Jagath Ramanayake, the advisor of the vehicle exporters of Japan, says that even if the government lifts the vehicle import ban, it may take considerable time to bring those vehicles to Sri Lanka from the date of the re-authorization. Mr. Ramanayake pointed out that because the banking system of Japan has now been advised to hold the payments for Letters of Credit opened in Sri Lanka the Japanese banking system needs to inform properly to resume their financial activities. Mr Ramanayake said this resuming process also takes a certain time.
“The Government of Sri Lanka has officially notified the Japanese banking system not to pay for letters of credit opened for the import of vehicles to Sri Lanka. Due to this, it is currently not possible to easily withdraw money from banks in Japan. Even if Sri Lanka permits to import vehicles again tomorrow, the banking system should be informed officially to reactivate this letter of credit process. This will take some time. Because of that, it will not be possible to import vehicles again soon. Mr. Ramanayake explained in response to the journalist’s questions.
Mr. Ramanayake stated that most of the laws and regulations in Sri Lanka are changed within 24 hours and that in such a situation there are many problems in this type of business.
“This hasty change of laws will get people in trouble. Four years ago, they stopped bringing vehicles to the road. By that time, the vehicles of many people who had opened letters of credit and paid money came to Sri Lanka. These vehicles have been piled up in Hambantota for four years. They were released recently. They have not done anything wrong to anyone. This is a situation that should not happen. I deal with 50 to 60 countries. There is no other country that changes laws as fast as Sri Lanka. Mr. Jagath Ramanayake said there.
State Minister for Finance Ranjith Siambalapitiya recently stated that the government has given official permission for the immediate import of 25 buses and 750 vans needed for the tourism sector and is considering re-permission for the import of the rest of the vehicles through a committee.
