LAHORE: The State Bank of Pakistan (SBP) on Monday has amended restrictions imposed in July on advance payment against imports stating it wouldn’t apply on letters of credit established on or before 14th of last month.
In mid-July, the central bank had revised the instructions relating to advance payment facility allowed to importers through authorized dealers and had also restricted the import on open account basis to manufacturing and industrial users for import of spare parts/raw materials only.
A press release issued by SBP on Monday said “Further, the conditions regarding issuance of shipping documents on or before July 20, 2018, and filing of Goods Declaration with Pakistan Customs by August 10, 2018, shall not apply in cases where consignments had gated-in/entered the ports of shipment on or before July 20, 2018.”
