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

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ශ්රී ලංකා මහ බැංකුව
இலங்கை மத்திய வங்கி
CENTRAL BANK OF SRI LANKA

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.

2. 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.

    (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.
   

3. 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

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