Sri Lanka Consolidated Acts

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Banking (Amendment) Act (No. 2 of 2005) - Sect 13

Amendment of section 25 of the principal enactment

13. Section 25 of the principal enactment is hereby amended by the repeal of paragraph (a) of that section, and substitution therefor of the following paragraph :
"(a) accept savings, time and demand deposits from any non-resident in any designated foreign currency provided that, in the case of time deposits the value of such deposits shall not be less than ten thousand United States dollars or its equivalent in any other designated foreign currency or such higher amount as may be determined by the Monetary Board : and provided that funds in any account maintained in an off shore unit shall not be withdraw able by cheque;.


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