Eligible

Individuals, Firms and Companies engaged in

• export of gem and/or jewellery.
• import of gem and/or jewellery.
• supply of finished or unfinished gem and/or jewellery to exporters.

Type of Accounts

• Savings
• Fixed Deposit

In designated Foreign Currencies such as -

 

• US Dollars
• Singapore Dollars
• Canadian Dollars
• Sterling Pounds
• Australian Dollars
• Euro
• Swiss Francs
• Hong Kong Dollars
• Japanese Yens
• New Zealand Dollars
• Swedish Kroners
• Danish Kroners
• Norwegian Kroners

 

Foreign Currency Fixed Deposit Accounts may be opened for periods of 1,3, 6 and 12 Months.

Permitted Credits (Deposits)

• Export proceeds of gems and/or jewellery received through the banking system in designated foreign currency.
• Proceeds of gem and/or jewellery sold abroad and brought into the country, declared to the Sri Lanka Customs as applicable and tendered by the account holder in person to an authorized dealer.
• Local receipts in foreign exchange by importers of gem and/or jewellery in the form of bank draft or bank transfer received in respect of supply of raw materials to indirect and/or direct exporters of gem and/or jewellery.
• Local receipts in foreign exchange by indirect exporters of gem and/or jewellery in the form of bank draft or bank transfer received in respect of supply of raw materials to direct exporters of gem and/or jewellery; and
• Interest accrued on the funds held in the account.

Permitted Debits (Withdrawals)

• Payments in foreign exchange for import of cut and polished or rough gem stones and other raw materials, provided that imports of gem stones and other raw materials are made in conformity with the provisions of Regulations made under Imports and Exports (Control) Act, No. 1 of 1969 and published in the Government Gazette No. 1022/6 dated April 08, 1998
• Withdrawals in foreign currency notes not exceeding USD 50,000 at a time for purchasing cut and polished or rough gem stones and other raw materials abroad; (Documentary evidence required such as travel documents and invoices or agreements for the purchases).
• Withdrawals in Sri Lanka Rupees for local disbursements are freely permitted. However, such withdrawals shall not be eligible for conversion into foreign currency and for re-crediting to the account.
• Payments in foreign currency to a local supplier of cut and polished or rough gem stones or jewellery which should be in the form of bank transfer or bank draft.

Click here to download the account opening application form