Facilitation of outward remittances to Sri Lankan students & Sri Lankans on short term visits abroad

20 April 2020

The Central Bank of Sri Lanka (CBSL) informs that there is no restriction on outward remittance of foreign currency to Sri Lankans for current transactions (i.e. for educational and medical purposes, living expenses, etc.).

The CBSL Press Release dated 9th April 2020 in this regard can be accessed at the following link:

http://www.dfe.lk/…/02cdc58f4b56b103c5b216754233325a-DFE-Pr…

On 19th March 2020 the Foreign Exchange Department of the Central Bank had issued a directive to Authorized Dealers (Ads) on Release of Foreign Currency Notes for Travel Purposes with a ceiling of USD 5,000. However, this is not applicable in the context of persons who had already left Sri Lanka for short term visits.

Accordingly, remittance of funds from Sri Lanka to cover expenses of university/tuition/training fees, living expenses, medical charges or as any related fees through Authorized Dealers, is already permitted as Current transactions under the Foreign Exchange Act (FEA).

Persons who have gone abroad for pursuing education (i.e. students) are recognized as persons resident in Sri Lanka for the purposes of FEA. Accordingly, such students can obtain Electronic Fund Transfer Cards (EFTFs) (i.e. credit/ debit cards) from Authorized Dealers in terms of the Directions issued under FEA to that effect.

If anyone stranded abroad needs to get his/her credit limit enhanced, it is a decision for the respective Authorized Dealer (AD) and there are no credit limits imposed under FEA on EFTCs.

Persons who have gone abroad for short term purposes (other than the persons who have migrated or those who have left SL for employment abroad) are permitted to obtain EFTCs from ADs for making payments in foreign exchange to persons resident outside Sri Lanka in respect of personal nature current transactions.

Foreign currency earners who have to repay loans in foreign currency and whose incomes have been adversely affected due to the Covid-19 outbreak can obtain a 03 months postponement of repayment of loans. These borrowers should contact the respective banks before 30 April 2020.

 

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