The Gazette of Democratic Socialist Sample Clauses

The Gazette of Democratic Socialist. Republic of Sri Lanka, Extraordinary Gazette No 1 7 8 9 / 34 a n d Extraordinary Gazette No.1867/40 of 20th December 2012 subject to which the Card may be used for transactions in foreign exchange. 1. Permission is herein granted for the purpose of Section 7 and 8 of the Exchange Control Act (Chapter 423 of the CLE) for a person in or resident in Sri Lanka to make payments in foreign exchange to a person resident outside Sri Lanka on his Electronic Fund Transfer Card (EFTC) subject to following terms and conditions. (a) A payment on an EFTC to a person or an entity resident outside Sri Lanka may be made only for the following purpose. (i) Payment to be made abroad by a Cardmember for service of a personal nature including travel, accommodation, medical, living and educational expenses. (ii) Payment for purchase of goods abroad for personal use. (iii) Payment for import of goods into Sri Lanka for personal use subject to a limit of US$3,000 (c. i. f.) or its equivalent in any other foreign currency per consignment. (iv) Payment of registration fees, examination fees and annual subscription fees of a personal nature payable to a foreign professional body or academic institution. (v) Payment to be made in respect of insurance premium only for travel and health insurance of personal nature. (b) Any payment in foreign currency on an EFTC for any transaction which falls outside the purview of paragraph 2(a) shall require the prior written permission of the Controller of Exchange, unless such payment is in respect of a permitted transaction made out of the funds lying to the credit of a Non Resident Foreign Currency Account (NRFC) , a Resident Foreign Currency Account (RFC), a Resident Non National Foreign Currency Account (RNNFC) or an Offshore account in an Offshore Banking Unit of a licensed Commercial Bank. 3. For the purpose of this Gazette notification, unless the context otherwise requires ‘Electronic Fund Transfer Card’ (EFTC) means a Card or device that enables the user to transfer value in credit, debit or any other form and includes Credit Cards, debit Cards and stored value Cards. And ‘Personal use’ means for the use of the Cardmember, his/her spouse and children and parents and does not include use for any commercial purpose unquoted.
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