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Press briefing of Cabinet Decision taken on 2022-09-22
Revising the limits existing for the importation of Agricultural Inputs
- The agriculture is facing a severe crisis due to the difficulty of importing inputs required for agricultural activities in a timely manner given the current scarcity of foreign exchange, difficulties in opening Letters of Credit and the limitations of making relevant payments on advance payment system as well. Importers of agriculture inputs have brought to the notice of the Government that especially, when importing agricultural inputs, approval should be obtained from various institutions for each order pertaining to relevant importations thereby delaying such importation and incurring additional cost. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to take necessary action to increase the advance payment limit of US$ 50,000 which is applicable in importing identified agricultural seeds, agro chemicals and chemical fertilizers up to US$ 250,000, enabling to carry out the agricultural activities without any hindrance during the upcoming Maha Season, was approved by the Cabinet.