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Withdrawal of facility of Advance Payment limit of USD 10,000 on imports rejected

LAHORE: Mr. Zahid Latif Malik, President Sialkot Chamber of Commerce & Industry, rejected the decision of the State Bank of Pakistan for withdrawal of the facility for Advance Payment limit of USD 10,000 on imports vide its circular number 06. of 2018 dated July 14, 2018. The President while expressing his concerns said that the move would have grave effects on the already crises struck export industry of
Pakistan. “Export Sector is heavily reliant on the import of raw material through this facility for value addition and re-exports and withdrawal of this facility would only hamper the smooth functioning of the Industry as many suppliers do not encourage L/C’s and demand advance payments to start production of orders” Mr. Zahid Latif Malik said.

The President Chamber also mentioned his meeting with top management of State Bank of Pakistan including the Governor SBP Mr. Tariq Bajwa dated May 11, 2018 wherein the Governor SBP had agreed to enhance the limit of Advance Payment on Temporary Imports from USD 10,000 to USD 25,000 which was appreciated and acknowledged by the business community of Sialkot. However, instead of issuing the circular of enhancement of the limit, the above mentioned circular has created unrest among the exporting quarters of Pakistan and made them wonder if their interests are being protected by the top State Organizations of Pakistan.

Mr. Zahid Latif Malik also said that after years of decline, exports sector has managed to show little improvement which would be most adversely affected by this negative decision and would halt the increase in exports proving to be disastrous for the Economy of Pakistan. He also said that the mandate of the intemGovernement was to conduct free & fair election and maintain the Law & Order situation of the country, but it was taking huge decisions,without consent of the stakeholders. He said that devaluation of Pak Rupee and withdrawl of facility of Advance Payments on Imports would damage the economy and would be a blow to exports.

The President Chamber urged the Governor SBP to reconsider the decision of withdrawal and the limit of Advance Payment strictly on ‘Temporary Imports’ be allowed to USD 25,000 as committed in the meeting of SCCI Delegation with SBP Management held May 11, 2018.

The President Chamber also announced that further line of action in the said regard, would be reveled after the General Elections 2018.

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