Ministry of Commerce has issued a notification dated November 6 that action will be strictly taken against those companies which fail to deposit export earnings into the designated bank accounts under the existing law not later than 17 November 2023.
Export earnings must be deposited within 45 days for the goods exported to Asian countries and within 90 days for other countries outside Asia. Exporters must deposit the export earnings in foreign currency into their bank accounts in Myanmar. Action will be taken against the exporters who fail to comply with this notification under the Foreign Exchange Management Law, according to the Central Bank of Myanmar’s notification27/2022.
The department has already notified on 6 October that exporters must deposit the export earnings within the set period. For failure to do so till November 17, they will face legal action under the Foreign Exchange Management Law.
Regarding the deposit of export earnings, exporters can contact the Foreign Exchange Management Department via phone number 067 3418754 and the Trade Department through phone numbers 067 3408258 and 067 3408281.
When companies fail to deposit export earnings as per the requirements, the CBM sends the list of companies that fail to deposit export earnings within a specified period after exportation to the Ministry of Commerce and informs the respective authorized dealers (AD - banks) about the list simultaneously. The Trade Department will further appraise the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) of the list of those companies so that they can make a deposit again. Additionally, the Trade Department will suspend the exporter and importer registration for two weeks after the notice to those companies if the export earning is not deposited. Only when the CBM informs the Trade Department about the companies whose export earnings have been settled, the export/import registration can be restored.
The companies that continued failing to deposit the export earnings even after the suspension of the registration will face legal action under Section 42 of the Foreign Exchange Management Law. Therefore, the Trade Department notified the exporters on 6 October of the mandatory rules to deposit export earnings within a specified period, as per the Trade Department’s notification released on 6 October.
