Imports and Exports Bill introduced in National Assembly

The Imports and Exports (Control) (Amendment) Bill, 2010 was introduced in the National Assembly on Tuesday. Nisar Tanveer presented the Bill in the Lower House of the Parliament. Federal Minister for Law did not oppose the Bill. Speaker Dr Fehmida Mirza referred the Bill to concerned standing committee for further deliberations.
According to Bill, Amendment of section 3, Act XXXXIX of 1950:- In the Imports and Export (Control) Act 1950, in section 3, after sub section (4) the following new sub-section (5), shall be added namely:- "(5) A product, which is a deficit product in Pakistan and is imported at the cost of foreign exchange, will only be further exported to the third country at a cost equal or above the price being charged from consumes in Pakistan"
According to statement of objects and reasons of the Bill, Pakistan''s economy is on the verge of collapse, and the government is desperate to levy more taxes on the poor people of Pakistan. Today, when strict measures are direly needed to support the national economy, the government is extending different waivers on export of various products to the neighbouring country Afghanistan.
As a result, national exchequer has to bear undue burden of billions of rupees every year. Diesel is a deficit product in Pakistan and is imported at the cost of foreign exchange. It does not make economic sense to export a deficit commodity on cheaper rate, whereas, people of Pakistan pay additional 20-30 rupees on the same product.
On the other hand, the aforesaid export is causing huge losses to national exchequer because of misuse of export facility, as POL products, which are exported to Afghanistan, are being sold back in the country, after receiving such waivers from the government of Pakistan. Private companies and bulk purchasers are earning huge profits through unfair means from domestic market. Therefore, it is need of the hour to add above-mentioned sub-section in the Act to safeguard foreign exchange and interest of Pakistani consumers.