0 percent more export proceeds remitted to the country over the same quarter last year.
The exports will be required to have prescribed minimum domestic value addition. The payments will be free of tax.
An exporter will have to submit proof of inward remittance from a bank and proof of employments by showing contributions to a state-run compulsory pension fund.
Overvalued
Sri Lanka's exports, particularly to the United States, have been suffering even before the global meltdown due to excessive money printing since 2004 that drove the country's inflation to much higher levels than the rest of the world.
Annual inflation above 20 percent in recent years had made the rupee progressively 'overvalued', but foreign borrowings and seesawing monetary policy has strengthened the currency.
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By November 2008, the Sri Lanka rupee was 28 percent overvalued on a real