Sri Lanka, June 22 -- The Department of Import and Export Control has issued a gazette notification to prevent the illegal outflow of foreign exchange from the country.

Accordingly, the President, in his capacity as the Minister of Monetary Planning and Economic Development, issued a gazette notification containing new regulatory measures effective from last Friday (19th) to effectively monitor foreign currency payments related to import activities.

The imposition of these regulations will prevent the illegal outflow of foreign exchange in import activities. With the circular, effective from the 19th, banks will issue a special number for every payment made related to import transactions. Besides, it is also mandatory for banks to provi...