Regulatory Alerts2019-04-18 | Circular No. 5 of 2019Removal of Restrictions on Opening Letters of Credit for Motor Vehicle Imports Under Concessionary Permits
The Central Bank of Sri Lanka has removed restrictions on licensed commercial and specialised banks opening letters of credit for importing motor vehicles under concessionary permits. The circular establishes staggered effective dates ranging from May to October 2019, allowing banks to process LCs based on specific permit issuance deadlines. This change simultaneously withdraws the previous September 2018 banking direction that had previously curtailed motor vehicle imports.
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