FPCCI for enhancing custom bonded warehousing limit to 60 days

ISLAMABAD: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Thursday urged the government for enhancing warehousing period limitation of consignments up to 60 days to avoid negative impact of price fluctuation during COVID-19 Pandemic, besides flourishing industrial sector in the country.

In a press release, FPCCI President Mian Nasser Hyatt Maggo said that due to COVID-19 commercial activities were slowed down causing overstay of consignments and subsequently facing surcharge on clearance and urged the need to facilitate the businesses.

The economic slowdown, recession in the market and financial constraints due to global pandemic, he said adding that importers were unable to clear their consignments in time which had piled up heavy surcharge as no general concession so far been extended by the Federal Government.

In this regard, he said a meeting of the Advisory Council of FPCCI was also held and discussed the issue of raw material importers who ware facing problems due to their consignments lying in customs bonded warehouses beyond the period stipulated under section 98 of the Customs Act, 1969.

The meeting resolved to approach Federal Board of Revenue to consider grant of waiver of surcharge on overstayed consignments in order to alleviate the problems of the importers, he added.

Mian Nasser Hyatt urged the government that under the present difficult circumstances consider the enhancement of customs bonded warehousing period limitation up 60 days so as to mitigate hardship of importers and promote industrial activities in the country.