Importers making advance payments to overseas suppliers will now need to complete an additional compliance step before banks can process their remittances, following new regulations introduced by the government from June 19.
The measures, introduced by President and Finance Minister Anura Kumara Dissanayake, are aimed at strengthening oversight of import-related foreign exchange transactions and improving the flow of information between commercial banks and Customs authorities.
The regulations were issued through a Gazette Extraordinary published by the Ministry of Finance, Planning and Economic Development, and amended the Special Import License and Payment Regulations of 2011.
What Changes for Importers?
A key feature of the new regulations is the introduction of a mandatory registration requirement for importers seeking to make advance payments for imported goods.
Under the revised rules, importers must first register with the Department of Customs as eligible importers before any advance payment can be processed through a commercial bank.
Commercial banks are prohibited from processing advance remittances unless the importer has completed the required registration.
For businesses that regularly import raw materials, machinery, equipment, or finished goods, the new requirement will become part of the payment process for advance import transactions.
Banks Face New Reporting Requirements
The regulations also place new reporting obligations on commercial banks.
Banks must assign a unique identification number to every import-related remittance transaction and immediately provide transaction details to Customs.
The information includes the importer’s Taxpayer Identification Number (TIN), addresses of both the importer and beneficiary, beneficiary account details, bank and branch information, currency and payment amounts, payment and delivery terms, remittance dates, proforma invoice numbers, and descriptions of imported goods.
The objective is to create a more comprehensive monitoring system for import-related foreign exchange payments.
Why does the Government introduce the Rules?
According to the regulations, the measures are intended to improve transparency in import payments and strengthen monitoring of foreign exchange outflows linked to imports.
Authorities believe the new framework will help prevent the misuse of foreign exchange while providing Customs and financial institutions with better visibility over import transactions.
The regulations also enhance coordination between commercial banks and the Department of Customs through a structured information-sharing mechanism.
Implementation Begins Immediately
The new regulations came into effect on June 19.
To support implementation, the Controller General of Imports and Exports will issue operational instructions to the Director General of Customs, commercial banks, and other relevant institutions.
For importers, the immediate takeaway is clear: advance payments for imported goods can no longer be processed without prior Customs registration, making compliance an essential step in future import transactions.
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Last modified: June 19, 2026
