COLOMBO: Sri Lanka today repealing an exemption granted 23 years ago imposed new controls on exporters requiring them to bring the proceeds from exports back to the country.
The Central Bank today announced that as part of current policy measures taken to improve the foreign exchange inflows to the country, the Minister of Finance has issued a Gazette Notification (Extraordinary) dated 01 April 2016 repealing the exemption granted in respect of payment for goods exported from Sri Lanka in the Extraordinary Gazette Notification dated 26 March 1993.
The exporters are required to repatriate any payment retained abroad as at 01 April 2016 to Sri Lanka before 01 May 2016.
Any payments received on or after 01 April 2016 are required to be repatriated to Sri Lanka within 90 days from the date of exportation of goods.
These proceeds may be credited to any Foreign Currency Account maintained in the name of the exporter in the Domestic Banking Unit of a Licensed Commercial Bank (LCB) or sold to a LCB.
