New Regulations Tighten Monitoring Of Import Payments

COLOMBO (News 1st) - An Extraordinary Gazette Notification has been issued introducing new administrative regulations on import-related payments, effective from today. 

The notification was signed by President Anura Kumara Dissanayake in his capacity as Minister of Finance.

Under the new rules, banks are required to assign a special transaction number for every import-related payment and report detailed transaction information to Sri Lanka Customs. 

This includes the importer’s TIN number, address, beneficiary details, bank and branch codes, payment value and currency, payment and delivery terms, date of payment, Proforma Invoice number, and details of the imported goods.

Importers are also required to register as qualified importers with Sri Lanka Customs before making advance payments. 

Unregistered importers will not be permitted to make such payments through commercial banks.

The regulations aim to strengthen monitoring of foreign exchange transactions related to imports.