CB amends rule on mandatory conversion requirement of export proceeds

The Monetary Board, having considered the requests made by exporters of goods, has amended the Rule No.2 of 2021 as published in the

Gazette Extraordinary No. 2218/38 dated 09.03.2021 to reflect the following.

(a)To reduce the percentage of mandatory conversion requirement of export proceeds of goods into Sri Lankan Rupees from twenty-five (25) per centum to ten (10) per centum,

(b) To extend the number of days given to exporters to convert the export proceeds of goods into Sri Lankan Rupees, as required in (a) above, from fourteen (14) days to thirty (30) days, provided, however, that such date of conversion shall not be a date later than One Hundred and Eighty (180) days from the date of shipment.

For more details, please refer to Rule No. 3 of 2021 as published in the Gazette Extraordinary No. 2222/ 60 dated 09.04.2021.

-CBSL