(LANKAPUVATH | COLOMBO) – The government has decided to restrict imports for a limited period to properly manage the current economic situation. Import restrictions will be implemented under three categories as per the recommendations of the Central Bank.
The relevant Gazette to restrict imports has been released by the Government yesterday (09).
An Extraordinary Gazette has been issued by the Minister of Finance Basil Rajapaksa limiting the import of 367 non-essential goods into Sri Lanka.
These import restricted items include cosmetics, fish, dairy products, fruits, electronics, computer accessories, watches, household appliances, furniture, sanitary ware, and toys.
Under the first category, duty would be imposed on certain selected imported items. Under the second category, permits would be made mandatory in importing certain goods. Steps would be taken to impose duty as well as requirement of permits in importing certain goods under the third category.
Imposing requirement of Import Control License (ICL) on selected items comes into effect at midnight today (March 09).
The regulations prescribed in the communiqué are only applicable to the importation of goods, which have the date of Bill of Lading/Airway Bill on or after March 10.
License to import the specified non-essential items will be issued subject to the recommendation of the Secretary to the Finance Ministry.
Importers who wish to import the specified goods are thereby required to be in possession of a valid license issued by the Controller-General of Imports and Exports Control, prior to the date of the Bill of Lading/Airway Bill of such importation.
The economists have emphasized that the strategies of import restriction would help create better financial stability while properly managing the prevailing economic situation in the country, the Government Information Department said in a statement.