CBSL to crack down on foreign currency note holders

entral Bank of Sri Llanka will lower the limit on foreign currency note holdings of public to 10,000 US dollars from 15,000 and crack down on anyone holding them for over three months, Central Bank Governor Nandalal Weerasinghe said.

Holders of currency notes will be given a grace period and they will then be expected to deposit the money in the banking system.

Under Sri Lanka’s foreign exchange law, currency notes which are held against contravening the rules will be seized, he said.

Police and central bank officials will take action to seize foreign currency held by the public.

Many people were holding notes at home and also in bank vaults, he said.