Islamabad: In order to facilitate importers, the government has exempted all those businesses from the import ban whose Letters of Credit (LC) had been opened by banks before May 19, news sources reported on May 19. A notification in this regard was issued by the Ministry of Commerce to accommodate importers.
All importers who have already placed orders through the proper channels will be excluded from the new notification. Similarly, the notice exempted any consignments that arrived at ports prior to the announcement of the May 19 import embargo. Following this notice, all of these consignments will be cleared by customs officers in accordance with the laws and regulations. Consignments whose LCs were opened after the ban announcement, on the other hand, will not be cleared till further notice. It is worth noting that the government has banned the import of luxury non-essential products in order to address the country’s growing current account deficit (CAD).
The government has banned the import of products falling into a total of 33 categories including food products, automobiles, and other products that will not be cleared by customs at ports.