$10,000 advance payment allowed against imports

KARACHI (August 14 2005): The State Bank of Pakistan has allowed the authorised dealers to remit advance payments, up to $10,000.

This permission would be against the intended import of spare parts/consumables by the manufacturing and industrial users, for their own use. Letter of Credit or bank guarantee from the supplier will not be needed.

This concession would also encompass all eligible import transactions up to $10,000, or equivalent of any other foreign currency. The authorised dealers are allowed to process the requests of the importers for remittances to a maximum of $10,000 or its equivalent in other foreign currencies.

This would be on advance payment basis against all eligible import transactions after checking the credentials of the proposed import transactions. The importers should submit the shipping documents within four months of the advance payment.

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