A A A
A A A

Foreign
Currency A/C

CTRA

Capital Transactions Rupee Accounts

ERIA

Emigrant’s Remittable Income Accounts

NRRA

Non Resident Rupee Accounts

Capital Transactions Rupee Accounts

Eligibility

  • An emigrant, resident in or outside Sri Lanka.
  • A Non- National resident in or outside Sri Lanka including minors of such person.
  • An individual Sri Lankan resident in or outside Sri Lanka who has obtained Temporary Resident visa in another country, aged 18 years or above.
  • An individual Sri Lankan resident in Sri Lanka who is a prospective migrant under the parent migration scheme.
  • An administrator or executor of the estate of a deceased person who was an emigrant.

Special Benefits

  • 100% protection on your investments

Opening and Maintaining the Accounts

  • The CTRA may be opened and maintained in the form of Savings or Current (without overdrawing facility) account, in Sri Lanka Rupees.
  • Eligible persons shall open only one CTRA in the banking system and shall be held as sole account.
  • Both CTRA and ERIA shall be opened and maintained with the same Bank.

Required documents and information

  • Duly completed Account opening Application (Annexure 1)
  • Address verification doc.
  • Sl passport/s (all pages of the sl pp after obtaining pr)
  • Foreign pp (if available-identification page, alternative and observation pages of current pp)
  • Permanent residency (endorsement or other documentary evidence to prove pr date & country
  • Certificate of citizenship or dual citizenship
  • Identity document (nic/dl etc.)
  • Request to open ctra/eria (Annexure 2)
  • Affidavit confirming migration (Annexure 3)
  • Power of attorney (if available)
  • If the emigrant has been born outside sri lanka, a copy of the birth certificate
  • Source of funds confirmation document
  • Any other document stipulated by the bank

  • Where the account holder is an emigrant, resident in or outside Sri Lanka;
    • Remittances in foreign exchange received from outside Sri Lanka in favour of the account holder through the banking system, for the purpose of local disbursements in Sri Lanka.
    • Any proceeds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets), owned by the emigrant while being a resident in Sri Lanka or acquired by utilizing funds through such emigrant’s Sri Lanka rupee accounts prior to the regulations coming into effect.
    • Any proceeds derived from any assets in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited by an emigrant, from a person resident in Sri Lanka.
    • Any proceeds derived from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are received as a gift by the emigrant, from an immediate family member who is a person resident in Sri Lanka.
    • Any proceeds realized from any asset in Srilanka [including movable, immovable, tangible and intangible assets, excluding funds held in the Personal Foreign Currency Accounts (PFCA) or Inward Investment Accounts (IIA)] that are inherited or received by way of a gift to or by the emigrant from another emigrant who is an immediate family member (i.e. transferor) out of the investments, made while being a resident in Sri Lanka or made through his or her Sri Lanka Rupee Accounts prior to the regulations coming into effect to inherited by the transferor or received as a gift by the transferor or made through a Non Resident Rupee Account (NRRA) of the transferor as permitted in the Foreign Exchange (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka) Regulations No.02 of 2021.
    • Monetary gifts received by the emigrant from an immediate family member, being funds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets)
    • Any income derived from the investments owned or acquired or inherited or received by way of a gift by the emigrant as mentioned under 2 (a) (ii) to 2 (a) (v) above.
    • Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
    • Transfers from NRRA of the account holder.
  • Where the account holder is a Non- National resident in or outside Sri Lanka including a minor;
    • Any income and any capital proceeds of the investments as permitted under subparagraph 4 (5) (c), 4 (5) (d) and 4 (7) under heading A of Schedule I of the Foreign Exchange (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka) Regulations No. 02 of 2021 in Extra ordinary Gazette No. 2213/35 of 2021.02.03
    • Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
  • Where the account holder is an individual Sri Lankan who has obtained Temporary Resident visa in another country, aged 18 or above; funds equivalent to maximum of USD 30,000, to obtain foreign exchange, as permitted under the regulations.
  • Where the account holder is an individual Sri Lankan who is a prospective migrant under the parent migration scheme; funds equivalent to the amount of the payment to be made to overseas authorities for obtaining visa under the parent migration scheme, as permitted under the regulations.
  • Where the account holder is an administrator/executor of the estate of a deceased person who was an emigrant;
    i. Transfers from CTRA or NRRA or Emigrant’s Remittable Income Account (ERIA) of such deceased person
    ii. Any income or capital proceeds receivable to such deceased person as referred under paragraph 2 (a) excluding 2 (a) (vi) above.
  • Income received for the services provided by the accountholder.
  • Interest earned in Sri Lanka Rupees on the funds held in the account.

Note

  • Migration Allowance
    • Limits applicable on Migration Allowance are stipulated in subparagraph 3 (1) and 3 (2) in Schedule I of Regulation No. 03 of 2021 (Extra ordinary Gazette No. 2213/36 of 2021.02.03)
    • However, these limits have been further curtailed by Order made under section 22 of the FEA No. 12 of 2017 under Gazette Extraordinary No. 2182/37 dated 2020.07.02 and by Gazette Extraordinary No. 2234/49 dated 2021.07.02
  • If further clarification is required in this regard, please contact Manager - Travel Department (OCS) - Tel. No. 011-2433140 or Chief Manager (OCS) – Tel 011-2433146

Contact Us

  • Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
  • +94 112332745
  • 0112332746 / 2334278 / 2437621 / 2446409
  • nrfc@peoplesbank.lk
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