Press briefing of Cabinet Decision taken on 2016-08-16

Permission under Section 22(4) of the Exchange Control Act for Remittance of Export Proceeds

- In terms of the provisions of the Exchange Control Act, export proceeds should be repatriated to Sri Lanka, within a period of 90 days from the date of exportation of goods. Taking into consideration the requests made by the respective stakeholders, the proposal made by Hon. Ravi Karunanayake, the Minister of Finance, to extend that period up to 120 days, with effect from 01st of August 2016 and to grant a grace period of 30 days from the completion of 120 days, prior to initiating legal action, was approved by the cabinet.