158 companies, BoD members blacklisted for remaining to enter export revenue in foreign exchange account

NATIONAL NEWS

The Central Bank of Myanmar announced that 158 companies which remain to enter export revenue in foreign exchange and boards of directors have been blacklisted.
Since it is important to get the full revenue from exports, the main source of foreign exchange into the country, Section 38-b of the Foreign Exchange Management Law and Paragraph 35 of the Foreign Exchange Management Rule stipulate that the exporter is required to have the export earnings in foreign currency into his/her bank account within six months from the date of shipment (within three months from 10-11-2021).
In order to ensure that export earnings of the exporters who exported during 2016, 2017, and 2018, are credited back to their bank account in foreign currency within six months from the date of shipping, the Central Committee on the Smooth Flow of Trade and Goods, the Ministry of Investment and Foreign Economic Relations, the Ministry of Legal Affairs, the Ministry of Commerce, the Central Bank of Myanmar, the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), and the Foreign Exchange authorized dealer (AD) licenced banks, have already done the following:
(a) Clarification by AD banks
(within 3 years)
(b) Clarification by the UMFCCI (60 days)
(c) Announcing to clarify in the newspapers and the website of the Central Bank of Myanmar (60 days)
(d) The Ministry of Commerce closes the registration certificate of importers and exporters (Pa-Tha-Ka) for those who do not clarify (30 days)
(e) Five meetings with exporters led by the Central Committee
Exporters are required to comply with Section 38 (b) of the Foreign Exchange Management Law, which states, “No one shall fail to deposit all export earnings into his bank account in the country in foreign currency within the stipulated period,” and “Violation of this prohibition is punishable by imprisonment for a term not exceeding one year or a fine or both punishments must be imposed under Section 42-a of the law.”
Sending notification, revocation of the business registration license, and holding meetings were done to discuss several times under the paragraph (2) above, but there are 158 companies that exported within 2016, 2017, and 2018 and they still remain to enter the revenue.
The 158 companies (attached list) are being prosecuted under Section 42-a of the Foreign Exchange Management Law, and the boards of directors of the companies and the listed companies have been blacklisted, and the remaining companies are still being investigated for additional export earnings. — TWA/GNLM

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