The Government has introduced new regulations to strengthen oversight of outward remittances linked 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 and were promulgated by Finance Minister Anura Kumara Dissanayake under the Imports and Exports (Control) Act.
The amendments revise the Special Import License and Payment Regulations of 2011 and are aimed at improving transparency in import-related foreign exchange payments while enhancing coordination between commercial banks and the Sri Lanka Customs Department.
Under the new rules, commercial banks are required to assign a unique identification number to every import-related remittance and immediately share transaction details with Sri Lanka Customs. The information must include the importer’s Taxpayer Identification Number (TIN), addresses of both the importer and beneficiary, beneficiary account details, bank and branch codes, currency and payment amounts, remittance dates, payment and delivery terms, proforma invoice numbers, and descriptions of imported goods.
A key provision of the regulations requires importers seeking to make advance payments for goods to register with Sri Lanka Customs as eligible importers before such payments can be processed.
Commercial banks have also been prohibited from facilitating advance payments unless the importer has completed the mandatory Customs registration process.
Authorities said the new measures are intended to curb the misuse of foreign exchange and improve the monitoring of import-related transactions.
The Controller General of Imports and Exports is expected to issue further operational instructions to the Director General of Customs, commercial banks, and other relevant institutions to support the implementation of the regulations.
