Cabinet nod to table 4 gazettes to restrict imports

Friday, 18 September 2020 00:19 - - {{hitsCtrl.values.hits}}

Regulations relate to suspension of imports of non-essential items, commercial goods, motor vehicles
Move aimed at reducing wpressure on foreign exchange rate impacted by COVID-19

Cabinet has given approval to table four gazette notifications under the Imports and Export (Control) Act to give effect to restrictions on several imports, including motor vehicles. Prime Minister Mahinda Rajapaksa in his capacity as Finance Minister presented the proposal to Cabinet to get parliamentary approval for these measures.

The proposal on the regularisation of imports and restoration of economic activities was presented by President Gotabaya Rajapaksa to Cabinet at its meeting on 1 April and is aimed at reducing the pressure on the foreign exchange rate impacted by the COVID-19 pandemic.

Subsequently the President appointed the Customs Tariff Determination Committee to propose the measures to strengthen and revitalise the national economy in line with the policy statement.

In accordance with the recommendations of the committee, imported goods were classified into three categories and steps were taken as an interim measure to regulate imports.

These include suspending imports of non-essential items that can be grown or produced locally, commercial goods and motor vehicles, granting permission to import selected goods on loan facility provided by suppliers or on foreign exchange free basis and granting permission to import selected goods required for local industries, agriculture, export processing and local consumption.