Karachi, August 2, 2023 – The Union of Small and Medium Enterprises (UNISAME) has called on the State Bank of Pakistan (SBP) to issue instructions to commercial banks for the release of import documents below USD 5000.
The aim is to assist small and medium-sized enterprises (SMEs) in clearing their imported goods from customs.
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UNISAME President, Zulfikar Thaver, highlighted the challenges faced by SME importers who are struggling to obtain the necessary import documents from banks to clear their shipments from customs. Banks are hesitant to release these documents due to a shortage of dollars, leading to delays and additional detention charges imposed by shipping companies.
To address this issue, Thaver proposed that the SBP facilitate SME importers by instructing banks to release import documents below USD 5000 if the importer deposits the corresponding invoice amount in foreign currency into their bank’s foreign currency account. This measure would help SMEs avoid delays and clear their goods from customs promptly.
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Hussain Ali, the convener of the logistics committee at UNISAME, suggested that the SBP should investigate if there is any understanding between banks and shipping lines to deliberately delay document processing to increase detention charges, which benefit the shipping companies.
SME importers have faced significant financial burdens due to delayed document retirement by commercial banks, leading to high detention and demurrage charges.
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Ali urged the port authorities to consider waiving demurrage charges in such cases, as the delays were beyond the SME importers’ control and were a result of the dollar shortage issue.
UNISAME’s appeal to the SBP seeks to alleviate the challenges faced by SME importers and ensure a smoother and more efficient import process for businesses operating in Pakistan.
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