SBP relaxes condition for importers

KARACHI: The State Bank of Pakistan (SBP) on Monday relaxed the condition for importers to receive shipping documents from Afghanistan through banks, a statement said.

“The Pakistani importers may now directly receive shipping documents from the Afghani exporters and get the goods cleared after attachment of goods declaration with electronic import form (EIF), the SBP said.  Earlier, the central bank had made it mandatory for the importers to get their shipping documents through banks.

“Once the importer gets the contract registered and EIF approved with the bank for multiple shipments, the importers shall not be required to approach the bank again and again for approval of EIF.”

The relaxation is expected to provide manifold benefits to the importers of the above region by reducing their cost of doing business and efficient processing of goods clearance at Customs stations bordering Afghanistan.  All imports into Pakistan are required to be made compulsorily through EIF. The EIF was implemented with a view to curb the illegal and duplicate payments of imports from Pakistan by unscrupulous elements, the statement added.  In order to address these difficulties and to facilitate traders, the procedure for registration of contracts and payments has been simplified.

In this regard, it was observed that due to peculiar nature of trade with Afghanistan through land routes, especially through Torkham and Chaman borders, Pakistani importers are facing difficulties in carrying out import transactions through EIF.