January 01, 2019 (MLN): State Bank of Pakistan (SBP) has allowed the Authorized Dealers to effect advance payments up to USD 10,000/- per invoice on behalf of importers cum exporters for import of raw materials, accessories and spares, stated a press release.
As per the bulletin issued, the decision has been taken with a view to proliferate export and generate economic activity through the industrial units intending to import spares and raw material for export of finished goods.
Earlier, SBP had restricted the advance payment facility in July 2018 which was previously allowed to importers through Authorized Dealers.
However on the intervention of the chamber of commerce and industry, trade associations and the ministry of commerce it has been decided to relax this ban to the extent of exporter who have to import accessories, raw material and spare-parts for their exports. It is expected that this will improve the export environment.
The Authorized Dealers have been advised by the SBP to the above effect through EPD Circular Letter No. 01 dated January 01, 2019.
