CBM releases statement revealing actions against companies for remaining export earnings

The Central Bank of Myanmar released a statement that they are investigating to take action on the companies that fail to deposit export earnings on 3 June.
The statement said the 137 companies are facing actions under Section 42-a of the Foreign Exchange Management Law and the boards of directors of these companies have been blacklisted.
Exporters are required to comply with Article 38 (b) of the Foreign Exchange Management Law, to deposit their export earnings in the domestic banks in foreign currency and if they fail to do so, they will have to face imprisonment for a term not exceeding one year or a fine or both punishments must be imposed under Section 42-a of the law, it added.
To receive the full revenue from exports, the exporters are required to have the export earnings in foreign currency in their bank accounts within six months from the date of shipment (within three months from 10-11-2021) according to Section 38-b of the Foreign Exchange Management Law and Paragraph 35 of the Foreign Exchange Management Law.
Therefore, the Central Committee on Acceleration 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 cooperated to ensure the 2009 export earnings of export companies.
In their operations, it included clarification by AD Banks (within two years), clarification by the UMFCCI (60 days), announcing to clarify in the newspapers and the website of the Central Bank of Myanmar (60 days), closing the registration certificate of importers and exporters (PPA) for those who do not clarify (30 days) by the Ministry of Commerce and holding five meetings with exporters led by the Central Committee for Acceleration of Trade and Goods, the statement said.—TWA/GNLM