Dr Ranjith Siyambalapitiya, state minister for finance, said yesterday that beginning the next week, import restrictions on 300 to 400 items will be abolished.
This declaration was delivered by the State Minister to the media following a ceremony. According to him, these import restrictions will be lifted when the currency acquires strength as a result of a rise in the supply of goods competing with the demand for dollars.
He did, however, add that there are no intentions to loosen import limits on products that may be made in-country. Out of 8,000 imports during the previous two years, the government had control over 3,000 using HS codes. The limits were later reduced to 1,000 since they had an adverse effect on small and medium-sized enterprises that relied on inputs. (Daily News)
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