Advance payments for life saving drugs’ import allowed

KARACHI: The State Bank of Pakistan (SBP) has decided to allow imports on open account basis and advance payment up to $50,000 or equivalent per invoice for import of life saving medicines and devices, a circular said the other day.

However, the limit for imports against advance payment or on open account basis for essential medicines and devices would remain the same ie $10,000 per invoice.

“Further, import of life-saving and essential medicines and devices against advance payment or on open account basis will be subject to submission of a certificate to the authorised dealer (bank) issued by the principal of a teaching hospital in public sector or head of a government specialised hospital, instead of a certificate issued by the respective provincial health department, confirming that the medicines/devices/instruments being imported fall under the life-saving/essential category,” the State Bank of Pakistan said in the circular.