Friday Nov 15, 2024
Friday Nov 15, 2024
Wednesday, 24 August 2022 00:27 - - {{hitsCtrl.values.hits}}
The Government has slapped a temporary ban on the import of products from over 360 categories in a bid to save foreign exchange and support local manufacturers.
The move was announced via special regulations yesterday under the Imports and Exports Control Act by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies.
As per these regulations (“Imports and Exports (Control) Regulations No. 13 of 2022”) importation of specified goods will be temporarily suspended effective from 23 August until further notice. However, the goods specified which have been shipped on board with the date of Bill of Lading/Airway Bill on or before 23 August and arrived at any seaports or airports in Sri Lanka on or before 14 September, will be allowed for Customs clearance.
The new move is not applicable for imports by any enterprises/operators, approved under the Temporary Importation for Export Purposes (TIEP) Scheme of the Sri Lanka Customs or any enterprises, approved under Section 17 of the Board of Investment of Sri Lanka (BOI) Act, No. 4 of 1978 for processing and re-export purposes including on “No Foreign Exchange (NFE)” basis.
Importation of any goods, specified by any approved enterprises for processing and re-export purposes may be allowed by the Controller General of Imports and Exports Control on recommendation of the Secretary, Ministry of Industries or Director General, Export Development Board of Sri Lanka, case by case basis.
Any other requests for importation of any goods, specified by any other enterprises may be allowed by the Controller General of Imports and Exports Control subject to approval of the Minister in charge of the subject of Finance on recommendation of the Secretary to the Treasury for the purpose of direct usage, not for trading purposes, of such enterprises, case by case basis.
The Director General of Sri Lanka Customs will not entertain any letters of recommendation unless such letters are channelled through the Controller General of Imports and Exports Control for the purpose of Customs clearance.
