More items to need SBP nod before import

KARACHI: The State Bank of Pakistan (SBP) has added a few more names to the list of those goods for which commercial banks need central bank’s approval before starting import proceedings, a circular said.

“The list of goods for which Authorized Dealers are required to seek prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC [Banking Services Corporation] for initiating the import transaction, has been updated,” the SBP said.

Henceforth, Authorized Dealers will be required to seek prior permission from FEOD, SBP-BSC before starting transactions for the import of goods mentioned in the new list, it added. The import under all codes starting with prefix 84 including nuclear reactors, boilers, machinery, and mechanical appliances parts thereof, and all codes starting with prefix 85 including electrical machinery and equipment and parts and motor cars (completely knocked down) will be required to get prior permission from SBP for starting the import transaction, according to the new list.