In the latest move to address the acute dollar crunch in the country, the Central Bank (CB) has made it mandatory for all foreign earnings from exported goods and services to be remitted within 180 days of shipment or provisioning of services.
A special Gazette notification on the new rules was issued by the regulator in a communiqué, titled Repatriation of Export Proceeds into Sri Lanka Rule No. 1 of 2022 on Friday, March 11.
The Central Bank’s Monetary Board issued the new rules 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 licensed commercial bank or a permitted licensed specialised bank.
The Director of the Department Foreign Exchange of the Central Bank is authorised to initiate action against any non-compliance with or transgression of the rules by any exporter, local supplier or licensed bank.