Sri Lanka Introduces New Regulations to Strengthen Monitoring of Import Payments

The Sri Lankan government has introduced new regulations aimed at enhancing the monitoring of foreign currency payments related to imports, in a move designed to improve transparency and oversight in the import sector.

The regulations were announced through a gazette notification issued by Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development, under the provisions of the Import and Export Control Act.

Under the new rules, banks are required to assign a special transaction number to every payment made for import-related transactions. Financial institutions must also report comprehensive details of these transactions to the Sri Lanka Customs Department.

The information to be submitted includes the importer’s Tax Identification Number (TIN), address, beneficiary details, bank and branch codes, payment amount, currency type, payment and delivery terms, payment date, provisional invoice number, and details of the imported goods.

In addition, importers will now be required to register as qualified importers with the Sri Lanka Customs Department before making any advance payments for imported goods. Importers who have not completed this registration process will not be permitted to make advance payments through commercial banks.

The new regulations came into effect today, June 19.

According to the government, the measure is intended to increase transparency in import-related transactions and ensure more effective monitoring of foreign currency outflows from the country.