Regulatory Alerts2023-02-16 | OrderAdded · Updated
Order 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.
ශ්රී ලංකා වෙන සිංහලවාසි දිව්යාත්මක ප්රදේශීය වාර්තාව
CENTRAL BANK OF SRI LANKA
අඩුප්රාප්තිය අභිලාශා කොටස
දිව්යාත්මක ප්රදේශීය වාර්තාව
Domestic Operations Department
16 February 2023
To: All Licensed Commercial Banks
ORDER MADE BY THE MONETARY BOARD OF THE CENTRAL BANK OF SRI LANKA IN TERMS OF THE PROVISIONS OF SECTION 103 OF THE MONETARY LAW ACT, NO. 58 OF 1949 ON MAINTAINING A CASH MARGIN DEPOSIT REQUIREMENT AGAINST LETTERS OF CREDIT
Further to the Order made by the Monetary Board of the Central Bank of Sri Lanka in terms of the provisions of Section 103 of the Monetary Law Act, No. 58 of 1949, on maintaining a cash margin deposit requirement against letters of credit dated, 19 May 2022.
All Licensed Commercial Banks (LCBs) are hereby directed to follow the provisions of the above Order on the newly added 64 HS Codes (as per Annex 1), with immediate effect. The existing list of HS Codes subject to margin requirements remains unchanged.
Dr. R A Anil Perera
Director/Domestic Operations
7 වැනි මාදුර, 2 වැනි තැවැත්ත
අංක 30, ජනාධිපති මාවත
තැ.අං. 590, කොළඹ 01, ශ්රී ලංකාව
+94 112 477036
+94 112 346287
ddod@cbsl.lk
Level 7, Tower 2
No. 30, Janadhipathi Mawata
P.O. Box 590, Colombo 01, Sri Lanka
www.cbsl.gov.lk
Annex 1
| No | New HS code |
|---|---|
| 1 | 040320 |
| 2 | 570321 |
| 3 | 570329 |
| 4 | 570331 |
| 5 | 570339 |
| 6 | 620120 |
| 7 | 620130 |
| 8 | 620140 |
| 9 | 620190 |
| 10 | 620220 |
| 11 | 620230 |
| 12 | 620240 |
| 13 | 620290 |
| 14 | 85171310 |
| 15 | 85171390 |
| 16 | 85171410 |
| 17 | 85171490 |
| 18 | 852581 (except for television cameras) |
| 19 | 852582 (except for television cameras) |
| 20 | 852583 (except for television cameras) |
| No | New HS code |
|---|---|
| 21 | 852589 (except for television cameras) |
| 22 | 853951 |
| 23 | 853952 |
| 24 | 94013190 |
| 25 | 94013990 |
| 26 | 94019190 |
| 27 | 94019990 |
| 28 | 94039190 |
| 29 | 94039990 |
| 30 | 94051110 |
| 31 | 94051190 |
| 32 | 94051910 |
| 33 | 94051990 |
| 34 | 94052110 |
| 35 | 94052190 |
| 36 | 94052910 |
| 37 | 94052990 |
| 38 | 940531 |
| 39 | 940539 |
| 40 | 94054110 |
| 41 | 94054120 |
| 42 | 94054130 |
| No | New HS code |
|---|---|
| 43 | 94054190 |
| 44 | 94054210 |
| 45 | 94054220 |
| 46 | 94054290 |
| 47 | 94054910 |
| 48 | 94054920 |
| 49 | 94054930 |
| 50 | 94054990 |
| 51 | 94055010 |
| 52 | 94055020 |
| 53 | 94055090 |
| 54 | 940561 |
| 55 | 940569 |
| 56 | 950821 |
| 57 | 950822 |
| 58 | 950823 |
| 59 | 950824 |
| 60 | 950825 |
| 61 | 950826 |
| 62 | 950829 |
| 63 | 950830 |
| 64 | 950840 |
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