| SBP Takes Initiative to Boost the Exports and Manufacturing |
KARACHI: State Bank of Pakistan (SBP) has made changes to the regulatory system to facilitate advance import payment to the manufacturing sector.
The State Bank on Tuesday invited the banks’ attention under the EPD Circular Letter No. 01, dated January 01, 2019, for which importers up to $ 10,000 per invoice for import of raw materials and spare parts. Import payments are allowed only on their own use.
To facilitate the manufacturing sector, the guidelines have been modified.
“Authorized dealers are allowed to apply advance payment of up to $ 10,000 per invoice, or equivalent, on manufacturing concerns for importing raw materials and spare parts for their own use only. ”
Authorized dealers are advised to ensure compliance with the above and other applicable regulatory guidelines, including paragraph 6 Chapter 2 of the FE Manual, which, among others, requires authorized dealers. , So that they satisfy themselves that the transaction will not be included and not designed for this purpose. Violation or theft of any of the provisions of the Foreign Exchange Regulations Act, 1947, or any rules, directions or orders contained thereunder.
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