Importation of vehicles for the government temporarily suspended

Saturday, 29 September 2018 - 18:50

o    No permits for MPs for a year

o    Limits imposed on importing refrigerators, televisions, telephones and perfumes

o    50% loan to value ratio for hybrid vehicles

The government has decided to suspend issuing vehicle permits to parliamentarians for a period of one year from midnight today as a measure towards easing the pressure on the Sri Lankan rupee.

Issuing a communiqué, the Ministry of Finance noted that importing vehicles for government ministries, departments, statutory boards and state-owned-enterprises will be suspended until further notice.

Importation of vehicles using the concessionary permits issued to entitled state sector employees will also be suspended for a period of 6 months.

The Ministry of Finance noted that no letters of credit will be permitted to be opened based on these concessionary permits during this period.

Furthermore, the Loan to Value Ratio for hybrid vehicles has also been revised from 70% to 50%.

The Ministry of Finance further noted that importers of all vehicles other than busses, lorries and ambulances will have to keep a 200 percent cash margin at the time of opening the LCs.

Further, the requirement of 100 percent cash margin has been imposed for the importation of refrigerators, air conditioners, televisions, perfumes, telephones including mobile phones, washing machines, footwear and tyres.

The Ministry of Finance further noted that the government will continuously monitor the exchange rate fluctuations and will take appropriate action accordingly.

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