Can You Accept Foreign Currency as Earnings From Your Business Activities In Sri Lanka?
If you receive foreign currency:
- for goods and services supplied to a person residing outside Sri Lanka, or
- for goods and services supplied under duty-free at airport/port.
Then you should deposit foreign currency accepted as earnings into your Business Foreign Currency Account within 7 days of such receipts.
You can use the balance in your Business Foreign Currency Account for your future foreign travel and other permitted transactions in foreign currency.
Can You Hold Foreign Currency, In Hand?
Any amount up to 90 days if such foreign currency is;
- earned from employment, profession or business abroad and brought into Sri Lanka.
Up to US Dollars 15,000 (or equivalent in other foreign currency) for any period, if such foreign currency is;
- obtained from a bank for travel abroad and brought back unutilized to Sri Lanka, or
- withdrawn from your Personal Foreign Currency Account or Business Foreign Currency Account for travel abroad, or
- received from abroad, as a payment for services rendered or goods supplied abroad.
Opportunities For Your Foreign Currency, In Hand
- Open a Personal Foreign Currency Account and deposit such foreign currency and earn interest, utilize for future travel and permitted foreign currency transactions.
- Deposit such foreign currency into your existing Personal Foreign Currency Account and earn interest, utilize for future travel and permitted foreign currency transactions.
- Pay your hotel bills at approved hotels in Sri Lanka
For further details: Orders published in the Government Gazette Notifications, No. 2213/39 dated 3rd February 2021 and No. 2220/69 dated 26th March 2021.