Sri Lanka (LK)
New customs clearance requirements for imported goods purchased under the terms of the letter of credit
Pursuant to the Import Control Regulations on Payment Terms No. 07 of 2022, which came into force on 20 May 2022, Sri Lankan importers purchasing goods from overseas on credit terms should follow the following procedures when importing goods through Customs Clearance in Sri Lanka.
1. The importer shall obtain the endorsement of its licensed bank on the commercial invoice stating that the importer has foreign currency in its business foreign currency account or offshore foreign currency account to settle the payment.
2. The endorsed commercial invoice shall be submitted to the Sri Lanka Customs at the time of customs clearance of such goods.
3. Any importer (other than the importer referred to above) intending to import goods under the "Cash on Receipt" payment terms or the "Acceptance Payment" payment terms shall make prior arrangements with its licensed bank and obtain endorsement on its pro forma invoice prior to the date of shipment of the bill of lading/air waybill, which shall be submitted to the Director-General of Customs of Sri Lanka together with other documents at the time of customs clearance of the said goods.
Non-compliant goods will be detained until the relevant documents are provided. If such documentation is not provided, DHL will call CNEE and make arrangements with them to obtain a commercial invoice endorsed by the appropriate CNEE bank.
For more details, see http://www.imexport.gov.lk/index.php/en/downloads/gazette.html.
