(Infosette News) ISLAMABAD: To help entrepreneurs and manufacturers, the federal government has decided to relax the import ban in Pakistan starting on January 2, 2023.
Details indicate that the State Bank of Pakistan (SBP) informed all presidents and chief executives of authorized foreign exchange dealers (Ads) of the development via a circular.
According to EPD Circular Letter No. 9 of May 20, 2022, and Circular Letter No. 11 of July 5, 2022, Authorized Dealers (ADs) were required to obtain prior authorization from the Foreign Exchange Operations Department SBP-BSC before beginning any import transaction pertaining to HS Code Chapter 84, Chapter 85, and certain items of Chapter 87.
The SBP indicated that the instructions would be withdrawn starting on January 2, 2023.
Therefore, requests for import transactions already filed to SBP-BSC pertaining to the aforementioned HS Codes stand returned to the ADs for proper disposal at their end, it continued.
The circular did, however, add that ADs may prioritize or facilitate imports under the following categories: essential imports, energy imports, imports by export-oriented industry, imports for agriculture inputs, deferred payment/self-funded imports, and imports for export-oriented projects near completion.
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The SBP further stated that ADs may actively engage with all of their clients to fulfill their requests while taking into account the risk profile of the customers and the liquidity constraints currently in effect on the foreign exchange market.
The authorized dealers were urged to inform all of their constituents about the aforementioned directives.
The State Bank of Pakistan (SBP) denied earlier in December rumors that there were limitations placed on the opening of Letters of Credit (LCs) or contracts for the import of crude oil, liquefied natural gas (LNG), and other petroleum products.
The central bank stated in a statement that it hasn’t imposed any limitations on the opening of Letters of Credit (LC) or contracts for the import of crude oil, LNG, or petroleum products.
The central bank continued, “Such false information is disseminated with ulterior objectives to sow market uncertainty.”