Press briefing of Cabinet Decision taken on 2021-02-15

Presenting the promulgated Regulations on 'Special Deposit Accounts' under the Foreign Exchange Act, No.12 of 2017, to Parliament for its approval

- With a view to encouraging the remittance of foreign currency into the country, approval has been granted to open 'Special Deposit Accounts' and approval of the Cabinet was also granted previously to pay an additional interest for further retaining the deposits in the said accounts. Accordingly, Regulations have been promulgated through the Extraordinary Gazette Notification No.2202/07 dated 2020-11-17 under the Foreign Exchange Act, No.12 of 2017, to extend the validity period to open the said Special Deposit Accounts for a further period of six (06) months with effect from 08th October 2020. As such, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance to present the said Regulations for approval in Parliament, was approved by the Cabinet.