Central Bank permits remittances to Sri Lankans abroad on visits & studies

Apr 20, 2020 (LBO) – Central Bank reiterates that there is no hindrance to providing financial assistance to Sri Lankans who have gone abroad to pursue studies or short visits.

Making a clarification on the matter, the bank, however, requested all concerned parties to make use of the opportunity in a responsible manner.

Family members residing in Sri Lanka are permitted to send money from Sri Lanka to persons who have gone abroad for studies or for medical purposes, being university/tuition/training/ course fees, living expenses, medical charges or as any related fees, etc., through an Authorized Dealer (AD) in foreign exchange (any Licensed Commercial Bank or a permitted Licensed Specialized Bank) upon submitting relevant documentary evidence as usually required by ADs.

Such persons can also use their credit, debit (ATM) and foreign travel cards issued to them by ADs for payments or cash withdrawals/obtain cash advances in foreign currency during their stay abroad in respect of transactions of personal nature.

The recent measures introduced by CBSL to ease the pressure on the exchange rate, such as reducing the maximum limit of foreign currency notes issued for travel purpose, restrictions on outward remittances on capital transactions, do not impose any restrictions on remittances/payments for current transactions including overseas educational, medical and family living expenses stated above.