Funding of non-LC imports: sources have to be declared

Finance Minister, Senator Ishaq Dar here on Tuesday chaired a meeting regarding import related payments through banking channels. The meeting was attended by senior officials of the Ministry of Finance, FBR and State Bank of Pakistan, a press release issued here said. It was agreed that SBP and FBR would take steps to ensure that source and modalities for funding of Non-LC imports are declared by the importers of various goods into Pakistan.
These measures have been planned with the objective to ensure that payments are made through legal banking channels. Further, these measures also aim to eradicate the menace of 'hundi' and 'havala' which are a major cause of illegal outflow of foreign exchange. The Finance Minister on this occasion gave instructions that a notification to this effect may be issued after completion of due process in this regard. He also appreciated the efforts of the SBP and FBR for streamlining the import related processes.