PERSONAL FOREIGN CURRENCY ACCOUNTS (PFCA), intro by Gayan Nayanjith

Описание: In terms of the Foreign Exchange (Opening and Maintenance of Accounts for the purpose of engaging in Foreign Exchange Transactions) Regulations No.05 of 2021 and Section 9 of the Foreign Exchange Act, No.12 of 2017 (the FEA), read with Sections 5, 6, 7 and 8 of the FEA,
Authorized Dealers (ADs) are permitted to open and maintain PFCAs, subject to the
following,

1.1 Eligible Persons

(a) An individual including a minor who is a Sri Lankan National;
(b) An individual of Sri Lankan origin including a minor who is a resident outside
Sri Lanka;
(c) A non-national resident in Sri Lanka including a minor;
(d) A non-national either on temporary visit to Sri Lanka or intending to visit
Sri Lanka; and
(e) An administrator or executor of the estate of a deceased person who maintained a
PFCA with an AD until the completion of the administration of the deceased
person’s estate.

1.2 Opening and Maintaining the Accounts

(a) PFCAs may be opened and maintained as savings, current (without overdrawing
facility) or term deposit accounts in any designated foreign currency in the domestic
banking unit.
(b) PFCAs may be held as joint accounts with another eligible person. However, nonnationals either on temporary visit to Sri Lanka or intending to visit Sri Lanka are
not eligible to open and maintain these accounts as joint accounts.
(c) In the event a PFCA is to be opened in the name of a minor who is a Sri Lankan
national or of Sri Lankan origin and residing outside Sri Lanka, such accounts shall
be opened by crediting remittances in foreign exchange received from their parents grandparents or guardians who are residents outside Sri Lanka or transferring funds
from existing PFCAs of parents, grandparents or guardians.
(d) A new PFCA may also be opened for an individual with a deposit of foreign
currency notes brought back to the country being unutilized travel allowance by
such individual where such foreign currency has been purchased from an AD or a
Restricted Dealer for the purpose of travelling abroad, subject to establishing
bona-fide and exercising due diligence of the underlying transaction by the AD.
(https://www.cbsl.gov.lk/#)

DISCLAIMER***Deposits/Investments are subjects to numerous types of risks. Kindly refer qualified personnel for consultation...

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