CBSL withdraws mandatory conversion requirement of export proceeds

[Aki992]

COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has withdrawn the mandatory requirement to convert service export receipts and proceeds by 12th August 2022.

Issuing a release, the CBSL stated that the decision, which was previously taken with the view of encouraging service exporters to repatriate their export proceeds into the country, can now be used by service exporters for the permitted purposes.

However, the mandatory requirement to receive proceeds of service exports to the country within 180 days from the date of provision of services remains unchanged.

According to the information reported by banks, during the first six months of year 2022, a total of USD 1,533 million has been received as service exports receipts, of which USD 406 mn has been converted to Sri Lankan Rupees.

The highest monthly service export proceeds of USD 324 mn were received in March 2022. During discussions with representatives of service exporters, they have highlighted the potential to further enhance export receipts, the CBSL stated.

All exporters have been encouraged to bring in all export proceeds to the country at this time of need, while taking note of the mandatory requirement to receive such proceeds within 180 days.

The Central Bank has intensified its monitoring on compliance with the relevant requirements with respect to exporters and Authorised Dealers.

https://www.newsfirst.lk/2022/08/16...ry-conversion-requirement-of-export-proceeds/

 

[Walter White]

Bumpi!

 

[Aki992]

https://www.cbsl.gov.lk/en/news/rel...quirement-on-service-export-receipts-proceeds

 

[VPS09]

Aparade eye $4000k send wela upwork eken RFC ekata. eye watuna nisa convert wei neda ?

 

[Aki992]

Aparade eye $4000k send wela upwork eken RFC ekata. eye watuna nisa convert wei neda ?

Repatriation of export proceeds into Sri Lanka

1. These Rules shall be cited as “Repatriation of Export Proceeds into Sri Lanka Rules No. 2 of 2022”.
2. The Repatriation of Export Proceeds into Sri Lanka Rules No. 1 of 2022 issued by the Monetary Board of the Central Bank of Sri Lanka and published in the Gazette (Extraordinary) Notification No. 2270/66 dated 11th March 2022, are hereby amended by the repeal of Rule 4 thereof and the substitution therefor, of the following new Rule.

“4. Every exporter of goods, who receives export proceeds in Sri Lanka, in terms of Rule 3 above, shall mandatorily convert residual of the export proceeds received in Sri Lanka, into Sri Lanka Rupees upon utilizing such proceeds only in respect of the below mentioned authorized payments, on or before the seventh (7th) day of the following month,

i. outward remittances for current transactions related to the particular export of goods including one-month commitments therein;
ii. withdrawal in foreign currency notes or transfer of funds for travel purposes related to export of goods;
iii. debt servicing expenses and repayment of foreign currency loans and accommodations obtained by the exporter of goods, where such foreign currency loan and accommodation is a permitted borrowing in terms of the Regulations, Orders and Directions issued by the Central Bank of Sri Lanka under the provisions of the Foreign Exchange Act, No. 12 of 2017 or the Banking Act, No. 30 of 1988, as amended, including one-month loan commitments;
iv. payments of dividends declared to non-resident investors and/ or payments of salaries to expatriate employees who are foreign nationals or dual citizens as permitted under the provisions of the Foreign Exchange Act, No. 12 of 2017;
v. payments in respect of making investments in Sri Lanka Development Bonds in foreign currency up to ten per-centum (10%) of the export proceeds, so received; and vi. payments to local suppliers who are permitted to receive payments in foreign currency in terms of the Directions issued by the Central Bank of Sri Lanka under the provisions of the Foreign Exchange Act, No. 12 of 2017 for the purchases related to the particular export of goods.

Source :https://dfe.lk/web/images/rdevelopm...d8ece8791bb3b-2292-50-E---Export-Proceeds.pdf

 

[kinkon]

බම්ප්