Foreign currency account for international service ... - HSBC Sri Lanka

LETTER OF INDEMNITY
To:
The Manager
HSBC
…………..Branch
Dear Sir/Madam,
ACCOUNT NAME …………………………………………..
Further to our request to open Foreign Currency Accounts for International Services
Providers and their Employees (FCAISPE) in the domestic unit of your branch, we hereby
undertake the following:
1. We confirm that only the following permitted credits and debits will be routed through the
aforesaid Foreign Currency Account:
Permitted Credits:
Permitted Debits:
a) Proceeds on international services received from abroad through
banking channels in designated foreign currency
b) Employment income paid out of foreign currency received by an
employer for Exempt Projects
c) Interest accruing on the funds held in the account .
a) Payments in foreign currency in the form of bank transfers to employees
directly involved in Exempt Projects carried out by the employer
b) Payments in foreign currency outside Sri Lanka for transactions permitted
to persons resident in Sri Lanka
c) Withdrawal in Sri Lanka Rupees
2. We will not under any circumstance overdraw the current account opened under this
scheme.
3. We will undertake to abide by regulations imposed from time to time by the Department of
Exchange Control regarding the maintenance and operation of Foreign Currency Accounts
for International Services Providers and their Employees (FCAISPE).
4. We undertake to keep you informed in the event we cease to be employed in projects
carried out by the employer which are exempt under the Inland Revenue Act No 10 of 2006,
which are Exempt Projects .
Contd ……../2

4. We will keep you, the Bank indemnified at all times against all actions, proceedings,
claims, losses, damages, costs and expenses which may be brought against you or suffered
incurred by you as a result of any breach of the above.
Yours faithfully,
…………………………………..
Authorized Signature/s in accordance with the Mandate
Date ………………