New monitoring rules aim to curb forex leakages, not restrict trade: Deputy Minister

Saturday, 20 June 2026 05:41 - - {{hitsCtrl.values.hits}}

Deputy Finance and Planning Minister Dr. Anil Jayantha Fernando

Deputy Finance and Planning Minister Dr. Anil Jayantha Fernando yesterday clarified that the Government’s latest gazette notification on imports is intended to strengthen monitoring of foreign exchange transactions rather than impose restrictions on import and export activities.

Speaking on the measure, Dr. Fernando said the new regulations issued by the Department of Import and Export Control are designed to systematically track payments related to imports and prevent unnecessary outflows of foreign exchange from the country.

“The objective is not to restrict imports or exports, but to study import-related payments in a more systematic manner and prevent the unnecessary outflow of foreign exchange,” he said.

The Deputy Minister noted that concerns had recently been raised in Parliament over instances, where certain parties allegedly registered companies and transferred foreign currency overseas under the guise of import and export transactions.

To address such practices, he said the new framework will require the collection and maintenance of detailed information on import transactions, including the importer’s address, bank account details, imported goods, currency of payment and other transaction-related information.

Dr. Fernando said commercial banks will also be required to assign and maintain a unique reference number for each transaction, enabling authorities to improve oversight and traceability of import-related foreign exchange payments.

He reiterated that the new requirements are aimed at enhancing transparency and ensuring that foreign exchange transactions linked to imports are properly documented and monitored, rather than limiting legitimate trade activities.