The government has taken steps to introduce a new regulatory system to more efficiently monitor foreign currency payments during the import of goods. This new system will be implemented from today (19) and a notification has been issued in this regard.
According to the new gazette notification issued by the Minister of Finance, Planning and Economic Development, President Anura Kumara Dissanayake under the Import and Export (Control) Act, it is mandatory for the relevant banks to provide a special transaction number for every payment made for import transactions. The new law also makes it mandatory to inform Sri Lanka Customs of all information related to that transaction.
Accordingly, the importer’s Tax Identification Number (TIN), address, beneficiary information, bank and branch codes, payment amount, currency, payment and delivery terms, payment date, Proforma Invoice number and details of the imported goods must be provided to Customs by the banks.
Also, it is mandatory for importers to register as qualified importers with Sri Lanka Customs before making advance payments for the import of goods, and commercial banks will not be allowed to pay advances to importers who are not registered. The government is said to be hoping to regulate the flow of foreign exchange properly through this.
These new regulations will come into effect from 19th June 2026 (today).