KARACHI: President of the FPCCI Irfan Iqbal Sheikh has expressed concerns over the persistence of problems of payment, clearance and demurrages being faced by importers and industrialists on import consignments falling under the customs tariff chapters 84 and 85, despite government’s assurances that the implementation date of the restrictions has been extended to July 5, 2022.

He emphasised that the State Bank’s Foreign Exchange Operations Department (FEOD) should swiftly clear all import payments to save importers from any further delays, demurrages and losses; and only approve payments individually that fall after July 5, 2022 as per their own circular.

The FPCCI chief added that goods falling under the aforementioned chapters are still not being cleared without penalties and that is causing billions in losses. On top of that, dollar outflows continued for the payment of container rent, demurrages and terminal charges. Therefore, the ban could not serve the purpose to restrict the outflow of dollars.

Irfan Iqbal Sheikh explained that the restrictions on chapter 84 & 85 have also badly affected the import of tractor parts and other agricultural machinery. Additionally, agricultural sector is already under the devastating effects of torrential rains across the country.

He demanded that the government should come forward and resolve the impending issues of the chapters 84 & 85 without wasting anymore time; and, also offer support mechanism for the vulnerable sectors to deal with unbearable financial losses arising out of the consultation-less and sudden restrictions announced by the government a few months back.

Copyright Business Recorder, 2022