PSMC shuts down production plant on restrictions on CKD imports

MG News | August 16, 2022 at 04:24 PM GMT+05:00

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August 16, 2022 (MLN): Pak Suzuki Motor Company Limited (PSMC) has decided to temporarily shut down its production plant of automobile products from August 18, 2022, to August 19, 2022, due to the restrictions imposed by the State Bank of Pakistan (SBP) on CKD imports, the company’s filing on PSX today.

To note, on May 20, 2022, SBP had introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022.

According to the notice issued to PSX, the restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.

Therefore, the senior management of the company took this decision due to a shortage of inventory levels.

However, the motorcycle plant will remain operative. Meanwhile, any further updates in this regard will be communicated accordingly, it added.

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