Deputy Minister of Finance Anil Jayantha Fernando has clarified that the newly issued gazette governing import payments is not intended to restrict import and export activities but to strengthen oversight of foreign exchange transactions.
Speaking during a special statement, Fernando said the objective of the regulations is to ensure that foreign currency payments linked to imports are properly monitored and to prevent foreign exchange from leaving the country through irregular channels.
He noted that Parliament had recently been informed of instances where certain parties had allegedly registered companies and used import and export operations as a cover to transfer foreign exchange overseas.
According to the Deputy Minister, the new framework requires importers to provide detailed information, including their address, bank account details, the goods being imported and the currency used for payments.
Fernando further explained that each import-related transaction will be assigned a unique identification number by the relevant bank, enabling authorities to accurately track payments and match them with import activities.
He stressed that the measures are aimed at improving transparency and accountability in foreign payment transactions rather than imposing new restrictions on legitimate trade activities. (Newswire)