Regulatory Alerts2023-02-16 | OrderOrder on Maintaining Cash Margin Deposit Requirement Against Letters of Credit for New HS Codes
The Monetary Board of the Central Bank of Sri Lanka directs all Licensed Commercial Banks to apply cash margin deposit requirements to 64 newly added Harmonized System codes for letters of credit. This directive, issued on 16 February 2023, extends the existing margin regulations established under the Monetary Law Act to specific imports including dairy products, textiles, electronics, and furniture. The existing list of HS Codes subject to margin requirements remains unchanged while these new categories take effect immediately.
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