Collectorate issues directives for importers

KARACHI: All the importers who have deposited securities against provisional assessment are given final opportunity to prove that they had fulfilled the relevant conditions / formalities and deposited securities cannot be encashed.
The collectorate in a public notice said that the collectorate has to take decisions; therefore, the relevant information should be furnished by May 15. The MCC Appraisement West said that a number of securities were still pending in the Bank Guarantee Cell of MCC Appraisement (West). This pendency / non-release of securities after the stipulated time period implies that the importers have not fulfilled the conditions laid down in the notification under which security was obtained, which has become liable to encashment.
In order to avoid any hardships to the importers through outright encashment of securities, a public notice was earlier issued. However, the response has not been encouraging.
Despite cited non-responsiveness, instead of proceeding for encashment of security, a last and final opportunity is being afforded to prove that the conditions laid down in the relevant SRO have been fulfilled and the security is not encashable.
In this regard, all importers and their authorised clearing agents have been advised in their own interest for the following:
Review on their own all pending securities deposited with the Bank Guarantee Cell of the collectorate, which still have not been released. They are requested to intimate the current status regarding the fulfillment of conditions laid down in the relevant SRO of each security to the Bank Guarantee Cell so that the release or encashment of security instrument is decided.
In case the conditions / formalities laid down in the SRO notification under which security was deposited had already been fulfilled and intimated to the section concerned, then proof of such intimation may be provided afresh to the Bank Guarantee Cell so that securities may be released.