The export-import registration certificates of 93 companies will be revoked and actions will follow if export earnings are not deposited back into local bank account within two weeks of the trade, the Ministry of Commerce (MOC) said in a final warning against the companies last week.
According to Foreign Exchange Management Law, all earnings in foreign currency received in the course of exports must be deposited in a local company bank account within six months after the goods are loaded and shipped.
However, the MOC said in March that it found 110 trading companies which failed to deposit the income earned despite having shipped goods overseas in 2016.
The companies had been asked to deposit their exports earnings within 60 days from March 19, the date the announcement issued, failing which their export-import registration certificates will be withdrawn.
Only 17 companies have complied, with the remaining having either deposited a portion of their export earnings or nothing at all as at May 20, the MOC said. The 93 companies have been identified by name.
“This is the final warning after which we would take action. If they don’t comply by June 5, we will take action,” U Khin Maung Lwin, deputy permanent secretary of the MOC, told The Myanmar Times.
Source: Myanmar Times
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