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Government+halts+exporters+from+retaining+money+overseas
Sunday, 24 April 2016 - 12:45
Government halts exporters from retaining money overseas
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Ministry of Finance has decided to freeze the 1993 rule with immediate effect, which permits the exporters to keep their money overseas without restrictions.

The gazette paper released on the 26th of March 1993 has permitted the exporters to retain their export earnings overseas.

Accordingly the Ministry has ordered to return the export earnings maintained in foreign bank accounts, before the 1st of May.

In addition, the export earnings in future should be rushed back to the island within a period of 90 days.

The measure has been taken by the Ministry of Finance to bring in foreign exchange to the country as a means of preventing the value of rupee from further plummeting.

The value of rupee was recorded last Friday as Rs. 145 per US dollar.

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