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Sunday Nov 10, 2024
Saturday, 30 October 2021 02:30 - - {{hitsCtrl.values.hits}}
The Central Bank Monetary Board yesterday issued new rules, as published in the Gazette Extraordinary No. 2251/42 dated 28 October, in respect of repatriation of export proceeds into Sri Lanka and conversion of such export proceeds to rupees.
The latest move repeals the existing rules issued under the Monetary Law Act, No.58 of 1949. The new rules are applicable for both exporters of goods and services in Sri Lanka, CBSL said.
It said the new rules require exporters to convert, the residual (remaining balance of such export proceeds received), into rupees, on or before the seventh day of the succeeding month, upon meeting the following authorised payments:
*Outward remittances in respect of current transactions;
*Withdrawal in foreign currency notes, as permitted;
*Debt servicing expenses and repayment of foreign currency loans;
*Purchases of goods and obtaining services including one-month commitments; and
*Payments in respect of making investments in Sri Lanka Development Bonds in foreign currency up to 10% of the export proceeds, so received.
“Accordingly, with the issuance of these rules, exporters are able to meet all the expenditure relating to the export of goods and services out of their export proceeds,” CBSL said.
It also said further information on the above can be obtained by referring to ‘Repatriation of Export Proceeds into Sri Lanka Rules No. 5 of 2021’ as published in the Gazette Extraordinary No. 2251/42 dated 28 October, accessible through www.dfe.lk
