Govt clarifies new import monitoring rules

Colombo, June 19 (Daily Mirror) - The Deputy Minister of Finance, Planning and Economic Development, Dr. Anil Jayantha Fernando said that the primary objective of the newly issued gazette notification is to systematically monitor import operations rather than impose restrictions on them.

According to the Deputy Minister, the regulation introduced by the Department of Import and Export Control is designed to closely analyze payments made for imports. The strategic goal is to prevent the unnecessary and illegal outflow of vital foreign exchange from the country, rather than limiting standard import and export activities.

Dr. Fernando further revealed that recent disclosures in Parliament exposed how certain factions have been exploiting the import-export process. Investigations showed that some individuals had registered fraudulent shell companies to funnel foreign currency out of Sri Lanka under the guise of legitimate trade.

To curb these illicit financial flows, the new gazette mandates rigorous data collection. Under the new framework, authorities will systematically gather comprehensive details from importers, including verified addresses, active bank account numbers, specific types of imported goods, and the exact currencies used for transaction settlements. Furthermore, the Deputy Minister said that every commercial bank will now be legally required to maintain a distinct, unique tracking number for each individual transaction to ensure complete financial transparency.