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2017-07-20 | Payment and Settlement System Circular No 8 of 2017

Maximum Limits on Transaction Value and Fees of Common Electronic Fund Transfer Switch

The Central Bank of Sri Lanka issued Payment and Settlement Systems Circular No. 08 of 2017 to regulate transaction values and fees for the Common Electronic Fund Transfer Switch (CEFTS). The directive caps standard fund transfers at Rs. 5 million per transaction, with a specific limit of Rs. 20 billion for payments to Sri Lanka Customs. Additionally, it establishes maximum service fees of Rs. 50 for digital channels and Rs. 100 for over-the-counter or inter-bank ATM transactions, replacing the previous 2015 circular effective 20 July 2017.

Sri Lanka

Central Bank of Sri Lanka

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ගෙවීම් සහ පියවීම් දෙපාර්තමේන්තුව | கொடுப்பனவுகள், தீர்ப்பனவுகள் திணைக்களம் | Payments and Settlements Department

20 July 2017

Payment and Settlement Systems Circular No. 08 of 2017

To : The Chief Executive Officers of Licensed Banks and Licensed Finance Companies

Dear Sir/Madam,

Maximum Limits on Transaction Value and Fees of Common Electronic Fund Transfer Switch

This Circular is issued in terms of Section 44 of the Payment and Settlement Systems Act No. 28 of 2005 (Act) read with Section 4 of the Act to promote and facilitate the Common Electronic Fund Transfer Switch (CEFTS) through greater customer participation.

All members of CEFTS shall adhere to the following maximum limits on transactions initiated by own customers through CEFTS.

2.1 The maximum value of fund transfers effected through all transaction codes except the transaction code "58" shall not exceed Rs. 5 million per transaction. The maximum value of a fund transfer effected to Sri Lanka Customs through the transaction code "58" shall not exceed Rs. 20 billion.

2.2 The maximum fee charged on a transaction shall not exceed: (a) Rs. 50 per transaction in respect of fund transfers effected through i. Internet Banking; ii. Mobile Banking; and iii. ATMs of respective member of CEFTS.
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 (b) Rs. 100 per transaction in respect of fund transfers effected Over-the-Counter.

 (c) Rs. 100 per transaction in respect of fund transfers effected through ATMs of other members of CEFTS.
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This Circular shall replace the Payment and Settlement Systems Circular No. 01 of 2015 and shall come into operation with effect from 20 July 2017.

[Signature]

R M Jayawardena Additional Director Payments and Settlements