Sri Lanka tightens import remittance regulations

Colombo, June 19 (Daily Mirror) - The Government has introduced new regulations aimed at strengthening the monitoring of outward remittances linked to import transactions through a Gazette Extraordinary issued under the Imports and Exports (Control) Act, No. 1 of 1969.

The Imports and Exports (Control) Regulations No. 06 of 2026, signed by President Anura Kumara Dissanayake on June 18, amend existing provisions and impose stricter requirements on banks and importers.

Under the new regulations, banks are required to assign a unique identification number to each remittance transaction and immediately provide detailed information to the Sri Lanka Customs. The information includes the importer’s Taxpayer Identification Number (TIN), addresses of the remitter and beneficiary, account details, bank and branch codes, currency and value of the transaction, payment and delivery terms, date of remittance, proforma invoice number, and a description of the imported goods.

The regulations also require importers to register with Sri Lanka Customs before making advance payments for imports. Commercial banks have been instructed not to process such payments unless the importer has completed the required registration.

To facilitate implementation, the Controller General of Imports and Exports will issue operational guidelines to Customs, banks, and other relevant institutions.

The new regulations came into effect today, June 19, 2026, introducing tighter controls over Sri Lanka’s import payment and remittance framework.