Imports before January 9: MoC to allow 8,000 cars sans foreign bank account details

The Ministry of Commerce has reportedly agreed to clear around 8,000 new and used vehicles, imported before January 9, 2018 without foreign bank account details of importers and other family members; it is learnt Monday. According to sources, the Federal Board of Revenue (FBR) has discussed the issue regarding the clearance of around 8,000 new and used vehicles, imported before January 9, 2018 with the ministry as these vehicles were stuck at ports after the latter's instructions.
The ministry in consultation with the State Bank of Pakistan has prescribed a mechanism for payment of duty and taxes on the import of vehicles under personal baggage, transfer of residence and gift scheme, instructing the customs department to collect duty and taxes in foreign exchange arranged by Pakistani nationals or local recipient supported by bank encashment certificate showing conversion of local currency.
Sources said that high officials at ministry of commerce during discussion with the FBR officials had verbally agreed to allow the clearance of the vehicles in accordance with SRO 1067(I)/2017 and SRO 1237(I)/2017 on production of Bank Encashment Certificate, showing conversion of foreign remittance to local currency supported by swift massage bearing reference to the importer without mentioning bank account number of the importer or any family member in respect of Bill of Lading issued before January 9, 2018. Moreover, sources said that high officials at ministry of commerce had assured the FBR officials to issue clarification in this regard in coming days.
Meanwhile, ministry in a recent statement admitted that the decision was being taken or under implementation to avoid undue hardship for the inventory of vehicles in transit; adding that a facilitating provision was being finalized for the vehicles in transit only as a one-time dispensation.
It said that the commercial importers were neither the intended beneficiaries nor the rightful stakeholders in the matter of import of used vehicles under the Baggage, Gift and Transfer of Residence schemes. It is for the benefit of overseas Pakistanis and the provision of payment of duties and taxes from their accounts has become part of the import policy after due deliberations at the Economic Co-ordination Committee of the Cabinet.
Furthermore, the ministry warned that anyone making any further imports in the hope of any expected change in this policy would do so at his own risk and the customs authorities would be advised to confiscate such vehicles or take any other legal action meant to deal with illegal imports and added that ministry of commerce did not intend to make any changes in this provision of policy except for the vehicles stuck up in the transit.