Import ban not to apply on L/C issued before May 19, 2022

Import ban not to apply on L/C issued before May 19, 2022

ISLAMABAD: The ministry of commerce on Saturday issued a clarification stating that the import ban will not be applicable on Bill of Lading (B/L) or Letter of Credit (L/C) issued prior to ban decision.

In order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit (CAD) during the first 10 month of the current fiscal year 2021/2022, import of certain luxury and non-essential items has been prohibited, vide SRO 598(1)/2022 dated May 19, 2022.

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However, to address the concerns of certain business quarters with regard to the implementation of the said SRO, it is clarified that in terms of proviso to the paragraph-4 of the Import Policy Order, 2022, the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(1)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.

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Hence, imported goods for which B/L or irrevocable L/C was established prior to May 19, 2022 shall not be subject to the prohibitions contained in the said SRO.

Moreover, the business community and the general public are invited to share their concerns, proposals or any anomalies with respect to the said SRO at [email protected] Ministry of Commerce would respond to them at the earliest.

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Previously, the ministry of commerce amended Import Policy Order, 2022 through SRO 587(I)/2022 to ban import of luxury and non-essential items.

The government banned the import of items, included: aerated water and juices; automotive in Completely Built Unit (CBU); sanitary and bathroom wares; carpets (excluding from Afghanistan); Chandeliers and Lightening Devices or Equipment; Chocolates; cigarettes; corn flakes etc.; cosmetics and shaving items; tissue papers; crockery; decoration / ornamental articles; dog and cat food; doors and window frames; fish; footwear; fruits and dry fruits; furniture; home appliances CBU; ice cream; jams, jellies and preserved fruits; luxury leather jackets and apparels; matters and sleeping bags; frozen or processed meat; mobile phones CBU; musical instruments; pasta etc.; arms and ammunition; shampoos, sunglasses; tomato ketchup and sauces; and travelling bags and suitcases.

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