In a special statement, the Deputy Minister explained that the new regulations are aimed at strengthening oversight of import-related payments in order to prevent the unnecessary outflow of foreign exchange.
He noted that concerns had recently been raised in Parliament over the alleged use of fraudulent companies to transfer foreign exchange overseas through import-export transactions, highlighting the need for tighter monitoring.
Under the new gazette, importers will be required to provide detailed information, including their addresses, bank account details, and the currencies used to settle payments for imported goods.
Dr. Jayantha added that banks will also be required to assign a unique identification number to every import-related transaction, enabling improved monitoring and traceability of foreign exchange payments.
