25. The Monetary Board may, by order made with the approval of the Minister authorize an off-shore unit of a licensed commercial bank subject to such terms and conditions as the Monetary Board may, with the approval of the Minister, impose, having regard to the interests of national economy, to carry on all or any of the following businesses;
| (a) accept time and demand deposits from any non- resident in any designated foreign currency provided that, in the case of time deposits, such deposits shall not be less than ten thousand United States dollars, or its equivalent, or such higher amount as may be determined by the Monetary Board, and provided that no savings accounts from which funds are withdraw able by cheque shall be opened by such off-shore unit; |
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| (b) borrow any sum in a designated foreign currency from any non-resident; |
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| (c) extend accommodation to any non-resident in any designated foreign currency; |
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| (d) engage in any transaction in. any designated foreign currency with any other off-shore unit; and |
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| (e) engage in any other transaction authorized by the Monetary Board with the approval of the Minister, in arty designated foreign currency. |
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Sri Lanka Consolidated Acts