The Government of Sri Lanka has introduced new regulations aimed at strengthening the monitoring and oversight of foreign exchange remittances related to import transactions, with the measures coming into effect from today (19).
The regulations were issued through an Extraordinary Gazette by the Ministry of Finance, Planning and Economic Development under the Imports and Exports (Control) Act. The new provisions, promulgated by Finance Minister Anura Kumara Dissanayake, amend the Special Import License and Payment Regulations of 2011.
According to the Government, the revised framework is intended to improve transparency in import-related foreign exchange payments and enhance coordination between commercial banks and Sri Lanka Customs.
Under the new rules, 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 comprehensive details of each transaction, including the importer’s Taxpayer Identification Number (TIN), addresses of 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 provision of the regulations is the introduction of a mandatory registration requirement for importers seeking to make advance payments for imported goods. Importers must first register with Sri Lanka Customs as eligible importers before such payments can be processed.
Commercial banks are prohibited from facilitating advance payments unless the importer has completed the required registration with Customs.
Authorities say the new measures are designed to strengthen oversight of import transactions, prevent the misuse of foreign exchange, and improve regulatory compliance in cross-border trade.
The Controller General of Imports and Exports is expected to issue operational guidelines to the Director General of Customs, commercial banks, and other relevant institutions to facilitate the implementation of the new regulations.