Sri Lanka, May 21 -- Deputy Minister of Finance Anil Jayantha Fernando said today that vehicle imports in the country have reduced after the imposition of the 50 percent surcharge on vehicle imports.

The Minister told Parliament that Letters of Credit (LCs) valued at USD 23.71 million had been opened on May 15 on the cutoff date of the imposition of the surcharge.

He said USD 17.9 million LCs had been opened on May 18 and the value had reduced to USD 14.98 million on May 19 which shows some reduction.

The Minister said it will take some time to reduce imports as reduction usually happens gradually.

He also refuted allegations that LCs had been opened by certain companies for 4,000 vehicles on May 15, a day before the surcharge was imp...