do more.

Buruwa Sunday, 12 April 2020 11:13 AM

Be very precise about the interest rates and what has been said is not very clear. If you are very serious you need at least to include a link or URL. Looks not too serious on this matter.

AR Sunday, 12 April 2020 11:41 AM

Should not we ask the owners of Bond money, MIG money, KRIS money and so many other unmentioned money to deposit at least a portion of those to set an example?

Rasika Weerathunga Sunday, 12 April 2020 12:30 PM

I am working aborad now more than 10 years every month i send money to Sri Lanka not now even this month i send money already but what is the benefit we get when we are coming from air port in the air port they make problmes for us when we send money and save money in banks they ask bulshit questions from our family even The Finance PLC holding our money what is the benefit we get from our country we are working like salves and support our country but where did we got relif.

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New bank account introduced to remit foreign currency earnings

Comments - 13

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