Press briefing of Cabinet Decision taken on 2022-05-30

Submission of Regulations issued under the Imports and Exports (Control) Act, No. 1 of 1969 in Parliament for Approval

- The Central Bank of Sri lanka has proposed to introduce limitations on selected certain payment terms with a view to curbing the expansion of grey foreign exchange market operations and avoiding under -invoicing of importation at the point of Customs clearance. Accordingly, the Gazette Notification dated 2022‑05‑06 has been issued imposing 'Import Control Regulations on Payment Terms No. 07 of 2022' under the Imports and Exports (Control) Act No. 1 of 1969 enabling to limit the Open Account Payment terms, Consignment Account Payment terms, Documents against payment term and Documents against Acceptance payment term. Such regulation promulgated under the Imports and Exports (Control) Act shall be submitted for approval of Parliament with the approval of the Cabinet of Ministers within one month from the date of its publication. As such, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, Economic Stabilization & National Policies to submit the Import Control Regulations on Payment Terms No. 07 of 2022, in Parliament for approval, was approved by the Cabinet.