KARACHI: State Bank of Pakistan (SBP) has withdrawn prior approval for banks for initiating import transactions. Previously the condition was imposed in May 2022.
KARACHI: Over 400 containers of vegetables have been stuck up at ports as commercial banks are not issuing documents due to shortage of dollars. All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association in a letter to the commerce ministry sent on Tuesday, stated that the containers of Onion are still held up at […]
ISLAMABAD: Pakistan exports have registered 18.34 per cent decline Year on Year (YoY) in November 2022 owing to import restrictions and slowdown in global demand. Data released by Pakistan Bureau of Statistics (PBS) on Thursday revealed that exports fell to $2.37 billion in November 2022 when compared with $2.9 billion in the corresponding month last […]
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 […]
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday strongly rejected the claim of the central bank regarding no restriction on imports. FPCCI’s acting president, Suleman Chawla in a statement categorically refuted the claims and assertions made by the State Bank of Pakistan (SBP) that there are no restrictions in place on […]
State Bank of Pakistan KARACHI: State Bank of Pakistan (SBP) on Tuesday clarified that there is no restriction on import of raw material for any industry. In a statement the central bank said that lately, some media reports and representatives of trade organizations have claimed that banks are not opening Letters of Credit (LCs) for essential raw materials including […]
ISLAMABAD: Pakistan on Wednesday granted exemption of income tax and sales tax on imports of tomato and onion during next four months. In this regard, the Federal Board issued notifications in this regard. The FBR issue SRO 1639(I)/2022 to allow withholding income tax exemption on import of tomato and onion imported till December 31, 2022. […]
KARACHI: Federal Board of Revenue (FBR) has increased the customs valuation of imported coal of Afghanistan origin by 69 per cent to $140 per metric ton. In order to implement the decision, the Directorate of Customs Valuation of the FBR, Peshawar issued Valuation Advice dated August 17, 2022 in respect of Afghan coal. Earlier, through […]
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, […]
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 […]