Sri Lanka has introduced a tighter regime over outward foreign exchange payments tied to imports, with a Gazette Extraordinary issued by the Ministry of Finance, Planning and Economic Development taking effect on Thursday.
The regulations — Imports and Exports (Control) Regulations No. 06 of 2026, signed by President Anura Kumara Dissanayake on Wednesday in his capacity as Finance Minister — were promulgated under the Imports and Exports (Control) Act, No. 1 of 1969, amending the earlier Special Import License and Payment Regulations of 2011. The framework is aimed at improving transparency over import-related payments and tightening coordination between commercial banks and Sri Lanka Customs.
Under the revised rules, commercial banks must assign a unique identification number to every import-related remittance and pass detailed transaction information to Customs at the time of payment. The required disclosures include the importer’s Taxpayer Identification Number (TIN), the addresses of both the importer and the beneficiary, the beneficiary’s account and bank branch codes, the currency and amount, payment and delivery terms, the remittance date, the proforma invoice number and a description of the goods.
The Gazette also introduces a mandatory pre-registration requirement for any importer seeking to make advance payments. Importers must first register with Sri Lanka Customs as eligible importers; banks are barred from processing advance payments unless that registration is in place. Authorities say the change is intended to curb misuse of foreign exchange and stop advance payments being used to inflate import bills or move money out of the country without a matching shipment.
To support implementation, the Controller General of Imports and Exports will issue operational instructions to the Director General of Customs, commercial banks and other relevant institutions.
The move follows a string of other tax and trade administration changes this year, including the Inland Revenue Amendment Act No. 11 of 2026 making the TIN mandatory across financial and business transactions and the Central Bank’s 30-day rupee conversion rule on export proceeds. It also lands as the government tightens vehicle import processes to curb a surge in motor-vehicle dollar outflows and aligns customs and labour rules with US trade demands.
Sources: Sri Lanka introduces new regulations to strengthen oversight of import-related remittances — Ada Derana, June 19; Sri Lanka introduces stricter controls on import payments under new regulations — Newswire, June 19.
