The performance of LCBs improved further in 2006 in terms of growth of assents, expansion in delivery channels, improvement in risk management risk absorption capacity and use of information technology. The LCBs, numbering 23, operated through a network of 1,530 branches, and 1,986 other service outlets. Supporting this network there were 1,127 automated teller machines (ATMs) and 8,753 electronic fund transfer facilities at the point of sale (EFTPOS) machines, which contributed towards greater accessibility of banking services. There were 16 banks providing fully fledged Internet banking facilities with many banks utilizing the developments in information and communication technologies to offer innovative service delivery mechanisms such as postal network and mobile phones to deliver financial and payment related services were witnessed during the year.
Share trading in Sri Lanka dates back to 1896 under the Colombo Share Brokers Association. Developments keeping in line with changing global trends resulted in the establishment of the Colombo Stock Exchange(CSE) in 1985. The capital markets regulator of the country, the Securities and Exchange Commission, formally recognized the role of the CSE and issued a license in 1987. The subsequent establishment of a Central Depository System and the implementation of an Automated Trading System has resulted in the CSE being recognized as one of the most developed and technologically advanced exchanges in the region. The CSE has 237 listed companies and a market capitalization of LKR 869 billion as at March'07. Equity is the main instrument traded in the CSE accounting for over 96% of its turnover. The subsequent launch of the Debt Securities Trading System facilitates trading in corporate and government debt, giving investors further investment opportunity. The CSE has witnessed sound performance over the last few years with annual market turnover crossing the LKR 100 billion in both 2005 and 2006. Net foreign investment also witnessed the highest figures ever with LKR 6.1 billion in 2005 and LKR 5.4 billion in 2006.
Non Residents are taxed on 100% of the value of the Asset (Land/House). In case of rent/lease no additional tax will be charged.
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Investment Opportunities and Services for Non-Residents
Hedging exchange rate movements: access to the spot market, forward market and LKR options.
Non-Resident Rupee Accounts (NRRA)
Access to your account in Sri Lanka is easy, wherever you may be. With HSBC Internet Banking and our telephone banking service, you can manage your finances anywhere, 24 hours a day, 7 days a week. Furthermore, with our new security token to access HSBC Internet Banking, you can be assured that your information is being protected by one of the most sophisticated online security systems in Sri Lanka.
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