In order to facilitate the industrial sector, the State Bank of Pakistan (SBP) has allowed authorised dealers for advance payment up to USD 25,000 for import of raw materials, spare parts and machinery.
The SBP in January this year allowed import advance payment up to $10,000, or equivalent in other currencies, per invoice was allowed to manufacturing & industrial concerns and commercial importers for import of raw materials, spare parts and machinery for ultimate use by manufacturing & industrial concerns.
Now, in order to further facilitate the manufacturing & industrial concerns, the SBP has made amendment in instructions regarding advance payment against imports.
Henceforth, authorised dealers are allowed to effect advance payment up to $25,000, or equivalent in other currencies, per invoice on behalf of manufacturing & industrial concerns and commercial importers for import of raw material, spare parts and machinery, for ultimate use by manufacturing & industrial concern.
SBP has advised authorised dealers to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance of the above and other relevant instructions on the subject. While, all other instructions will remain unchanged.