Rules for repatriation of export proceeds into Sri Lanka gazetted
March 12, 2022 07:32 am
Foreign earnings from all exported goods and services supplied overseas are mandatory to be remitted to Sri Lanka within 180 days after shipment or provisioning of services, a special gazette notification issued by the Central Bank Governor says.
The communiqué, titled Repatriation of Export Proceeds into Sri Lanka Rules No. 1 of 2022, was published on Friday (March 11).
The Central Bank’s Monetary Board issued new rules, acting in terms of the provisions of the Monetary Law Act, No. 58 of 1949.
As per the gazette notification, every exporter should immediately upon receiving export proceeds, forthwith submit all related documentary evidence on each and every receipt of export proceeds to the respective Licensed Commercial Bank or a permitted Licensed Specialized Bank.
The Director of the Department Foreign Exchange of the Central Bank is authorized to initiate action against any non-compliance with, or transgression of the rules by any exporter, local supplier or licensed bank.
