Advantages

• Concessionary Charges [ TT charges + Commission Rs. 500/- only ]

Documents Needed (for an initial payment)

• Offer letter and the relevant documents issued by the University consisting allowable expenses for the student.
• Copy of the passport
• Copy of the visa page of the passport. - [Not required for the initial payment]
• Copy of the Student ID - [Not required for the initial payment]
• Duly completed Application Form - (Issued by the Bank)
• Form 1 of Central Bank – Click here to download

Important

• Sender must be an account holder of People’s Bank.
• A “Student File” will be opened and a "File Number" will be allocated to each student after submitting all the required documents and funds will be transferred easily throughout his/her course duration.
• Transferable funds will be limited to the expenses mentioned in the Offer Letter.
• A copy of the letters issued by the Universities consisting the updated expenses must be submitted to the Bank.
• All payments relevant to the course and the living expenses of the student should be remitted from the same Bank / Branch in his/her course duration.

Advance Payment Terms – (Cash-in -Advance)

1. If made out of a Sri Lanka Rupee Account -

• Where the amount of the advance payment required to be made on the total value of goods to be imported, does not exceed a sum of USD 50,000/- or its equivalent in any other convertible foreign currency, shall be allowed.
• Where the amount of the advance payment required to be made on the total value of the goods so imported, exceeds the sum of USD 50,000/- or its equivalent in any other convertible foreign currency , then the advance payment shall be effected only on
  • The submission of a bank guarantee or a standby Letter of Credit for the value of the amount of the Advance Payment, acceptable to the Bank effecting such Advance Payment ; or
  • The submission of the Value Added tax (VAT) Registration Number , the Tax Identification Number (TIN) and any other documents which Controller of Imports may required having regard to the particular transaction to the Controller of Imports and Exports for his approval given after considering the merits of the respective transaction; or

2. If made out of a Foreign Currency Account, then the limits specified in paragraph (1) (a) and (b) above shall not be applicable there to.

Documents Needed

• Proforma Invoice
• Duly completed Application Form of the Bank
• Form 1 of Central Bank – Click here to download
• Letter of Undertaking - Click here to download

Important

• Proforma invoice must be in the name of the Enterprise.
• Importer must submit evidence of the imported goods (ie. a copy of the Commercial Invoice and a copy of the Customs Declaration both duly stamped by Customs) within 180 days from the date of the remittance of the Advance Payment.

Open Account Terms

• Open account occurs when an exporter ships the goods and all the necessary shipping and commercial documents is directly sent to the Importer who agrees to pay seller’s invoice at a future date.

Documents Needed

• Commercial Invoice
• Custom declaration form duly signed by the custom officer stating that goods released on open account basis.
• Duly completed Application Form of the Bank
• Form 1 of Central Bank – Click here to download

Funds can be transferred to other purposes such as;

• Any payment approved by the Controller of Exchange.

For further information please visit the nearest branch of People’s Bank

• (1) A Sri Lanka national who has been a resident of Sri Lanka and has obtained Permanent Residency (PR) or citizenship in another country, including a dual citizen (hereinafter referred to as an emigrant) is eligible for the migration allowance, which includes proceeds realized from the sale of movable and immovable property, tangible and intangible assets owned by the emigrant and gifts received by the emigrant from the spouse and parents. Assets may include the value of precious stones, precious metals, personal jewellery and other assets held in Sri Lanka including estates inherited as beneficiaries.
• (2) Following limits shall be applicable for the transactions specified in paragraph (1) of heading B above-
  • an initial migration allowance of USD 200,000 per individual aged 18 years and above, subject to directions issued by the Central Bank of Sri Lanka.
  • an annual migration allowance of USD 30,000. The first such annual allowance is transferable after lapse of 12 months from the full utilization of the initial allowance of USD 200,000. With the exception of the first allowance, subsequent allowances shall be transferable per calendar year and can be transferred in accumulation, subject to directions issued by the Central Bank of Sri Lanka.
  • an annual allowance of USD 30,000 in respect of foreign nationals as proceeds from sale of inherited property and assets in Sri Lanka subject to the directions issued by the Central Bank of Sri Lanka.
• (3) The migration allowance should be remitted out through a Capital Transaction Rupee Account (CTRA) opened with a licensed commercial bank as an authorized dealer or a licensed specialized bank as authorized under paragraph (2) of regulation 2.
• (4) Eligible migration allowance as approved by the licensed commercial bank as an authorized dealer or a licensed specialized bank as authorized under paragraph (2) of regulation 2 can be transferred from Capital Transaction Rupee Account to applicant’s Personal Foreign Currency Account and/or Inward Investment Account in Sri Lanka or transferred to an account of the emigrant maintained outside Sri Lanka.
• (5) Current income (including interest, dividends, pensions, rent, lease rentals and profits) and superannuation benefits (Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and any other approved pension or retirement fund) shall be credited to the Capital Transaction Rupee Account and can be transferred in addition to the migration allowance to Personal Foreign Currency Accounts and/or Inward Investment Account in Sri Lanka or to an account maintained by the emigrant outside Sri Lanka.

Emigrants and/or foreigners of Sri Lankan origin shall obtain prior approval of the Central Bank of Sri Lanka to open and maintain foreign exchange accounts in any designated foreign currency for the purpose of crediting proceeds/income of inherited assets derived in foreign currency, if any, for such person.