Country’s importers renewed their call to bring back the Gold Card System where selected importers could enjoy preferential treatment when clearing their cargo, doing away with the existing system where all importers are treated alike.

Gold Card System was abandoned five years ago for the reasons best known to the Department of Sri Lanka Customs.

“What we are asking the Customs is to select importers with very good track records so that they do not have to go through the same hassle the majority undergo when clearing their cargo. At the moment all importers are treated alike regardless of their past track record under the Green Card System,” said the re-elected Chairman of the Import Section of the Ceylon Chamber of Commerce (CCC), Kevin Edwards.

He said there were about 50 importers recognized under this scheme who enjoyed the privilege before the Customs withdrew the Gold Card System.

Highlighting another difficulty encountered by the importers by having to pay the duty upfront which involves a higher financial cost as the finances has to be borrowed, he has requested relevant authorities to put in place private bonding facilities.

 “Importers are required to pay duties up front for their cargo for which purpose they have to borrow money in most instances at today’s prevailing higher interest cost. So, what we are asking is to facilitate payment of duties only for the quantity of cargo as and when the cargo is needed out of the warehouse”, he remarked.

“Even under this system, the foreign exchange volatility could put the importers at a slight disadvantage because if the rupee depreciates, the importer will have to pay the duty on the value of the cargo at the exchange rate prevailing on that particular day.”

The depreciated rupee will make the imports expensive, the opposite is true when the rupee becomes stronger.

Addressing the 78th Annual General Meeting of the Import Section held at Kingsbury Hotel in Colombo, he also requested the government to reduce the Terminal Handling Charges and other levies at the Colombo port, which are currently the highest in the region.

The CCC Import Section has a membership of 123.

(DK)