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“Ceylon Speciality Teas” to compete in Las Vegas

An array of finest Ceylon speciality teas, harvested from plantations across the misty hills and valleys of the seven ago-climatic regions in Sri Lanka, will travel all the way to Las Vegas to appear before an international panel of tea experts, who will select the winners on 1st June 2008 at Palm B Hall on Level 3 of the South Convention Center at Madalay Bay.

The second edition of the “Ceylon Speciality Estate Tea of the Year” competition, launched by Sri Lanka Tea Board, will be held in Las Vegas in conjunction with World Tea Expo 2008. Organized in association with the Tea Association of the USA, Inc. and the Embassy of Sri Lanka in Washington D.C., the competition aims at introducing the finest speciality teas from Sri Lanka to the North American consumer.

With exports over 310 million kg per year, Sri Lanka ranks the largest supplier of black tea to the world. Diverse climatic conditions have helped the different agro-climatic regions in Sri Lanka produce finest teas with characteristics unique to each region, just like the wines produced in French vineyards. Despite, the fact that “Ceylon tea” has become a household name in every country across the world, consumers appear to have only a little knowledge about the single garden, Ceylon speciality tea varieties. The forthcoming competition will, therefore, be an ideal opportunity to learn more about this healthiest natural beverage, gifted by Sri Lanka to the world.

The Embassy cordially invites all tea lovers to join this occasion. Participants will also have the opportunity of purchasing the winning teas at an on-site charity auction.

Please contact any of the following for further details.

Mr. Ranjith Abeykoon
Actg. Director / Tea Promotion
Sri Lanka Tea Board, Colombo
Tel: (94) 11 258 3343
Fax: (94) 11 258 7341
E-mail: promotion@pureceylontea.com

Mr. Joe Simrany
President/Tea Association of the USA, Inc.
New York
Tel: (212) 986 6998 / 986-9415
Fax: (212) 697-8685
E-mail: Simrany@teausa.org

Mr. Nimal Karunatilake
Minister (Commercial)
Embassy of Sri Lanka
Washington D.C.
Tel: (202) 483 4029
Fax: (202) 232 7181
E-mail: commercial@slembassyusa.org

 

OPENING OF RUPEE ACCOUNTS BY NON RESIDENT SRI LANKANS

Brief Note:

A Non resident Sri Lankan with US citizenship can open the following rupee accounts in Sri Lanka:

(1) A Non Resident Rupee Account in any form (either interest bearing or non interest bearing basis) with a commercial bank out of foreign exchange remittances brought into the country by him.

Funds in this account could be utilized for any current international transaction or disbursements in Sri Lanka in rupees. Any transfers out of the account other than for current transactions should be with prior approval of Exchange Control.

(2) A Non Resident Rupee Account with a commercial bank in Sri Lanka out of his income or disposal of his assets in Sri Lanka.

Prior permission of the Central Bank is required to open such an account with a commercial bank. This account may also be maintained in the form of interest bearing or non interest bearing basis, but funds in the account will be permitted to be remitted out of Sri Lanka only with prior permission of the Central Bank. According to current Exchange Control regulations, a Sri Lankan with foreign citizenship is treated as an emigrant from Sri Lanka and he is entitled to take out his capital funds in the account only upto a ceiling Rs. 750,000 per person subject to a limit of Rs. 1 mn. per family unit. Balance funds should be retained in Sri Lanka. However, any interest income on such account could be remitted out of Sri Lanka net of income tax etc.

Controller of Exchange

 

CHAPTER 6

RUPEE ACCOUNTS OF NON-RESIDENTS AND BRANCHES OF FOREIGN CORPORATIONS.

1. An authorised dealer may open and maintain in Sri Lankan Currency any of the following accounts

(a) Non-Resident Rupee Accounts;
(b) Special Rupee Accounts for the purposes of section 10(d) and 15(b) of the Inland Revenue Act No. 28 of 1979;
(c) Special Resident Rupee Current Accounts.
(d) Rupee Accounts for Non-Resident Sri Lankan Investment (RANSI)

2. Non-Resident Rupee Accounts may be opened for -

(a) a national of a foreign country resident outside Sri Lanka;
(b) a company or a firm incorporated or established outside Sri Lanka;
(c) a national of Sri Lanka, other than an emigrant, resident outside Sri Lanka;
(d) a bank incorporated outside Sri Lanka which does not carry on banking activities in Sri Lanka.

3. A Non-Resident Rupee Account held by a person referred to in clauses (a) and (b) of paragraph 2 may be credited with -

(a) proceeds of inward remittances in favour of the account holder and converted into Sri Lankan rupees at the prevailing rate of exchange;
(b) local credits other than funds derived from capital transactions and funds in such an account may be utilised for -
(c) outward remittances in respect of current account transactions;
(d) local disbursements.

4. A Non-Resident Rupee Account held by a person referred to in clause (c) of paragraph 2 may be credited with -

(a) proceeds of inward remittances in favour of the account holder and converted into Sri Lankan rupees at the prevailing rate of exchange;
(b) local credits
and funds in such an account may be utilised for -
(c) local expenses; and
(d) outward remittances in respect of current account transactions.

4A. Authorised dealers may pay interest on funds in Non-Resident Rupee Accounts of persons referred to in clauses (a),(b) and (c) of paragraph 2, other than in current accounts on which money would be withdrawn on demand.

5. A Non-Resident Rupee Account held by a bank referred to in clause (d) of paragraph 2 may be operated without any restriction.

6. When an authorised dealer is satisfied that a holder of an ordinary rupee account or one or more of the joint holders of such an account is or are resident outside Sri Lanka, the authorised dealer shall redesignate such account as a Non-Resident Rupee Account referred to in paragraph 1(a) and inform the account holder accordingly and thereafter the provisions of paragraph 4 shall apply to such account.

7. (a) A rupee account maintained by a migrant prior to the departure of the migrant from Sri Lanka, shall after the departure be treated as a Non-Resident Rupee Account referred to in paragraph 1(a) until such account is designated as a Blocked Account of the emigrant on instructions issued by the Controller of Exchange.

(b) Except with the prior written approval of the Controller of Exchange, funds arising from capital transactions of the emigrant shall not be credited to a Non-Resident Rupee Account referred to in subparagraph (a) nor shall funds in such an account be utilised for outward remittances.

(c) Funds in a Non-Resident Rupee Account referred to in subparagraph (a) may be utilised for local disbursements without any restrictions

 

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