The foreign exchange value of the Rupee as against the US Dollar, Japanese Yen, Sterling Pound etc are rising speedily now and this is likely to push up the prices of imported vehicles by around Rs. 500,000 to 600,000 each said Sri Lanka Motor Vehicle Importers’ Association chairman Mahinda Sarathchandra.

Hence, the association requests future buyers to purchase their motor vehicles as soon as possible, he added.

“For each vehicle with the Customs from 20 November 2015 to date, a charge of around Rs. 70,000 has to be paid. Similarly, following the President’s statements most expected that they would be able to buy vehicles at lower prices. But we need to convey a message to our customers. The President’s decision was for a very limited group. After releasing the vehicles from Customs under the earlier system, the vehicle had to be registered under the name of the person who had opened the Letter of Credit. This registration is under the condition that this vehicle would not be transferred to any other for a period of five years,” explained Mahinda Sarathchandra.

“The government has the right to increase levies. We cannot exert any pressure on that. However, our association believes that it is the duty of the government to protect the country’s entrepreneurs,” he added further.