Forex Accounts

July 22, 2008 (LBO) – Commercial Bank said it has begun accepting deposits from foreigners and Sri Lankan expatriates after the Central Bank relaxed foreign exchange rules. Special Foreign Investment Deposit Accounts (SFIDA) can be opened in designated foreign currencies and Sri Lankan rupees, it said in a statement.

The minimum initial deposit required to open a SFIDA is 10,000 US dollars or its equivalent in other designated foreign currencies or Sri Lankan rupees.

All SFIDA accounts are exempted from Income Tax, Withholding of Income Tax and Debit Tax.

“We would like to provide great investment opportunities to overseas clients and at the same time help the country attract foreign funds for its development activities,” Commercial Bank’s Chief Operating Officer Ravi Dias said in the statement.

Foreign currency will be accepted in the form of travellers’ cheques, bank drafts or currency notes brought into the country by the account holder on declaration to Sri Lanka Customs, the bank said.

Outward remittances, transfers to other SFIDAs, disbursements of the account holder in Sri Lanka are possible.

Foreign nationals, Sri Lankan citizens r