Two new regulations ... to curtail import of vehicles

Two new regulations ...

to curtail import of vehicles

The Sri Lanka Central Bank has enforced two regulations to limit imports of vehicles. Commercial banks have been advised importers to refrain from releasing funds required under the relevant procedures necessary for depositing monies equivalent to the value of the vehicle in the case of opening documents for import of vehicles.

As a result of new regulations, the Finance and Mass Media ministries state that across limits

enforced on vehicle imports, the government hopes to prevent the collapse of the rupee and that it would also result in a satisfactory decline of foreign exchange creeping out of the country.

The Ministry of Finance and Mass Media state that on the occasion of duty levied in the case of imports of small vehicles by the government was increased, which resulted in import of small vehicles being limited.

(Ranjith Kasthuri)