Regulatory Alerts2019-04-18 | Banking Act Directions No. 2 of 2019Measures to Curtail Imports of Motor Vehicles
The Central Bank of Sri Lanka has withdrawn its September 2018 direction restricting motor vehicle imports, effective immediately. Licensed commercial and specialized banks must now comply with Circular No. 05 of 2019, which eliminates previous restrictions on opening letters of credit for these imports. This regulatory update facilitates motor vehicle acquisitions under concessionary permits by streamlining banking financing requirements for importers.
CENTRAL BANK OF SRI LANKA BANK SUPERVISION DEPARTMENT 18 April 2019 BANKING ACT DIRECTIONS No. 02 of 2019
MEASURES TO CURTAIL IMPORTS OF MOTOR VEHICLES
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Licensed commercial banks and licensed specialised banks are hereby informed that the Direction No. 2 of the Banking Act Directions No. 06 of 2018 dated 28.09.2018 on Measures to Curtail imports of Motor Vehicles is withdrawn with effect from the date of this Directions.
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Licensed commercial banks and licensed specialised banks shall adhere to the requirements stipulated under Circular No. 05 of 2019 on Removal of restrictions on opening of letters of credit (LCs) for importation of motor vehicles under permits on concessionary terms.
(Signature)
H A Karunaratne Acting Senior Deputy Governor/ Chief Executive Officer of the Central Bank of Sri Lanka