Export proceeds to be remitted within 180 days | Daily News

Export proceeds to be remitted within 180 days

25% to be converted to LKR

Under directives of the Monetary Board export firms will now have to remit proceeds of their shipped goods within 180 days of export. Exporting companies will also be compelled to convert 25% of their export proceeds into Sri Lankan rupees.

To ensure compliance exporting companies will have to submit all related documentary evidence on each and every receipt of export proceeds to their respective banks.

The ratio of funds that are compelled to be converted into Sri Lankan rupees shall be determined as necessary by the Monetary Board.The banking sector shall be required to provide access to the collected export information to those officers within the Central Bank that are empowered by the Governor or Deputy Governor of the Central Bank.

The rule shall apply from 18 February onwards.