Common use of Foreign Exchange Regulations Clause in Contracts

Foreign Exchange Regulations. 18.1 The Cardholder shall ensure that he/she uses the Card(s) at all times in accordance with the provisions of the Foreign Exchange Act and operating instructions made thereunder. 18.2 The Cardholder shall not use the Card(s) to purchase/import goods in commercial quantities and/or for capital transactions. 18.3 The Cardholder shall surrender the Card(s) to the Bank in the event the Cardholder migrates, leaves Sri Lanka for employment overseas or is deemed ‘non-resident’ as per definitions of Exchange Control Regulations in force at that time. 18.4 The Bank will comply with reporting requirements of the Director of Foreign Exchange or any other regulatory authorities as stipulated from time to time. 18.5 The Bank may on its own accord cancel the Card(s) without notice to the Cardholder(s) in the event the Bank has any reason whatsoever to believe that there has been a violation of the Exchange Control Regulations in force. 18.6 1. Permission is herein granted for the purpose of Foreign Exchange Act No.12 of 2017 for a person in or resident in Sri Lanka to make payments in foreign exchange to a person resident out side Sri Lanka on his Electronic Fund Transfer Card (EFTC) subject to following terms and conditions. 2. (a) A payment on an EFTC to a person or an entity resident outside Sri Lanka may be made only for the following purpose. (i) Payment to be made abroad by a Cardholder for service of a personal nature including travel, accommodation, medical, living and educational expenses. (ii) Payment for purchase of goods abroad for personal use. (iii) Payment for import of goods into Sri Lanka for personal use subject to a limit of US$3,000 (c. i. f.) or its equivalent in any other foreign currency per consignment. (iv) Payment of registration fees, examination fees and annual subscription fees of a personal nature payable to a foreign professional body or academic institution. (v) Payment to be made in respect of insurance premium only for travel and health insurance of personal nature. (b) Any payment in foreign currency on an EFTC for any transaction which falls outside the purview of paragraph 2(a) shall require the prior written permission of the Director of Foreign Exchange, unless such payment is in respect of a permitted transaction made out of the funds lying to the credit of a Personal Foreign Currency Account (PFCA) or an Offshore account in an Offshore Banking Unit of a licensed Commercial Bank. 3. For the purpose of this Gazette notification, unless the context otherwise requires ‘Electronic Fund Transfer Card’ (EFTC) means a card or device that enables the user to transfer value in credit, debit or any other form and includes credit cards, debit cards and stored value cards. And ‘Personal use’ means “for the use of the Cardholder, his/her spouse and children and parents and does not include use for any commercial purpose”.

Foreign Exchange Regulations. 18.1 The Cardholder shall ensure that he/she uses the Card(s) at all times in accordance with the provisions of the Foreign Exchange Act and operating instructions made thereunder. 18.2 The Cardholder shall not use the Card(s) to purchase/import goods in commercial quantities and/or for capital transactions. 18.3 The Cardholder shall surrender the Card(s) to the Bank in the event the Cardholder migrates, leaves Sri Lanka for employment overseas or is deemed ‘non-resident’ as per definitions of Exchange Control Regulations in force at that time. 18.4 The Bank will comply with reporting requirements of the Director of Foreign Exchange or any other regulatory authorities as stipulated from time to time. 18.5 The Bank may on its own accord cancel the Card(s) without notice to the Cardholder(s) in the event the Bank has any reason whatsoever to believe that there has been a violation of the Exchange Control Regulations in force. 18.6 18.6. 1. Permission is herein granted for the purpose of Foreign Exchange Act No.12 of 2017 for a person in or resident in Sri Lanka to make payments in foreign exchange to a person resident out side outside Sri Lanka on his Electronic Fund Transfer Card (EFTC) subject to following terms and conditions. 2. (a) A payment on an EFTC to a person or an entity resident outside Sri Lanka may be made only for the following purpose. (i) Payment to be made abroad by a Cardholder for service of a personal nature including travel, accommodation, medical, living and educational expenses. (ii) Payment for purchase of goods abroad for personal use. (iii) Payment for import of goods into Sri Lanka for personal use subject to a limit of US$3,000 (c. i. f.) or its equivalent in any other the prevailing foreign currency per consignmentexchange regulations. (iv) Payment of registration fees, examination fees and annual subscription fees of a personal nature payable to a foreign professional body or academic institution. (v) Payment to be made in respect of insurance premium only for travel and health insurance of personal nature. (b) Any payment in foreign currency on an EFTC for any transaction which falls outside the purview of paragraph 2(a) shall require the prior written permission of the Director of Foreign Exchange, unless such payment is in respect of a permitted transaction made out of the funds lying to the credit of a Personal Foreign Currency Account (PFCA) or an Offshore account in an Offshore Banking Unit of a licensed Commercial Bank. 3. For the purpose of this Gazette notification, unless the context otherwise requires ‘Electronic Fund Transfer Card’ (EFTC) means a card or device that enables the user to transfer value in credit, debit or any other form and includes credit cards, debit cards and stored value cards. And ‘Personal use’ means “for the use of the Cardholder, his/her spouse and children and parents and does not include use for any commercial purpose”.