The condition of third-party payment must be made mandatory on the import of luxury and non-essential items, Faraz-ur-Rehman.
KARACHI: Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman has welcomed the State Bank’s removal of the condition of Cash Margin Restriction (CMR) on imported goods. He said that with this initiative, the shortage of raw materials and essential items will be removed in the country.
Suspended industrial production will resume and exports will also recover.
President KATI said that the State Bank should impose third-party payment for the import of luxury and non-essential goods and all import duties should be collected through bank accounts. He said that the government should provide more facilities by abolishing duty on the import of machinery required for the IT sector and technology transfer so that industrialization in the country increases.
Faraz-ur-Rehman said that since 2017, the ban imposed on various occasions was bringing disrepute to Pakistan in the international market. Buyers were not preferring to trade from Pakistan due to the ban. President KATI said that the removal of the condition of Cash Margin Restriction by the State Bank will restore the supply of scarce raw materials and essential commodities in the country.
