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177 companies’ licences cancelled as they fail to deposit export earnings into local accounts

LOCAL NEWS

A total of 177 export/import companies got their licences revoked as they failed to deposit the foreign currency earned from exports in the local bank accounts. Legal action has been taken against them for non-compliance with the law, according to a statement released by the Commerce Ministry on 27 April 2022.
Under the Foreign Exchange Management Law, all export earnings in foreign currency must be deposited back into the local account within three months after the goods are loaded.
Licences of 177 companies were cancelled as they did not abide by the notifications issued by the Central Bank of Myanmar, including 16 export companies in 2016, 72 in 2017 and 93 in 2018.
According to the notification, the export companies will get their licence revoked and face actions under the existing laws if they fail to comply with them. — KK/GNLM

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