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Regulations to Parliament on import control and illegal foreign exchange

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The Cabinet has approved the submission to Parliament for approval of the regulations issued under the Imports and Exports (Control) Act No. 1 of 1969.

According to the government, limitations were proposed for certain payment methods chosen by the Central Bank of Sri Lanka with the goal of preventing the spread of illegal foreign exchange market activities and preventing invoices for lower import values.

As a result, on the 06th of May 2022, a gazette notification was issued imposing ‘import control regulations for payment methods No. 07 of 2022’ under the Imports and Exports (Control) Act No. 1 of 1969 to enable the limitation of documentation payment methods on open accounts, the basis of payment of money after goods are sold, payment methods of documents on payments, and payment methods on recognition.

According to the Imports and Exports (Control) Act, such a regulation should be submitted to Parliament for approval within a month of its publication, subject to the approval of the Cabinet of Ministers.

As a result, the Cabinet approved the Prime Minister’s proposal as Minister of Finance to submit the import control regulations for payment methods No. 07 of 2022 to Parliament for approval.

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