KARACHI: The State Bank of Pakistan (SBP) has updated the list of items for which banks are required to obtain prior permission before initiating the import transaction. Previously, in May 2022, the SBP asked the Authorized Dealers to get prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC before initiating transactions for import of some select goods including Motor Cars (CKD) power generation machinery, electrical machinery and apparatus and Mobile Phone (CKD).
In this regard, on Wednesday, the SBP has announced that the list of goods for which Authorized Dealers are required to seek prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC for initiating the import transaction, has been updated.
Henceforth, Authorized Dealers will be required to seek prior permission from FEOD, SBP-BSC before initiating transactions for import of goods mentioned in the new list.
As per updated list, import under the all Codes starting with prefix 84 including Nuclear Reactors, Boilers, Machinery and Mechanical Appliances; Parts Thereof, all Codes starting with prefix 85 including Electrical Machinery and Equipment and Parts Thereof and motor cars (CKD) will be required to get prior permission from the SBP for initiating the import transaction.
According to the SBP, all other instructions on the subject will remain unchanged. The SBP has advised the Authorized Dealers to bring the same to the knowledge of all the concerned and ensure meticulous compliance of the above & other applicable regulations on the subject.
Authorized Dealers are especially instructed to bring these instructions to the knowledge of their customers and advise them to approach the bank before initiation of import transaction of any item covered under this circular letter.
Copyright Business Recorder, 2022