JUMVEA chief proposes chassis number requirement for vehicle import LCs

Colombo, June 3 (Daily Mirror) - Chairman of the Japan Used Motor Vehicle Exporters Association (JUMVEA), Jagath Ramanayake, has proposed making a vehicle’s chassis number a mandatory requirement when opening Letters of Credit (LCs) for vehicle imports, in a bid to improve transparency and prevent future controversies.

Speaking amid concerns over recent vehicle import regulations, Ramanayake said allegations had emerged that some parties may have received advance information about regulatory changes, allowing them to open LCs before the new rules came into effect.

“There is a law in our country regarding the date a Letter of Credit is opened. But now, fingers are being pointed at the government, with claims that information about the law reached a few individuals before it was implemented,” he said.

Ramanayake said linking every LC to a specific vehicle through its chassis number would eliminate loopholes and ensure greater accountability in the import process.

“If we resolve this issue today, a problem like this will never happen to the government again. If a vehicle is being purchased or an LC is being opened, the chassis number of that vehicle should be included as a mandatory requirement,” he said.