Finance Minister issues Gazette banning Open Account for imports except export sector

 https://www.ft.lk/front-page/Finance-Minister-issues-Gazette-banning-Open-Account-for-imports-except-export-sector/44-734566

As per the new Gazette, Open Account Payment Terms or Consignment Account Terms will only be allowed to:

 (a) Exporters, who are settling the payments for importation of goods, which are necessary for their export purposes, from the export proceeds in their Business Foreign Currency Account or Offshore Foreign Currency Account, and (b) Local suppliers, who supply goods for those exporters, receiving payments in the foreign currency and making payment for importation of goods for such supply using the Foreign Currency so received to his Business Foreign Currency Account or Offshore Foreign Currency Account.

An importer from 20 May will have to adhere to following procedures when clearing imported goods from the Sri Lanka Customs;

a)The Importer shall obtain an endorsement on the Commercial Invoice from his licensed bank stating that the importer has the foreign currency in his Business Foreign Currency Account or Offshore Foreign Currency Account to settle that payment

b)The endorsed Commercial Invoice should be submitted to the Sri Lanka Customs at the time of Customs clearance of such goods