Dear Sir,
According to new governement regulation "Repatriation of export Proceeds into sri Lanka RulesNo. 5 of 2021" residents who are providing good and services to persons resident outside Sri Lanka are liable under this regulation.
Every exporter of goods and services, who receives export proceeds in sri Lanka, 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 in respect of current transactions of the exporter of goods andservices;
ii. withdrawal in foreign currency notes or transfer of funds for travel purpose of the exporter of goods and services;
iii. debt servicing expenses and repayment of foreign currency loans andaccommodations obtained by the exporter of goods and services, where such foreigncurrency 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 banking act, No. 30 of1988, as amended;
iv. payments for purchases of goods and obtaining services by the exporter of goods andservices, related to such export of goods and services including one-monthcommitments in foreign currency, thereof; and
v. payments in respect of making investments in sri Lanka development bonds inforeign currency up to ten per-centum (10%) of the export proceeds, so received.
It is mandatory to obtain documentary evidence for each and every receipt of Foreign currency remittance received to Foreign Currency accounts and therefore please send us documentary with reference to your remittance to below mentioned Email address.
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