The Government of Sri Lanka has introduced a new set of regulations, effective from today (19), aimed at enhancing the monitoring and oversight of outward remittances associated with import transactions.
The measures were announced through a Gazette Extraordinary issued by the Ministry of Finance, Planning and Economic Development.
The regulations, promulgated by Finance Minister Anura Kumara Dissanayake under the Imports and Exports (Control) Act, amend the existing Special Import License and Payment Regulations of 2011.
The new measures are designed to improve transparency in import-related foreign exchange payments and enhance coordination between commercial banks and the Sri Lanka Customs Department.
Under the revised regulations, all commercial banks are required to assign a unique identification number to every import-related remittance transaction. Banks must also immediately provide Sri Lanka Customs with detailed information on each transaction, including the importer’s Taxpayer Identification Number (TIN), addresses of both the importer and beneficiary, beneficiary account details, bank and branch codes, currency and payment amount, payment and delivery terms, remittance date, proforma invoice number, and a description of the imported goods.
A key feature of the new rules is the introduction of a mandatory registration requirement for importers seeking to make advance payments for imported goods. Importers must first register with the Sri Lanka Customs Department as eligible importers before any advance payment can be processed.
The regulations further prohibit commercial banks from effecting advance payments unless the importer has completed the required registration with Customs. Authorities say this measure will help prevent misuse of foreign exchange and improve the monitoring of import transactions.
To support implementation, the Controller General of Imports and Exports will issue operational instructions to the Director General of Customs, commercial banks, and other relevant institutions.
