There has been a slight relaxation to controls on the ‘Repatriation of Export Proceeds into Sri Lanka’ set out earlier by the Monetary Board.
The Monetary Board, having considered the requests made by exporters of goods, has amended the Gazette.
The new gazette will look to reduce the percentage of mandatory conversion requirement of export proceeds of goods into Sri Lankan Rupees from 25 per centumto 10 per centum, and to extend the number of days given to exporters to convert the export proceeds of goods into Sri Lankan Rupees, as required from fourteen (14) days to thirty (30) days, provided, however, that such date of conversion shall not be a date later than One Hundred and Eighty (180) days from the date of shipment.
For more details, please refer to Rule No. 3 of 2021 as published in the Gazette Extraordinary No. 2222/60 dated 09.04.2021. (http://www.documents.gov.lk/files/egz/2021/4/2222-60_E.pdf)
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