Import restrictions relaxed for raw materials

COLOMBO (News1st): Sri Lanka's regulatory body for imports and exports has relaxed the import restrictions announced this month, to assist in bringing down raw materials from overseas. The finance ministry suspended the importation of 156 products in mid-April to curtail foreign outflows amidst an economic crisis which has troubled the country. Businesses "can obtain special approval to import the required raw materials from the Department of Imports and Exports Control" under certain conditions, the regulatory body said. Among the conditions were that businesses should make the payments 90 days from the clearance date and that it should be mentioned in the preliminary bill sent to buyers in advance of delivering the goods. Further, enterprises have also been instructed to submit a letter from the Export Development Board or the Board of Investment, based on the categorization of the business. More information regarding this can be obtained on https://cutt.ly/FydZ1ru