Ministry notifies forex condition on clearance of imported vehicles under concessionary scheme

ISLAMABAD: The ministry of commerce has issued a notification making it mandatory the clearance of new/used imported vehicles under concessionary schemes through payment in foreign exchange.

 

 

 

The ministry issued SRO 52(I)/2019 dated January 15, 2019 to amend Import Policy Order 2016.

The ministry said that all vehicles in new/used condition to be imported under transfer of residence, personal baggage or under gift scheme, the duty and taxes shall be paid out of foreign exchange arranged by Pakistani nationals themselves or local recipient support by bank encashment certificate showing conversion of foreign remittance to local currency.

It said that the remittance for payment of duties and taxes shall originate from the account of Pakistani national sending the vehicle from abroad.

Further, the remittance shall either be received in the account of the Pakistani national sending the vehicle from abroad or, in case, his account in non-existent or inoperative, in the account of his family.

2 Comments

  1. This is a good decision as it will stop the flooding of markets with imported vehicles and stop people doing illegal business

  2. We respect government policies but there must be given some implementation time line for clear the backlog otherwise many peoples who already booked the car but will reached after one month will face 100% loss !

    Immediate Change in policy is not a professional way through this way they are disturbing Indivifual car buyers and importers.

    If their immediate policy hit their people directly
    and directly then it’s not good for all as we are Muslims and we have to given benefit to others I stead of giving sudden loss which is in Millkln

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