💵 SL Restricts Import Advance Payments for Unregistered Importers

The Minister of Finance, Planning and Economic Development has implemented stricter regulations under the Imports and Exports (Control) Act, effective today (June 19, 2026), to enhance the oversight of foreign exchange outflows. • New Restrictions: Commercial banks are now strictly prohibited from processing advance payments for imports unless the importer is officially registered as an "eligible importer for effecting Advance Payment" with the Sri Lanka Customs Department. • Monitoring Mechanism: To improve oversight on outward remittances, banks must assign a unique number to every transaction and immediately report data to Sri Lanka Customs. • Data Requirements: Reports must include the importer's Taxpayer Identification Number (TIN), beneficiary account details, payment terms, and a detailed description of the goods. • Implementation: Operating under Regulations No. 06 of 2026, the Controller General will issue strict operational instructions to commercial banks and customs to enforce compliance immediately.