MoC: Export earnings can be deposited within 15 days after submitting export declaration

The period for export earnings to be deposited into the company’s bank account is extended to 15 days from seven working days, after making an export declaration. Additionally, deposits for export items can be paid in local currency according to the over-the-counter rate in respective border areas, as per the export/import news bulletin 13/2023 released by the Trade Department under the Ministry of Commerce on 6 July.
According to the bulletin 11/2023 dated 28 June of the Trade Department, after making an export declaration, export earnings must be deposited to the company’s account within seven working days. It was amended with the news bulletin 13/2023.
Earlier, the deposit for exports can be paid in three foreign currencies (Chinese Yuan, Thai Baht and Kyat) at an over-the-counter market rate at the border. Now, payment can be done in Kyat.
The Trade Department under the Ministry of Commerce notified on 28 June that exporters no longer need to pay export revenue in advance from 1 July 2023, according to the news bulletin 11/2023.
According to the meeting outcome 32/2022 of the Foreign Exchange Supervisory Committee, the Advanced Telegraphic Transfer (TT) system was exercised in exports of pulses and beans, sesame and peanut to neighbouring countries via land borders from July 2022. — NN/EM

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