Commerce issues SRO allowing five-year used cars' import

The Commerce Ministry has issued Statutory Regulatory Order (SRO), allowing import of five years reconditioned cars instead of three years. In this regard, the ministry has issued a notification here on Tuesday.
Sources said that the commercial importers were facing huge demurrages due to delay in issuance of SRO with regard to increase in age of used cars from three to five years. Interestingly, used cars import schemes are meant only for overseas Pakistanis.
According to Import General Manifest (IGM) available at the website of the Federal Board of Revenue (FBR), used Toyota Corolla are of models 1995 with bill of landing dated January 24, 2011 have reached Karachi. Besides, Korean used cars Matiz of 1998 model have landed at Karachi and are awaiting clearance, sources said.
According to the Commerce Ministry, the first summary, which was submitted by the Ministry of Industries and Production (MoI&P) to the ECC, requested permission for increase in age of used cars from three to five years. The ECC accorded approval to the summary and later on the federal cabinet ratified the ECC decision.
According to Commerce Secretary, it may be recalled that in its meeting held on November 4, 2010 ECC took two decisions. It agreed to increase the age of imported used cars from three to five years. In its meeting on December 7, 2010, the ECC directed that notification with regard to allowing import of used cars increasing their age from three to five years should be issued. Regarding the pending work of the committee, the ECC was informed that meetings were being held and a summary would be submitted. The ECC only directed that in addition to motorcycles, trucks, buses and tractors, the committee should also propose measures regarding three-wheelers.
The Ministry of Commerce notified ECC decision of November 4, 2010 as confirmed on December 7, 2010 with regard to import of used cars vide its Notification No 1113(1)/2010, dated 8 December, 2010. This notification was withdrawn on December 27, 2010.