The Monetary Board of the Central bank has issued a set of rules as published in the Gazette Extraordinary No. 2215/39 dated 18.02.2021 in respect of receipt of export proceeds into Sri Lanka and conversion of such export proceeds into Sri Lanka Rupees.
The set of rules has been issued with the aim of saving much needed foreign exchange inflows into the country and generating maximum benefit for the country out of it.
It is essential to submit all related documentary evidence on each and every receipt of export proceeds in respect of every export of goods made, to the respective Licensed Commercial Bank or the Licensed Specialized Bank that receives such proceeds in Sri Lanka.
Every exporter of goods shall, immediately upon the receipt of such export proceeds into Sri Lanka as required under this Rule, convert twenty five per centum (25%) from and out of the total of the said exports proceeds received in Sri Lanka into Sri Lanka Rupees, through a licensed bank.
The requirement of converting the aforesaid twenty five per centum (25%) from and out of the export proceeds received in Sri Lanka, shall continue, until any other percentage as may be determined by the Monetary Board, from time to time.
All licensed banks shall be required to mandatory monitoring, strictly, the receipts of exports proceeds in Sri Lanka within the period as stipulated and the conversion of such proceeds as required in this Rule, and shall maintain all documentary evidence relating or in connection thereto.
All licensed banks shall submit reports to the Director of the Foreign Exchange Department of the Central Bank of Sri Lanka as may be required from time to time.