(A) An Advance Payment (Case-in-Advance) which is –
 
      (1) made out of a Sri Lanka rupee account -
 

1. where the amount of the advance payment required to be made on the total value of goods to be imported, does not exceed a sum of United Sates Dollars Fifty Thousand (US$ 50,000) or its equivalent in any other convertible foreign currency, shall be allowed in terms of thee regulations; and
2. where the amount of the advance payment required to be made on the total value of the goods so imported, exceeds the sum of United States Dollars Fifty Thousand (US$ 50,000), or its equivalent in any other convertible foreign currency, then the advance payment shall be effected only on:-
   1. the submission of a bank guarantee or a standby Letter of Credit for the value of the amount of the Advance Payment, acceptable to the bank effecting such Advance Payment; or 
   2. the submission of the Value Added Tax (VAT) Registration number, the Tax Identification Number (TIN) and any other documents which the Controller of imports may require having regard to the particular transaction to the Controller of Imports and Exports for his approval given after considering the merits of the respective transaction; or

 
      (2) made out of a foreign currency account, then the limits specified in paragraph (1) (a) and (b) above shall not be applicable thereto.
 
(B) The limit specified in paragraph (1) (a) and (b) of regulation 6 of these regulations shall not be applicable in relation to any Advance Payments being made for the import of Gold (HS Code 71.08) and Platinum (HS Code 71.10), where the application for the remittance is certified by the National Gem and Jewellery Authority, established by the National Gem and Jewellery Authority Act, No. 50 of 1993.