The Department of Industry hereby formally notifies that the Rules and Procedure for Approval of Industrial Projects Requiring Hard Currency for Import of Raw Materials, 2004 stand revoked with the concurrence of the Ministry of Finance and the Royal Monetary Authority.

Pursuant to this decision, the limitations previously imposed on access to convertible currency for the importation of raw materials are hereby withdrawn for all industries engaged in production and manufacturing activities. However, if the foreign exchange reserves fall below the essential import coverage and buffer of one month, access to convertible currency for manufacturing industries will be regulated based on the net balancing principle, and the same will be communicated.

With immediate effect, all matters pertaining to convertible currency requirements for the import of raw materials shall be regulated in accordance with the prevailing policies, rules, and procedures issued by the competent authorities, as may be amended or revised from time to time.

All concerned industries and stakeholders are hereby advised to take due note of this notification and ensure compliance accordingly.