Amnesty period to deposit/sell foreign currency held by public extended by one month

The Central Bank yesterday said the amnesty period to deposit/sell foreign currency in the hands of the public has been extended by the Finance Ministry by a month effective from August 15, 2022.

Within this period the public can deposit the foreign currency in their possession into a personal foreign currency account or into a business foreign currency account or sell to an authorised dealer.

During the amnesty period, individuals will not be requested to submit any documentation to banks to prove the source of funds.

In mid-June, the Central Bank amended limits and conditions on possession of foreign currency in the hands of the public into the formal banking system. 

The Central Bank reduced the amount of foreign currency retained in possession by a person in, or resident in Sri Lanka from US$ 15,000 to US$ 10,000 or its equivalent in other foreign currencies. 

It also granted an amnesty period of 14 working days effective from the date of the Order (16 June 2022) for persons in, or resident in Sri Lanka who hold foreign currency notes in possession. Since then the amnesty has been extended several times.