The State Bank of Pakistan (SBP) Friday restricted remittance payment on behalf of importers against imports made on open account basis. According to the SBP, now this facility will only be available to manufacturing and industrial users for import of spare parts or raw materials. Dealers said that this measure will also help discourage the rising goods imports. In terms of the import policy, importers were permitted to make imports without opening of Letters of Credit or registering the indents/proforma invoices or orders with the Authorized Dealers (on open account basis), and make remittances there against after receipt of goods in Pakistan.
"In term of Para 17, Chapter 13 of Foreign Exchange Manual-2018 Authorized Dealers are allowed to make remittances on behalf of importers against imports made on open account basis," said SBP circular issued on Friday.
However, it has been decided that, henceforth, this mode of import will remain available to manufacturing and industrial users for import of spare parts/raw materials only.
According to a SBP circular, this restriction will not apply on goods in transit where shipping documents (e.g. B/L, AWB, TR, RR, Courier Receipt etc.) have been issued on or before the date of issuance of this directive.
However, Goods Declaration against such consignments must be filed by importers with Pakistan Customs latest by August 10, 2018. All other instructions on the subject shall remain unchanged, the circular said.
The SBP has advised Authorized Dealers to ensure meticulous compliance of the above instructions.
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