Further rules are introduced for repatriation of export proceeds under the Monetary Law Act.
RIFKA ZIYARD
COLOMBO : A Gazette notification has been published dated 9th March 2021 (2218/38) introducing a time limit (modifying the initial Gazette Notification 2215/39) by which exporters of goods should convert 25% of the export proceeds received into Sri Lankan Rupees via a licensed bank.
As per the ‘Repatriation of Export Proceeds into Sri Lanka Rules No 2 of 2021’, such conversion should be done within 14 days upon the receipt of the export proceeds (by exporters of goods) into Sri Lanka, through a licensed bank. However, the conversion of the export proceeds should not be a date later than 180 days from the date of the shipment.
The requirement stated in the initial gazette 2215/39 dated 18th February 2021 was to immediately convert 25% of the export proceeds received by exporters of goods to Sri Lankan Rupees which now stands amended as above.
