Accepting foreign currency

published by admin on Mon, 07/25/2011 - 20:40

1.   Licensed commercial banks are authorized by the Minister of Finance to act as  authorized dealers in relation to gold or any foreign currency.

2. Authorized dealers are authorized by the Controller of Exchange to approve certain transactions on behalf of the Controller under the Exchange Control Act subject to conditions imposed by him upon satisfying about the bona fides of the applicant and the genuineness of the transaction by verifying the necessary documents.

3.  The Central Bank has also appointed money changers who are authorized to purchase

foreign currency notes and exchange them for any other currency. They are not authorized

to sell foreign exchange for Sri Lankan Rupees.

4. The Central Bank has permitted, subject to the conditions in the permit –

(a) hoteliers;

(b) persons engaged in the gem and jewellery trade and approved by the National Gem

      and Jewellery Authority;

(c) travel agents;

(d) duty free shops;

(e) hospitals;

(f) agency post offices approved by the Post Master General;

(g) harbour traders approved by the Sri Lanka Port Authority;

(h) other persons engaged in or connected with the tourist industry,

to accept foreign currency for services rendered and goods supplied to tourists.