{"id":119291,"date":"2021-10-17T13:57:05","date_gmt":"2021-10-17T20:57:05","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=119291"},"modified":"2021-10-17T13:57:05","modified_gmt":"2021-10-17T20:57:05","slug":"central-bank-looking-at-proposal-to-permit-dollar-paid-vehicle-imports","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/10\/17\/central-bank-looking-at-proposal-to-permit-dollar-paid-vehicle-imports\/","title":{"rendered":"Central Bank looking at proposal to permit dollar-paid vehicle imports"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy The Island<\/em><\/span><\/h2>\n\n\n<h4 class=\"wp-block-heading\">Duty too must be paid in hard currency<\/h4>\n\n\n\n<p>The central bank is looking at a proposal to allow persons who can pay in foreign exchange to import vehicles and pay taxes in hard currency, Central Bank Governor Nivard Cabraal said last week.<\/p>\n\n\n\n<p>He said that this was a proposal made by certain parties whom he did not identify making clear it was at a proposal stage with no decision taken. But it was under examination.<\/p>\n\n\n\n<p>Asked whether Non-Resident Foreign Currency (NRFC) account holders \u2013 now called Personal Foreign Currency Accounts \u2013 would be permitted to use their resources to import a vehicle provided they would pay the applicable duty in hard currency, he said that he did not see why not.<\/p>\n\n\n\n<p>If the vehicle is paid for in hard currency and not converted rupees, and the duty also accrues to the government in hard currency, I don\u2019t see any harm, in fact it would be good,\u201d he said.<\/p>\n\n\n\n<p>It would also mean that there\u2019s are new vehicles coming into the country not paid for by rupees converted into hard currency plus a hard currency duty stream, an analyst said.<\/p>\n\n\n\n<p>Banning vehicle imports on account of the present foreign exchange crunch has cost the government an immense revenue stream.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy The Island Duty too must be paid in hard currency The central bank is looking at a proposal to allow persons who can pay in foreign exchange to import vehicles and pay taxes in hard currency, Central Bank Governor Nivard Cabraal said last week. He said that this was a proposal made by certain [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-119291","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/119291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=119291"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/119291\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=119291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=119291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=119291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}