Directions No. 01 of 2018 under Foreign Exchange Act, No. 12 of 2017 Directions issued to Authorized Dealers on Payments for Imports made on Advance Payment (Cash-in- Advance) Terms

We have been informed by Department of Foreign Exchange, Central Bank of Sri Lanka that,  with effect from 10th of October 2018, Authorized Dealers are not permitted to release foreign exchange which involves convention of Sri Lankan Rupees for making payments for the importation of non-essential consumer goods as specified in the attached circular. Please…

Arjuna no-balls GSP+ benefit with THC move

Exporters furious over Shipping Minister’s proposal to bring back Terminal Handling Charge  Exporters who hailed GSP+ and Govt. say they are now landed with a bombshell on freight Stakeholders allege secret lobby has confused the Shipping Ministry and Government Exporters, importers call for immediate intervention of Sirisena, Ranil, Ravi K and Malik to revisit Cabinet approval of Ranatunga’s proposal last…

Recently in ‘TIPS’….

In the recent edition of the ‘TIPS’ column by the EIU, we focussed on the need for the business community to agitate for speedy implementation of trade facilitation reforms, anchored to the WTO Trade Facilitation Agreement that entered into force in February, which Sri Lanka is a signatory to. TIPS Vol 18 – Businesses Must…

2017 Sixth Edition – Amended Harmonized System (HS)

The Harmonized Commodity Description and Coding System, popularly known as Harmonized System (HS), is a multipurpose international goods nomenclature used as the basis for Customs tariffs and for the compilation of international trade statistics all over the world. The HS was developed by the World Customs Organization (WCO) and was implemented with effect from 1…