Banks required to seek prior permission for import transaction of Motor Cars (CKD)

July 06, 2022 (MLN): The State Bank of Pakistan (SBP) has updated the list of goods which requires prior approval for import transaction as per which it is mandatory for banks to seek prior permission for making transactions related to the import of motor cars in Completely Knocked Down (CKD).

According to the circular issued to the Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange, “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.”

Authorized Dealers shall be required to seek prior permission from FEOD, SBP-BSC before initiating transactions for import of goods listed in the enclosed Annexure, it added.

“All other instructions on the subject shall remain unchanged,” it further explained.

Authorized Dealers are advised to bring the same to the knowledge of all the concerned and ensure meticulous compliance of the above & other applicable regulations on the subject, SBP advised.

Authorized Dealers are specially 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, it noted.

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