Statutory Regulations. 10.1 The Cardholder(s) agrees to comply with all regulations issued from time to time by the Department of Exchange Control or similar Regulatory Authority, which may be affected by use of the Card(s) and to indemnify of any loss, claim or expenses incurred by the Bank as a result of non compliance or breach of any such regulations in force. 10.2 The Cardholder(s) shall not use the Card(s) for capital transactions and purchase/ import consumer goods in commercial quantities outside Sri Lanka. 10.3 In the event the use of this Card necessitates Electronic Funds Transfer (EFT) or withdrawal from ATM’s in foreign currency, the same will be subjected to regulations issued by the Department of Exchange Control from time to time and will be for authorised purposes only. 10.4 The Cardholder(s) shall surrender the Card(s) to the Bank in the event the Cardholder(s) migrates, leaves Sri Lanka for employment overseas or is deemed ‘non-resident’ as per definitions of Exchange Control Regulations in force from time to time. 10.5 The Bank will comply with the requirements of the Controller of Exchange or any other regulatory authorities as stipulated from time to time and will disclose such transactions to relevant authorities under prevailing Rules and Regulations of the Democratic Socialist Republic of Sri Lanka. 10.6 The Bank may on its own accord cancel the Card(s) without notice to the Cardholder(s) in the event the Bank has any reason whatsoever to believe that there has been a violation of the Exchange Control Regulations or any other statutory regulations in force at the time of such cancellation. 10.7 The Card/s is not to be used for any unlawful activity deemed as an offence under Sri Lankan Law. If any Cardholder is found to have used the Credit Card for such unlawful activity, the Bank reserves the right to immediately terminate the card facility and inform details of such transaction to the CBSL.
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Sources: Credit Cardholder Agreement, Credit Cardholder Agreement, Credit Cardholder Agreement
Statutory Regulations. 10.1 The Cardholder(s) agrees to comply with all regulations issued from time to time by the Department of Exchange Control or similar Regulatory Authority, which may be affected by use of the Card(s) and to indemnify of any loss, claim or expenses incurred by the Bank as a result of non compliance or breach of any such regulations in force.
10.2 The Cardholder(s) shall not use the Card(s) for capital transactions and purchase/ import consumer goods in commercial quantities outside Sri Lanka.
10.3 In the event the use of this Card necessitates Electronic Funds Transfer (EFT) or withdrawal from ATM’s in foreign currency, the same will be subjected to regulations issued by the Department of Exchange Control from time to time and will be for authorised purposes only.
10.4 The Cardholder or an authorised person may use the Card overseas if the Cardholder or authorised person complies with exchange controls and other applicable laws in the country where the Cardholder or authorised person is located. If an authority requires the Bank to do so, or the Bank is otherwise required by law or pursuant to agreements with any regulator or any authority to do so, or if the Bank needs to comply with internal policies associated with any applicable order or sanction of an authority, the Cardholder or an authorised person may be prevented from using the Card overseas.
10.5 The Cardholder(s) shall surrender the Card(s) to the Bank in the event the Cardholder(s) migrates, leaves Sri Lanka for employment overseas or is deemed ‘non-resident’ as per definitions of Exchange Control Regulations in force from time to time.
10.5 10.6 The Bank will comply with the requirements of the Controller of Exchange or any other regulatory authorities as stipulated from time to time and will disclose such transactions to relevant authorities under prevailing Rules and Regulations of the Democratic Socialist Republic of Sri Lanka.
10.6 10.7 The Bank may on its own accord cancel the Card(s) without notice to the Cardholder(s) in the event the Bank has any reason whatsoever to believe that there has been a violation of the Exchange Control Regulations or any other statutory regulations in force at the time of such cancellation.
10.7 10.8 The Card/s is not to be used for any unlawful activity deemed as an offence under Sri Lankan Law. If any Cardholder is found to have used the Credit Card for such unlawful activity, the Bank reserves the right to immediately terminate the card facility and inform details of such transaction to the CBSL.
10.9 The Bank will not encourage/ induce the Cardholder to use the Card to acquire land or any other property, for payment of monthly installments of any property acquired by the Cardholder or any third party, and/or any capital account transaction specified in the Exchange Control Act, Regulations, Directions or Guidelines issued by the relevant authorities.
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Sources: Credit Cardholder Agreement