Central Bank reiterates rules on hotel service providers accepting payments from tourists in foreign exchange

Business

The Monetary Board of the Central Bank of Sri Lanka on Monday has reiterated rules, announced last Thursday, where it makes it mandatory for hotel service providers to accept payments from persons resident outside Sri Lanka (tourists and non-resident Sri Lankans), only in foreign exchange.

However is said that hotel service providers can accept payments in Sri Lanka Rupees from persons resident outside Sri Lanka provided they submit original documentary evidence to prove that such Sri Lanka Rupees represent the foreign currency brought into Sri Lanka and converted through a licensed bank or an authorised money changer.

With the issuance of the rules on Thursday, hotel service providers registered with and licensed by the Sri Lanka Tourism Development Authority are required to;

• accept payments for services rendered to persons resident outside Sri Lanka only in foreign exchange.

• deposit such foreign currency into a Business Foreign Currency Account of the hotel service provider or sell to a licensed bank within three business days.

• credit payments into a Business Foreign Currency Account of the hotel service provider, in the event such person resident outside Sri Lanka makes payments using an Electronic Fund Transfer Card (Credit Card, Debit Card, Travel Card, etc.).

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