Foreign Currency Accounts for Gem and Jewellery Dealers (FCAGJD)
Who can open a FCAGJD Account?
a) Export of Gem and Jewellery
b) Import of Gem and / or Jewellery
c) Supply of finished / or unfinished gem and / or jewellery to exporters
How to open a FCAGJD Account?
A certificate issued by the National Gem & Jewellery Authority is required, confirming that the individual/firm or the Company is a licensed Gem and/or Jewellery Dealer.
Accounts could be opened in the form of non-checkable, savings or fixed deposit in designated foreign currencies.
What is the minimum balance requirement?
FCAGJD Accounts should be continuously maintained with a minimum balance of USD 1,000.
The interest rates applicable to Exporters Foreign Currency Accounts apply to FCAGJD Accounts.
What credits are permitted to a FCAGJD Account?
- Export proceeds of gems and / or jewellery received through the banking system in designated foreign currency
- Proceeds of gem and/or jewellery sold abroad and proceeds brought into the country, as foreign currency/bank drafts declared to the Sri Lanka Customs as applicable and tendered by the account holder in person to an authorized dealer
- Local receipts in foreign exchange by importers of gem and/or jewellery in the form of bank draft in foreign currency or bank transfer in foreign currency received in respect of supply of raw materials to indirect and/or direct exporters of gem and jewellery.
- Local receipts in foreign exchange by indirect exporters of gem and/or jewellery in the form of bank drafts in foreign currency or bank transfer in foreign currency received in respect of supply of raw materials to direct exporters of gem and/or jewellery
- Interest accrued to the account in foreign currency.
What debits are permitted to a FCAGJD Account?
- Payments in foreign exchange for import of cut and polished or rough gem stones and other raw materials.
- Withdrawals in foreign currency notes subject to the limit placed by Central bank of Sri Lanka for purchasing rough gem stones and other raw materials abroad supported by documentary proof and usual travel documents.
- Withdrawals in Sri Lankan Rupees for local disbursements. However, such withdrawals will not be eligible for conversion into foreign currency and for re-crediting to the foreign currency account.
- Payments in foreign currency to a local supplier of rough gem stones or jewellery, which should be in the form of bank transfer or bank draft.
For further assistance, contact:
||Mr Dinesh Fernando
Executive - Foreign Currency Deposit Mobilization & Outward Remittances
||00 94 11 2661996
||00 94 11 2662798