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No restrictions on taking out investment -CB

There are no restrictions on remitting out investment returns made through the Securities Investment Account (SIA), Exchange Controller Yvette Fernando said yesterday.

In an official clarification following last week´s Insight report ‘Changing perceptions in investment landscape’, the Controller stated that the Central Bank of Sri Lanka (CBSL) has issued directions to authorised dealers, i.e., licensed commercial banks, prescribing the eligible persons to open SIAs and permitted credits and debits to SIAs.

“Hence, there is no requirement for a foreign investor to seek prior approval of CBSL to invest through a SIA and remit out returns of such investment, provided that investments are made in accordance with the Gazette notification issued in this regard,”the Controller said.

“There are no restrictions to remit out investment returns under the Exchange Control Act, if such investments are made through SIAs,” he said.

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