Japan Used Motor Vehicle Exporters Association (JUMVEA) Chairman Jagath Ramanayake has urged the government to make a valid chassis number a mandatory requirement when opening a Letter of Credit (LC) for brand-new vehicle imports, arguing the change would close a loophole at the centre of the recent controversy over advance knowledge of import rule changes.
Ramanayake’s intervention follows public debate over vehicle import restrictions and allegations that some parties had advance notice of regulatory changes, allowing them to open LCs before the new rules took effect.
“There is a law in our country regarding the date a Letter of Credit is opened. But now, controversially, fingers are being pointed at the government, claiming this message went into the hands of a few people before the law was implemented,” Ramanayake said.
He proposed that all vehicle import LCs be linked to a specific vehicle through its chassis number, arguing this would eliminate loopholes and improve transparency. Used vehicle imports already require chassis numbers before LCs are opened; brand-new vehicle imports do not.
“If we think about and resolve this issue today, a problem like this will never happen to the government again. I propose that if a vehicle is being bought, or if an LC is being opened for a vehicle, the chassis number of that vehicle must mandatorily be included,” he said.
“A vehicle without a chassis number is not even manufactured yet; there is no such vehicle in the world. Therefore, we should not allow money to be spent and LCs to be opened for such things.”
He further suggested that if authorities permit an LC to be opened before a chassis number is assigned, any future regulations should apply only from the date the chassis number is officially entered into the LC documentation.
The proposal lands as vehicle imports run at sharply elevated levels — Rs. 195.95 billion in Q1 2026, up around 900% — and follows the government’s 50% customs surcharge for three months introduced to compress the import wave.
Source: Newswire.
