The Central Bank has ordered importers, exporters and those engaged in receiving funds for ‘goods and services’ provided abroad, including professionals, to convert their foreign currency earnings to rupees forthwith and for commercial banks to ensure the transactions are done each month, The Sunday Times newspaper reports.
“In a move that has sent shock waves among the business community, professionals and banking circles, the directive orders the foreign currency proceeds of ‘goods and services’ provided outside Sri Lanka be immediately informed to licensed commercial banks and converted mandatorily to local rupees within 180 days. Certain authorised deductions are permitted for imported inputs and loans, business travel and few other exemptions.The directive also includes individuals who provide professional, vocational, occupational or business services overseas.” The Sunday Times news report added.