Controller of Exchange debars trouncing of foreign Exchange by racketeers– By Sunil Thenabadu

Sri Lankan Foreign exchange racketeers and similar goons are rampant to find any loop holes in the Exchange Controller regulations to navigate over any such flaws.The related authorities of the Exchange Controller unit at Central Bank of Sri Lanka have been successful in impeding the colossal loss of foreign exchange by the acts of our Sri Lankan community scattered all over the globe.

This practice of drawing foreign currency via ATM cards by Sri Lankan migrants and international students have been curbed by bringing in stringent techniques preventing the withdrawal of the respective foreign currencies of their choice. This has been made possible through the amended act no 12 0f 2017 introduced two years ago. The Controller of Exchange has instructed all commercial banks to classify all accounts maintained by migrants and international students as CTRA( Capital Transaction Rupee Account) preventing the withdrawal of related Foreign Currencies from ATM’s in overseas countries.

All commercial banks have been instructed to refrain from issuing ATM cards to those CTRA holders. These timely interventions have prevented culprits from foreign currency withdrawal in unparalleled amounts flouting exchange control regulations.

Since creating act no 12 of 2017 the easy withdrawal of foreign currencies from ATM’s has been stalled. However it is learnt that legitimate deposits like proceeds of interest on deposits, dividend warrants, pensions etc. could be transferred on request to the related accounts in foreign currencies maintained by CTRA holders domiciled in overseas countries.

The writer domiciled in Brisbane, Australia too had encountered this restriction .But on calling the CTRA unit on 0012477255 the anguish was resolved when an executive in CTRA unit explained the manner the genuine CTRA holders could navigate in transferring funds credited as monthly interest on deposits sans much of a hassle