ID and Cash Limits for Buying Silver in Sri Lanka
In Sri Lanka a dealer in precious metals or stones must check your NIC, passport or driving licence, and keep a copy, when you pay cash equal to US$15,000 or more (in rupees or foreign currency). The rules cover precious metals generally, so silver bought from a covered dealer is included. No legal cap on paying cash was found. Dealers report suspicious transactions to the Financial Intelligence Unit, and the FIU fines jewellers that skip ID checks.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying jewellery, coins or bars | ID check for cash of US$15,000 or more (rupee equivalent). | Dealer inspects the original NIC, passport or driving licence and keeps a copy. |
| Paying cash | No legal cap found for buyers. | Since 2023, businesses can't deduct cash payments of over Rs 500,000 a day for tax. |
| Selling | Same US$15,000 cash trigger for the dealer's CDD. | No rule found on how the dealer must pay you. |
| Reported | Suspicious transactions to the FIU. | The 2026 amendment sets a deadline of two working days. |
The rules in detail
- Gem and jewellery dealers are designated non-finance businesses under the Financial Transactions Reporting Act No. 6 of 2006. The Designated Non-Finance Business (Customer Due Diligence) Rules No. 1 of 2018 (Gazette 2053/20) apply to dealers in precious metals and stones when they have a cash transaction with a customer of US$15,000 or more, in rupees or foreign currency.
- For that check the dealer takes your full name, address, occupation, date of birth, nationality, phone number, source of funds and purpose of the purchase. It also needs an official ID number or photo ID, such as an NIC, passport or driving licence, and must see the original and keep a copy. Records are kept for at least six years.
- Enforcement is real: in October 2024 the FIU fined Vogue Jewellers Rs 750,000 for not obtaining ID from customers paying US$15,000 or more in cash.
- Parliament passed the Financial Transactions Reporting (Amendment) Act No. 17 of 2026 and the Prevention of Money Laundering (Amendment) Act No. 16 of 2026 on 9 July 2026, certified on 4 August 2026. They add risk-based CDD and higher penalties, and require suspicious transaction reports within two working days.
When you sell
- For a cash deal at or above US$15,000, expect the same ID check and questions on the source of the silver.
- Large payouts may come by bank transfer, because a business can't deduct cash payments over Rs 500,000 a day for tax.
Gold and travel
- The same CDD rules apply to gold.
- Carrying silver, gold or cash in or out of Sri Lanka is a customs matter. See the travel-allowance page.
Silver ID and Cash Limits in Sri Lanka: FAQ
Do I need ID to buy silver in Sri Lanka?
Yes, if you pay cash worth US$15,000 or more in rupees or foreign currency. The dealer must check your NIC, passport or driving licence, keep a copy and record where the money came from.
Is there a cash limit for buying silver in Sri Lanka?
No legal cap on paying cash was found. Large cash purchases trigger ID checks, and dealers must report suspicious transactions to the Financial Intelligence Unit.
Do I need ID to sell silver in Sri Lanka?
For a cash deal of US$15,000 or more, yes: the dealer applies the same checks, including where the silver came from.
Sources (5)
- Gazette 2053/20: Designated Non-Finance Business (CDD) Rules No. 1 of 2018
- CBSL press release: AML compliance for the gem and jewellery sector (2023)
- Daily Mirror: FIU fines MCB Bank, Bank of China, Vogue Jewellers
- Newsfirst: Speaker certifies new AML and financial-reporting laws (August 2026)
- Orbitax: Inland Revenue (Amendment) Act No. 4 of 2023, cash payments over LKR 500,000
General information for individuals buying or selling silver, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.