{"id":87685,"date":"2022-07-29T16:28:57","date_gmt":"2022-07-29T11:28:57","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=87685"},"modified":"2022-08-01T14:39:22","modified_gmt":"2022-08-01T09:39:22","slug":"govt-lifts-bans-luxury-import","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-lifts-bans-luxury-import.html","title":{"rendered":"Govt lifts bans on import of certain luxury goods"},"content":{"rendered":"\n<p>Islamabad: The Economic Coordination Committee (ECC) on Thursday (July 28) lifted the recently imposed ban on importing luxury and non-essential goods, news sources reported. The ban has been lifted on all goods, excluding automobiles completely built-up units (CBU), cell phones, and other electronic items.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/import-ban-businesses-19th.html\" data-type=\"post\" data-id=\"86098\" target=\"_blank\" rel=\"noreferrer noopener\">Import Ban: Govt exempts businesses with LCs opened before 19th&nbsp;<\/a><\/p>\n\n\n\n<p>According to reports, Finance Minister Miftah Ismail approved the removal of the ban while chairing a recent ECC meeting held in Islamabad. As per the meeting, the ban helped reduce the outflow of foreign exchange reserves by 70% &#8211; from USD 399.4 million to USD 123.9 million between May 20 and July 19. The government, however, has not lifted the ban on the largest <a href=\"https:\/\/www.zameen.com\/news\/allowing-billets-import-negates-govts-make-pakistan-policy-steel-producers-rectifying-anomaly.html\" data-type=\"post\" data-id=\"66993\" target=\"_blank\" rel=\"noreferrer noopener\">import bill <\/a>contributors, such as vehicle and mobile phone CBUs, which accounted for 79% of the overall import reduction amounting to USD 275 million. The remaining 21% cut was distributed among 810 tariff lines, impacting many sectors of the economy, including foreign investment.<\/p>\n\n\n\n<p>Moreover, the ECC also decided that any held-up consignments (excluding those still in the prohibited category) arriving at ports after July 1 should be cleared subject to a 25% fee.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/gwadar-free-zone-development.html\" data-type=\"post\" data-id=\"86313\" target=\"_blank\" rel=\"noreferrer noopener\">Gwadar Free Zone development important for economic growth: Minister Ismail<\/a><\/p>\n\n\n\n<p>It is important to mention that the government banned the import of all non-essential goods to help bridge the current account deficit (CAD) and the balance of payment. In the latest development, the government has now decided to lift the ban, citing a decrease in industrial output due to the ban on certain industrial raw materials.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Economic Coordination Committee (ECC) on Thursday (July 28) lifted the recently imposed ban on importing luxury and non-essential goods, news sources reported. The ban has been lifted on all goods, excluding automobiles completely built-up units (CBU), cell phones, and other electronic items. Read: Import Ban: Govt exempts businesses with LCs opened before 19th&nbsp; According to reports, Finance Minister Miftah Ismail approved the removal of the ban while chairing a recent ECC meeting held in Islamabad. As per the meeting, the ban helped reduce the outflow of foreign exchange reserves by 70% &#8211; from USD 399.4 million to USD 123.9 million between May 20 and July 19. The government, however, has not lifted the ban on the largest import bill contributors, such as vehicle and mobile phone CBUs, which accounted for 79% of the overall import reduction amounting to USD 275 million. The remaining 21% cut was distributed among 810 tariff lines, impacting many sectors of the economy, including foreign investment. Moreover, the ECC also decided that any held-up consignments (excluding those still in the prohibited category) arriving at ports after July 1 should be cleared subject to a 25% fee. Read: Gwadar Free Zone development important for economic&hellip;<\/p>\n","protected":false},"author":84,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[53374,53373,53372,53370,53371],"persona":[],"class_list":{"0":"post-87685","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-cbu-automobiles","9":"tag-completely-built-up-units","10":"tag-goods-ban","11":"tag-govt-lifts-bans-on-luxury-goods-import","12":"tag-import-ban-on-goods","13":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt lifts bans on import of certain luxury goods - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Economic Coordination Committee (ECC) on Thursday (July 28) lifted the recently imposed ban on importing luxury and non-essential goods,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-lifts-bans-luxury-import.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt lifts bans on import of certain luxury goods - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Economic Coordination Committee (ECC) on Thursday (July 28) lifted the recently imposed ban on importing luxury and non-essential goods,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-lifts-bans-luxury-import.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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