Permits to accept Foreign Currency by Specified Businesses
In terms of the provisions of section 5 (1) (a) of the Exchange Control Act No 24 of 1953, specified businesses as, mention
in No 2 below are permitted to accept convertible foreign currency in any form from foreigners (visitors and tourists) and
from non resident Sri Lankans during their visits to Sri Lanka at approved business places in payment for goods sold or
services rendered subject to the conditions set out below.
1. Conditions
(a) The foreign currency amount accepted should be limited to the value of the goods supplied or services rendered or
to the nearest figure.
(b) Any balance due to the visitors or tourist should be paid in Sri Lanka Rupees. (not applicable for duty free shops) *
(c) Acceptance of foreign currency should be at the current rate of exchange offered by local banks (i.e. company
should not make any profit on the encashment).
(d) No person other than a person authorized by the company and whose name, designation and specimen signatures
have been furnished to Exchange Control Department should accept any foreign currency.
(e) Applicant should accept all terms and conditions given by the Exchange Control Department with the foreign
currency acceptance permit.
2.
Specified businesses listed below are requested to furnish the following documents to the Controller of Exchange, if they
are agreeable to the above conditions for processing of applications:
(a)
A formal letter of request to the Controller of Exchange on company letterhead.
(b)
Business registration certificate.
(c)
Permission given by the relevant authority to engage in such a business as, information given below:
Company
Authority
Duty free shops
Airport and aviation Authority
Hotels and restaurants
Sri Lanka tourism development authority
Travel Agent/Tour Agent
Shops selling goods to non residents/ Companies
providing services to non residents
Jewellery shop
Gem and Jewellery Authority
Retail sellers inside Sea Port
Sri Lanka Ports Authority
*
Duty free shops located at Bandaranayake International Airport should pay the balance if any, only in foreign
currency for the customers. Further, they are permitted to sell goods to foreigners and to Sri Lankans residents
as well subject to the prevailing terms and conditions.
Further information
Monitoring Unit II
Exchange Control Department
Tel:
011 2477 651, 011 2398 584
Fax:
011 23462 53
Email:
[email protected]