46. Nature of business that may be authorised to be carried on by those engaged in offshore banking business

The Commission may, with the concurrence of the

President or in the event that the subject of the Colombo

Port City is assigned to a Minister, with the concurrence of such Minister, recommend to the Minister assigned the subject of Finance, in the national interest or in the advancement of the national economy, to authorise any company engaged in offshore banking business to carry on all or any of the following businesses: -

accept savings, time and demand deposits from any authorised person or a non-resident in any designated foreign currency;

borrow any sum in a designated foreign currency from any non-resident;

extend accommodation to any non-resident in any designated foreign currency;

engage in any transaction in any designated foreign currency with any other offshore unit;

engage in any other transaction in a designated foreign currency with a non-resident;

engage in any other transaction as may be envisaged under this Act; or

engage in any other transaction in any designated foreign currency, authorised by the Commission with the concurrence of the Monetary Board.