Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal has published an Extraordinary Gazette Notification indicating rules for the repatriation of export proceeds into Sri Lanka.
The Monetary Board of the Central Bank, issued the rules acting in terms of provisions of the Monetary Law Act No. 58 of 1949.
The rules state that every exporter of goods or services shall mandatorily receive the export proceeds in Sri Lanka, in respect of all goods exported or services provided outside Sri Lanka, within 180 days from the date of shipment or provisioning of services.
The Gazette also states that every exporter of goods and services, who receive export proceeds in Sri Lanka, must mandatorily convert export proceeds, into Sri Lanka Rupees on or before the 7th day of the following month.
The Extraordinary Gazette Notification calls on all licensed banks to strictly and mandatorily monitor the receipts of exports proceeds in Sri Lanka and follow the new regulations.
Full Gazette: https://t.co/hFhb0BYJ0X