“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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