207 companies get one-year suspension due to failure of export earnings deposit into local accounts

A total of 207 export/import companies have been temporarily suspended their licences for one year (from 3 July 2020 to 2 July 2021) as they failed to deposit the foreign currency earned from exports in the local bank accounts, the Commerce Ministry notified on 2 September 2020.
According to the Foreign Exchange Management Law, all the export earnings in foreign currency must be deposited back into local account within six months after the goods are loaded. The Ministry of Commerce identified 453 companies which failed to deposit all the export earnings or some portion back into accounts in 2017. So, the companies were asked to deposit back into accounts within 60 days after notification was issued.
They will get their licence revoked and face actions under the existing laws if they fail to comply with it, the MOC warned starting from 29 January 2020. Only some companies have deposited the export earnings, and 207 companies have been identified by name for non-compliance with the law.
The MOC found 110 trading companies which failed to deposit export incomes in 2016. —GNLM (Translated by Ei Myat Mon)

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