Islamabad: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) on Wednesday (September 21) shared a notification announcing that the State Bank of Pakistan (SBP) will release payments of all import bills in two days, news sources reported.
As per FPCCI and SBP consultation, all invoices that come under customs tariff chapters 84 and 85 and have a value of less than or equal to USD 50,000 would be processed. FPCCI has sent notices to its members alerting them of the outstanding cases in this respect. FPCCI President Irfan Iqbal Sheikh stated that the development came after a lengthy conversation and communication with officials of the apex bank, who agreed in principle to clear any invoices that did not exceed the given dollar amount. He stated that the decision will bring relief to those businessmen who have been affected by an unanticipated import prohibition.
It is crucial to note that the government had banned the import of several products, including essentials. However, after consulting with merchants and exporters who rely on imported raw materials, it was agreed to revise the list of imported commodities. According to government sources, the embargo was enacted to address the increasing balance of payment concerns, which had reached an all-time high.