Karachi: The State Bank of Pakistan (SBP) on Monday (January 23) granted a one-time exemption from obtaining prior approval for import of essential food items in specific categories and codes, news sources reported.
The ease in import restriction will be in effect until March 31, 2023, and can only be availed by those importers who are registered with SBP. In this regard, the state bank has instructed commercial banks to process and release documents of shipments/goods that have already arrived at a port in Pakistan or have been shipped on or before January 18, 2023.
The import restriction relief applies to authorized importers for items under HS Code Chapters 84 and 85, and certain items under Chapter 87, which deal with machinery and electrical equipment. The SBP has directed private banks to prioritize the import of food, pharmaceuticals, and energy products.
According to the circular issued by the central bank, banks are to allow imports in the following order: Food and pharmaceuticals Petroleum and coal Raw material and spare parts for export-oriented industries Seeds Fertilisers and pesticides Deferred payment and self-funded imports Plant and machinery for the export-oriented projects near completion
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
