AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,394 Increased By 99.2 (1.36%)
BR30 24,121 Increased By 266.7 (1.12%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)

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.

ADs must take permission from FEOD before import deals: SBP

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

Comments

Comments are closed.