Heareafter,no questions would be asked when NRFC funds are withdrawn

Questions would not be asked when NRFC funds are withdrawn in future

It is to be passed in the next budget in Parliament that the Non Resident Foreign Currency account holders would not be required to reveal the purpose of withdrawal of funds from their accounts maintained at all commercial banks in Sri Lanka.

All persons who work in foreign countries and those who earn money via businesses usually deposit such funds in the non resident foreign currency accounts maintained at commercial banks in Sri Lanka.Now  these funds when withdrawn by them or the kith and kin laws have been enacted to ask how these funds were deposited.

Because of this reason the people who earn money while employed abroad and while doing business have been used to deposit funds in banks in Switzerland,Britain and in Dubai for convenience.This was revealed by the finance Minister Ravi Karunanayake.In this manner Sri Lanka has lost a huge amount of foreign currency the minister had further added.

Hence to encourage those people who earn foreign currency to deposit them in local commercial banks the stringent rules have been simplified the Minister had concluded.