ECC approves clearance of banned items landed till August 18, 2022

Sep 22

Finance, Ports and Shipping, Top stories

ECC approves clearance of banned items landed till August 18, 2022

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022. Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal […]

by Anjum Shah

Industry slams finance ministry for blocking letter of credit

Aug 30

Ports and Shipping, Trade & Industry

Industry slams finance ministry for blocking letter of credit

KARACHI: The industry has strongly criticized the ministry of finance for directing banks not to open letters of credit for essential machinery, equipment and spare parts. “Pakistan’s industrial sector is gradually heading towards doldrums because of the adamant attitude of Ministries of Finance and Commerce to block banks from opening Letters of Credit or remitting […]

by Faisal Shah

Karachi Port mulls to determine demurrage charges

Aug 29

Ports and Shipping, Trade & Industry

Karachi Port mulls to determine demurrage charges

KARACHI: Syed Muhammad Tariq Huda, Chairman, Karachi Port Trust has said that the port is considering to establish a regulator body to determine demurrage charges at the port. The formation of regulatory body will be announced soon, he said in his address at a meeting held at Korangi Association of Trade and Industry (KATI). On […]

by Hamza Shah

Clearance of banned cars, phones allowed on 100% surcharge

Aug 20

Automotive, Finance, IT & Telecom, Ports and Shipping

Clearance of banned cars, phones allowed on 100% surcharge

ISLAMABAD: The government has allowed clearance of stuck up consignments of cars and mobile phones on payment of 100 per cent surcharge. The ministry of commerce on Friday issued an office memorandum regarding prohibition / complete quantitative restrictions on import of non-essential and luxury items. READ MORE: Pakistan lifts ban on import of cars, phones, […]

by Anjum Shah

Pakistan lifts ban on import of cars, phones, luxury items

Aug 20

Finance, National, Ports and Shipping, Top stories

Pakistan lifts ban on import of cars, phones, luxury items

ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis. The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances. The government on May 19, 2022 through a circular No. 598 (I)/2022 […]

by Anjum Shah

SBP assures allowing stuck up containers of banned import

Aug 15

Ports and Shipping, Trade & Industry

SBP assures allowing stuck up containers of banned import

KARACHI: The State Bank of Pakistan (SBP) has assured the business community of allowing to release all the containers with consignments of banned imported goods. In a statement issued on Monday, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees said that the State Bank of Pakistan (SBP) has agreed to release all the […]

by Faisal Shah

Pakistan decides to lift ban on imported goods

Jul 29

Automotive, Finance, Ports and Shipping, Top stories

Pakistan decides to lift ban on imported goods

ISLAMABAD: Pakistan on Thursday decided to lift the ban imposed on imported goods except for Completely Built Unit (CBU) of motor vehicles, mobile phones and home appliances. A review meeting was held to review the ban after two months owing to serious concerns raised by major trading partners on the imposition of ban and considering […]

by Anjum Shah

15% surcharge imposed for clearance of banned items

Jul 26

Finance, Ports and Shipping, Top stories

15% surcharge imposed for clearance of banned items

ISLAMABAD: Pakistan has imposed surcharge up to 15 per cent for clearance of consignments stuck up at ports and were banned for saving foreign exchange. The ministry of commerce issued an office memorandum dated July 22, 2022 pursuance to the federal cabinet decision to release the consignments of prohibited items. READ MORE: Pakistan allows release […]

by Anjum Shah

Pakistan allows release of banned items stuck up at ports

Jul 6

Finance, Ports and Shipping, Top stories

Pakistan allows release of banned items stuck up at ports

ISLAMABAD: Pakistan Tuesday allowed one-time release of consignment carrying imported goods that were banned by the government on May 19, 2022 and stuck up at ports. The country through SRO 598(I)/2022 imposed a ban on import of luxury and non-essential items in order to discourage outflow of dollars and support balance of payment. Due to […]

by Anjum Shah

KCCI demands release of stuck up containers

Jul 4

Ports and Shipping, Trade & Industry

KCCI demands release of stuck up containers

Karachi Chamber of Commerce and Industry (KCCI) on Monday demanded the government of releasing containers imported goods that were banned through SRO 598(I)/2022. The chamber in a statement strongly denounced the non-clearance of containers at the ports subsequent to the ban imposed on luxury items. READ MORE: KCCI demands implementation of Riba free banking The […]

by Hamza Shah