Sri Lanka, June 3 -- Chairman of the Japan Used Motor Vehicle Exporters Association (JUMVEA), Jagath Ramanayake, has proposed making a vehicle's chassis number a mandatory requirement when opening Letters of Credit (LCs) for vehicle imports, in a bid to improve transparency and prevent future controversies.

Speaking amid concerns over recent vehicle import regulations, Ramanayake said allegations had emerged that some parties may have received advance information about regulatory changes, allowing them to open LCs before the new rules came into effect.

"There is a law in our country regarding the date a Letter of Credit is opened. But now, fingers are being pointed at the government, with claims that information about the law reached a ...