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Rules relaxed on NRFC, RFC accounts

11 July 2012 12:14 pm - 7     - {{hitsCtrl.values.hits}}

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Central Bank of Sri Lanka  announced that foreign exchange earners are now allowed to transfer funds between NRFC (Non-Resident Foreign Currency) and RFC (Resident Foreign Currency) accounts

 According to the new measures, which come into effect from today fund transfers between NRFC accounts, RFC accounts and from NRFC to RFC accounts are permitted.

 However, funds realized from the sale of properties in Sri Lanka should be credited to NRFC/RFC accounts, only in keeping with the existing regulations.

 The new rules also allow opening of NRFC/RFC accounts by minors and also any outward remittance out of NRFC accounts will be permitted irrespective of the underlying transaction, if the account holder is resident outside Sri Lanka.
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  Comments - 7

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  • joan Wednesday, 11 July 2012 06:50 PM

    heard somebody lost some millions with Rolex few weeks ago

    buffaloa citizen Thursday, 12 July 2012 07:25 AM

    Even Madonna could not afford to buy a US$ 35,000 watch for her boyfreind.

    tkds Wednesday, 11 July 2012 09:48 PM

    Hope they relax the dual citizenship rules and fees as well.

    Podi miniha Thursday, 12 July 2012 02:04 AM

    Totally agree. They are the real earners of the country. I would also like to propose low rate housing loans to Maids working in the middle east.

    peeda mossa Wednesday, 11 July 2012 03:12 PM

    How about giving these foreign exchange earners duty free vehicle permits, Mr. President ? They really deserve it than some pen pushers and (redundant) politicians.

    Cobra Wednesday, 11 July 2012 03:16 PM

    Do we smell a rat here?

    CHANDRAPALA Wednesday, 11 July 2012 03:44 PM

    who are the real beneficiaries of the foreign currency earned by our house maids in middle east?


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