- Ensuring compliance with regulations on repatriation of export proceeds
The Exporters’ Association of Sri Lanka (EASL) in a statement said it welcomes the measures taken by the CBSL, as outlined in their communication of 29 July titled ‘Importance of Fair Play by all Stakeholders of the Economy in countering the current unprecedented economic crisis’.
As a responsible association, the EASL said it supports the CBSL in its measures to “strictly monitor and measure ensure compliance with all regulations on foreign exchange transactions, including repatriation requirements of export proceeds, conversions and mandatory sales to the CBSL”.
The EASL is committed to ensuring that its members abide by the requirements of the law in respect of the repatriation of export proceeds and the surrender of residual earnings.
“We have communicated this to our membership and willing to support the CBSL in any way possible at this time. It’s important that exporters abiding by the regulations are recognised by the CBSL and agree that offending companies should be dealt with under the provisions of the law,” said EASL statement issued by its Chairman Talal Shums.