Banning import of luxury items: MoC seeks proposals from stakeholders

ISLAMABAD: Commerce Ministry has sought proposals from business community and general public with respect to recent SRO issued to restrict import of luxury items.

On Saturday, the Ministry issued an official statement saying that in order to address the Balance of Payments (BoP) situation in the country resulting from the increase in Current Account Deficit (CAD) during the first 10 months of the current FY-22, import of certain luxury and non-essential items has been prohibited, vide SRO 598(T)/2022 of May 19. 2022.

However, to address the concerns of certain business quarters with regard to the implementation of the said SRO, Commerce Ministry clarified that in terms of proviso to the paragraph-4 of the Import Policy Order, 2022, the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (LC) was issued or established prior to the notification of the SRO 598()/2022 shall be exempt from the operation of the SRO.

Hence, imported goods for which B/L or irrevocable LIC was established prior to May 19 2 shall not be subject to the prohibitions contained in the said SRO.

Commerce Ministry has also asked the business community and the general public to share their concerns, proposals or any anomalies with respect to the SRO at [email protected].

Ministry of Commerce would respond to them at the earliest.

Copyright Business Recorder, 2022