In a significant move to strengthen the monitoring of foreign exchange outflows, the Minister of Finance, Planning and Economic Development, Anura Kumara Dissanayake, has issued new regulations under the Imports and Exports (Control) Act. The "Imports and Exports (Control) Regulations No. 06 of 2026" introduce stricter requirements for commercial banks and importers regarding outward remittances.

The most critical update, highlighted in the new regulations, dictates that commercial banks are strictly prohibited from effecting any advance payments for the importation of goods unless the respective importer has duly registered with the Sri Lanka Customs Department. Under the newly inserted Regulation 8(4), importers must be specifically registered as an "eligible importer for effecting Advance Payment" before such transactions can be processed.

The primary objective of these regulations is to bolster the effective oversight of outward remittances made from Sri Lanka for import transactions. To facilitate this, banks are now required to assign a unique number to every transaction and immediately notify the Sri Lanka Customs Department of all relevant details. This information includes:

• The valid Taxpayer Identification Number (TIN) and address of the importer.
• The beneficiary’s account details and bank/branch codes.
• Specifics of the transaction, such as the currency, payment and delivery terms, proforma invoice number, and a detailed description of the goods.

These regulations, which amend the Special Import License and Payment Regulations No. 1 of 2011, officially entered into force on June 19, 2026.

To ensure compliance, the Controller General of Imports and Exports has been authorized to issue "Operational Instructions" to the Director General of Customs, commercial banks, and other relevant authorities. This directive signals a more rigorous approach to managing the country's financial transactions related to international trade.