Clearance of export consignments: Submission of bank-registered contract, LC made mandatory

The clearance of all export consignments based on letter of credit (LC) or contract will now be subjected to the submission of bank registered contract and LC from June 25, 2019 (today). The Federal Board of Revenue (FBR) has made the submission of bank registered contract and letter of credit along with goods declaration mandatory from June 25, 2019 for the clearance of exports consignment.
Therefore, the exporters have to submit bank registered contract and letter of credit along with goods declaration for the release of their consignment for exports on LC or contract. According to office order issued on the other day, all exporters whose exports are on letter of credit or contract based in addition to documents certificates already required under the law shall further scan/upload bank registered contract and letter of credit in terms of paragraph 3 of the Export Policy Order 2016 dated April 18, 2016 read with section 155 M of the Customs Act 1969 and Foreign Exchange Rules and Regulations notified by the State Bank of Pakistan. Therefore, all exporters and their clearing agents are now directed by the FBR to ensure the submission of both documents at the time of filing of goods declarations from June 25, 2019.