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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Commercial Banks putting restrictions on SIA accounts

Commercial Banks putting restrictions on SIA accounts

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ice4083


Senior Equity Analytic
Senior Equity Analytic
Is it true that banks have come up with new restrictions when trying to transfer money out of SIA by foreigners, recently one bank wanted a tax clearance before effecting the transfer and another wanted the original Form 1 to be singed and sent from the foreign investor until then didn't do the transfer of funds.
All these restrictions were not there last year and the purpose of SIA was to facilitate foreign investments in SL, one would have thought. They are putting these restrictions now when there is lot of foreign selling buy big funds.

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
No idea need to check with the CBSL!!!

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Such actions (may be temporary) taken by banks to monitor the outflow of foreign currency by imposing restrictions definitely unscrew the trust of placing investment. Isn't it?

ice4083


Senior Equity Analytic
Senior Equity Analytic
Hope it will be temporary, apart from the additional headache of sorting out paperwork foreign funds lose interest and opportunities lost, some would have booked deals but when expected cash flows are not coming will have a major issue at that end.

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