IIA is a special account designated for eligible investor resident in or outside Sri Lanka to route funds to invest in the permitted investments. Licensed Commercial Banks and Licensed Specialized Banks (as permitted) are permitted to open and maintain IIA in the Domestic Banking Unit of a Licensed Commercial Bank and Licensed Specialized Bans (as permitted) in the name of the eligible investor, subject to the terms and conditions stipulated in the Government Gazette bearing No. 2045/56 (dated 17/11.2017) and the Direction issued on the same. IIA may be maintained in Sri Lankan rupees or in any designated foreign currency and may be held jointly by eligible investors.
As per the Government Gazette bearing No. 2045/56 and the Direction issued, Permitted Credits and Debits to IIA are as follows:
Transactions or transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.