Special Deposit Accounts allowed till May | Daily News

Special Deposit Accounts allowed till May

The Cabinet of Ministers approved the proposal made by Prime Minister Mahinda Rajapaksa as Finance Minister to submit the orders declared on the “Special Deposit Accounts” under the Foreign Exchange Act No. 12 of 2017 to Parliament.

 Co-Cabinet Spokesman Udaya Gammanpila said approval has been granted to open “Special Deposit Accounts” to encourage foreign remittances into the country. Cabinet approval had also been granted to pay an additional interest in order to retain the deposits available in those accounts. Accordingly, orders have been issued in terms of the Foreign Exchange Act No 12 of 2017 to issue the extraordinary gazette No 2202/07 dated November 17, 2020 to extend the time allowed for opening the special deposit accounts by another six months commencing from October 8, 2020.