Open Account Permitted For Essential Imports

COLOMBO (News 1st); The Minister of Trade, Commerce, and Food Security said that the importation of essential items through the open account system is permitted once again.

Minister Nalin Fernando said that 10 essential items were allowed to be imported under this scheme.

The spokesman of the Association of Importers of Essential Commodities, Nihal Seneviratne said that essential commodities such as potatoes & onions will be brought to Sri Lanka through the open account system.

An open account transaction is a sale where the goods are shipped and delivered before payment is due. This option is the most advantageous for the importer in terms of cash flow and cost, but it is consequently the highest risk option for an exporter.

Previously, the importation of goods under the open account system was in operation but from the 6th of May, the system was temporarily suspended.