Non Resident

 
Foreign Currency and Rupee Accounts for Foreign Diplomatic Missions, Diplomatic Personnel and their Family members in Sri Lanka

Foreign diplomatic missions, diplomatic personnel and their family members who are in Sri Lanka are eligible to open and maintain Diplomatic Foreign Currency Accounts (DFA) and  Diplomatic Rupee Accounts (DRA)  in the domestic banking unit of a licensed commercial bank subject to the terms and conditions stipulated in the following directions;

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Migrant Blocked Account (MBA)

This is special type of a Non-Resident Blocked Account that should be maintained by emigrants who obtains the PR after 12th June 2013 for the purpose of transferring funds outside Sri Lanka. The key attributes of the MBA includes:

  • An emigrant can open only one MBA with any selected licensed commercial bank in Sri Lanka.
  • The bank shall obtain the prior approval from the Controller of Exchange in opening an MBA.
  • All fund transfers of an emigrant shall be carried out through his/her MBA and the emigrant does not need the approval of the Controller of Exchange in transferring the migration allowance.
  • Since this is an exclusive account maintained by an emigrant, a special permission is needed to close such an account.
 
Non-Resident Blocked Account (NRBA)

An emigrant is expected to convert their existing rupee accounts into NRBA where all their locally derived funds shall be credited. Key attributes of the NRBA includes:

  • It is a normal account that can be maintained in the form of savings, current or fixed deposits.
  • Local disbursements are freely allowed. However, outward fund transfers are subject to the existing migration allowances applicable to the emigrant at the point of transferring funds.
  • Electronic Fund Transfer Cards, Cheque Books and any mode of electronic fund transferring shall not be permitted through this account.
 
Non-Resident Foreign Currency Accounts (NRFC)

Sri Lankan Nationals or Non-Nationals who had at any time been a Sri Lanka national, while they are resident abroad or within 90 days of their return to Sri Lanka after employment abroad are eligible to open and maintain Non Resident Foreign Currency (NRFC) accounts in designated foreign currencies  in the domestic banking unit of a licensed commercial bank or institutions which are permitted by the Controller of Exchange to maintain NRFC accounts, subject to the terms and conditions stipulated in the following operating instructions/directions;

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Securities Investment Account (SIA)

SIA is a special account designated for eligible investors resident outside Sri Lanka to route funds to invest in the permitted investments. Authorised dealers are permitted to open and maintain SIA in the Domestic Banking Unit of a licensed commercial bank in the name of  the investor resident outside Sri Lanka, subject to the terms and conditions stipulated in the Direction given below.

A SIA may be maintained in Sri Lanka rupees or in any designated foreign currency and may be held jointly by eligible investors.

The returns of investments made through the SIA such as sale proceeds/dividends/ profits or other similar receipts related to the can be remitted back without referring to the Exchange Control Department, subject to the terms and conditions stipulated in the following direction.

 

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Special Foreign Investment Deposit Account (SFIDA)

SFIDA is a special account designated for persons resident outside Sri Lanka to place time deposits or saving deposits in any designated currency or Sri Lanka Rupees in the Domestic Banking Unit of any licensed commercial bank.

Permission has been granted by the Controller of Exchange to Authorized Dealers to accept investments in deposits from the eligible investors subject to the terms and conditions stipulated in the following directions.

 

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Non-Resident Non-National Foreign Currency Account (NRNNFA)

Authorized Dealers are permitted to open and maintain Non-Resident Non-National Foreign Currency Accounts (NRNNFA) in designated foreign currencies in the domestic banking unit of a licensed commercial bank for Non-nationals either on temporary visit to Sri Lanka or intending to visit Sri Lanka. Terms and conditions are stipulated in the following directions;

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