RIFKA ZIYARD
COLOMBO: Further changes are introduced in rules pertaining to conversion of export proceeds received by an exporter of goods. A Gazette notification dated 9th April 2021 (No. 2222/60) seeks to amend the previous Gazette notifications issued on 18th February 2021 (2215/39) and 9th March 2021 (2218/38).
As per the recent gazette 10% of the export proceeds received into Sri Lanka via a licensed bank should be converted into Sri Lankan Rupees by the exporter of goods. The conversion should be done within 30 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.
Previously, 25 percent of the export proceeds was required to be converted within 14 days of receipt.
The new rules are cited ‘Repatriation of Export Proceeds into Sri Lanka Rules No 3 of 2021’.
