Sri Lanka Introduces New Rules To Monitor Import Payments

COLOMBO, June 19 (Xinhua) -- Sri Lanka has introduced new regulations to strengthen the monitoring of outward remittances linked to import transactions, the Ministry of Finance, Planning and Economic Development said in a Gazette Extraordinary.

The regulations, which took effect on Friday, were issued by Finance Minister Anura Kumara Dissanayake under the Imports and Exports (Control) Act. They amend the Special Import License and Payment Regulations of 2011.

Under the new rules, commercial banks must assign a unique identification number to every import-related remittance transaction. Banks must also immediately submit transaction details to Sri Lanka Customs, including the importer's Taxpayer Identification Number, importer and beneficiary addresses, beneficiary account details, bank and branch codes, currency, payment amount, remittance date, invoice number and a description of the imported goods.

The regulations also require importers seeking advance payments for imported goods to register with Sri Lanka Customs as eligible importers before banks process such payments. Commercial banks are prohibited from making advance payments unless the importer has completed the required registration, the Gazette said.

Authorities said the measures will improve transparency in import-related foreign exchange payments, strengthen coordination between banks and the customs, and help prevent misuse of foreign exchange. 

--NNN-Xinhua