Rules relaxed on NRFC, RFC accounts

July 12, 2012 | kirula | English |

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Central Bank of Sri Lanka announced that foreign exchange earners are now allowed to transfer funds between NRFC (Non-Resident Foreign Currency) and RFC (Resident Foreign Currency) accounts

According to the new measures, which come into effect from today fund transfers between NRFC accounts, RFC accounts and from NRFC to RFC accounts are permitted.

However, funds realized from the sale of properties in Sri Lanka should be credited to NRFC/RFC accounts, only in keeping with the existing regulations.

The new rules also allow opening of NRFC/RFC accounts by minors and also any outward remittance out of NRFC accounts will be permitted irrespective of the underlying transaction, if the account holder is resident outside Sri Lanka.

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