Saturday, 20 October 2018 10:28

Sri Lanka mulls to provide incentives to boost exports

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Sri Lanka is mulling to provide incentives to boost exports in the wake of rapid rupee deprecation. Currency swaps with some central banks to boost gross official reserves was among the incentive package;

Promoting investments in Treasury Bills and Bonds among the Sri Lankan Diaspora will alo be considered for implementation. 

A payment of a 20% bonus interest is also under consideration for all existing Non-Resident Foreign Currency Accounts (NRFC), Resident Foreign Currency Accounts (RFC), Resident Non-National Foreign Currency Accounts, Non-Resident Non-National Foreign Currency accounts which have now been re-designated as Personal Foreign Currency Accounts.

Existing Foreign Exchange Earners Accounts (FEEA), Inward Remittance Distribution Accounts (IRDA) and Foreign Currency Accounts for Agents of Foreign Shipping Line or Air Lines (FCAAF SAs) are now being considered as Business Foreign Currency Accounts (BFCAs) Incentives for such accounts are under consideration.

Resident Guest Foreign Currency Accounts and Senior Foreign Nationals Special Accounts remain as under the old law.

Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs) may be opened and maintained as Current (but without cheque drawing facility), Savings or Term Deposit accounts in any designated foreign currency.

Personal forex accounts could be joint accounts. Up to 10,000 US dollars could be withdrawn from such accounts for travel.

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