ISLAMABAD: Pakistan has allowed conditional import of Completely Built Unit (CBU) motor vehicles, which have been banned through SRO 598(I)/2022.
The country on May 19, 2022 banned import of luxury and non-essential items in order to save foreign exchange and support the local currency, which depreciated massively.
Through SRO 598(I)/2022 issued May 19, 2022, the ministry of commerce imposed ban on CBU vehicles which are importable under 49 tariff lines.
However, the ministry of commerce clarified that prohibition of import would not apply on import of CBU vehicles if the imports in Pak Rupee (PKR) or imports through barter mechanism by land routes.
The ministry of commerce on May 21, 2022 issued a press release stating that 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 FY-22, import of certain luxury and non-essential items has been prohibited, vide SRO 598(I)/2022 dated 19th May, 2022.
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(I)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.
Hence, imported goods for which B/L or irrevocable L/C was established prior to 19th May, 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].