Sri Lanka Tightens Oversight on Outward Remittances for Imports

In a move to strengthen the monitoring of foreign exchange leaving the country, the Government of Sri Lanka has introduced strict new regulations targeting outward remittances for import transactions.

The mandate was enacted under the Imports and Exports (Control) Act, No. 1 of 1969, through a Gazette Extraordinary issued by the Minister of Finance, Planning, and Economic Development, Anura Kumara Dissanayake.

Key Regulatory Changes

As detailed in the official gazette, the Imports and Exports (Control) Regulations No. 06 of 2026 introduce several major operational overhauls for commercial banks and traders:

• Mandatory Registration for Advance Payments: Importers must now be officially registered with the Sri Lanka Customs Department as an “eligible importer” before executing any advance payments.
• Bank Restrictions: Commercial banks are strictly prohibited from facilitating outward advance payments for goods unless the importer’s registration is verified.
• Transaction Tracking: Banks are required to assign a unique tracking number to every transaction. They must immediately forward comprehensive transaction profiles to Sri Lanka Customs.

According to the gazette, the regulations officially entered into force on June 19, 2026.

To ensure a smooth transition, the Controller General of Imports and Exports has been directed to issue immediate “Operational Instructions” to the Director General of Customs, commercial banking systems, and other regulatory bodies. These stricter compliance measures are expected to mitigate unauthorized capital flight.