Mandatory requirement regarding service export receipts, earnings is removed



With a view to encouraging service exporters to repatriate their export ea ings, the mandatory requirement of conversion of service export receipts/ea ings to Sri Lanka on or after 12 August 2022 imposed by the Central Bank of Sri Lanka has been removed .
 
Accordingly, service exporters can use their export ea ings brought to Sri Lanka for permitted purposes.

The Central Bank said that the mandatory requirement to receive service export ea ings within the country within 180 days from the date of service remains unchanged.
 
According to the information reported by the banks, in the first 6 months of 2022, the country has received US$ 1,533 million as service export receipts, of which US$ 406 million has been converted into Sri Lanka Rupees.

In March 2022, the highest monthly services export ea ings were recorded at US$324 million.
 
Focusing on the mandatory requirement to bring export ea ings within 180 days, the Central Bank of Sri Lanka says that it encourages all exporters to bring all export ea ings to the country at this necessary time.

Also, exporters and authorized traders have intensified monitoring of compliance with the relevant requirement.
 
Further details regarding the above relaxation can be obtained by referring to the 'Rules for Repatriation of Export Ea ings to Sri Lanka No. 02 of 2022' published in Gazette (Special) No. 2292/50 dated 12 August 2022 through www.dfe.lk .
(colombotimes.lk)