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Foreign Currency Account Overview

FOREIGN EXCHANGE ACT, No. 12 OF 2017

Regulations made under section 29 read with section 7 of the Foreign Exchange Act, No. 12 of 2017.

Foreign Currency Account Overview
RE-DESIGNATION OF EXISTING ACCOUNTS

Non-Resident Foreign Currency Accounts (NRFCs), Resident Foreign Currency Accounts (RFCs), Resident Non Nationals’ Foreign Currency Accounts (RNNFCs) Non-Resident Non-National Foreign Currency Accounts (NRNNFCs) opened and maintained under the provisions of the repealed Exchange Control Act (Chapter 423), Re-Designated as PERSONAL FOREIGN CURRENCY ACCOUNTS (PFCA)s​