Govt to clear all LCs worth $100,000: Ishaq Dar

ISLAMABAD: Federal Minister for Finance Ishaq Dar on Monday announced keeping prices of POL products unchanged for the next 15 days with effect from November 1, 2022. He also announced clearance of LCs up to $50,000 and also granted a month extension in the filing of Income Tax returns up to November 30, 2022.

About the POL prices, the finance minister in his televised speech on Monday night said “we have decided to keep prices of petrol, diesel, light diesel and kerosene oil unchanged for next fortnight.” The price of petrol will remain unchanged at Rs 224.80 per litre, High-Speed Diesel at Rs 235.30 per litre, Light Diesel Oil at Rs 186.50 per litre and Kerosene oil at Rs 191.83 per litre for the next 15 days.

He also announced that the last date for filing Income Tax returns was extended for one month up to November 30, 2022. He said that different trade bodies had made representations and requested the government for granting an extension in the filing of income tax returns. Keeping in view the difficulties of taxpayers, the government granted a one-month extension, he added.

Dar also said that he had discussed the issue of stuck-up Letters of Credit (LCs) with the Governor State Bank of Pakistan during his visit to Karachi. With the decision to clear LCs up to $100,000, it would help 1,365 LCs to get clearance starting today (Tuesday).

The decision would also help clear 4,400 LCs up to $50,000. A total of 5,765 LCs up to $100,000 would be cleared with the latest announcement made by the government, he added. The remaining 2,200 cases, he said, would be cleared soon.