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Local agents of foreign companies exempted from Board of Investment registration

KARACHI (December 18 2002) : The government has decided to exempt the Pakistani local owned companies working as agents of foreign shipping companies, airline companies, cargo consolidators or courier service companies from registration requirement with the Board of Investment.

The State Bank of Pakistan on Tuesday issued a circular with fresh instructions regarding the registration with the BoI.

Under the revised procedure, the applicants would not apply for NOC or registration or renewal directly to their respective regulatory authority ie Director General (Ports and Shipping wing), Ministry of Communications and Railways, Civil Aviation Authority and Director General Pakistan Post Office, Ministry of Communications and Railways, Government of Pakistan.

Cargo Consolidators/ Forwarders, who are approved members of FIATA and registered with the regulating authority, may accept freight in rupees without the prior approval of the State Bank only in respect of Pakistani exports cargo on C&F/CIF basis as per procedure.

The condition is that the consignment is being dispatched against advance payment or an irrevocable letter of credit which contains a provision for issuance of documents of title under cargo consolidation system and a certificate to this effect issued by the authorised dealer is produced.

The change will be effective immediately. Encashment certificates where freight is paid in foreign exchange separately and a copy of a valid permission letter given by the regulating authorities would be required.

In case of agents, a copy of the valid permission letter given by the regulating authorities for acting on behalf of the foreign principal would be required.

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