Central Bank issues new rules for receipt of export proceeds into Sri Lanka

The Central Bank of Sri Lanka has issued new rules for the receipt of export proceeds into Sri Lanka.

Accordingly, local suppliers who receive payments in foreign currency out of the export proceeds must mandatorily convert the residual of such receipts into Sri Lanka Rupees.

In a gazette notice issued today, the Central Bank states that all exporters of goods and/ or services must receive the export proceeds in Sri Lanka, in respect of all goods exported and/ or services provided outside Sri Lanka, within 180 days from the date of shipment or provisioning of services.

Exporters must immediately upon all and every receipt/s of export proceeds being received, forthwith submit all related documentary evidence on each and every receipt of export proceeds, in respect of every export of goods and/ or services to the respective Licensed Commercial Bank or a permitted Licensed Specialized Bank that receives such proceeds, in Sri Lanka.

The Director of the Department Foreign Exchange of the Central Bank of Sri Lanka will have the right to initiate action against any non-compliance with, or transgression of these Rules, by any exporter/ local supplier or licensed bank, in respect of the export of goods and/ or services, in terms of these rules. (Colombo Gazette)