All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
VERIFICATION
OF BILLS OF ENTRY/
CERTIFIED INVOICES
Attention
of the Authorized Dealers is invited to paragraph 44 Chapter XIII of
the Exchange Control Manual (6th Edition –
1987) in terms of which the importers are required to submit
the relative Exchange Control Copy of the Customs Bills
of Entry or Certified Invoices within 4 months from the
date of remittance. It has now been decided to dispense
with the requirement for submission of the Exchange Control
Copy of the Bills of Entry/Certified Invoices in evidence
of import of goods in Pakistan as also the procedure for
reporting of outstanding cases of Bills of Entry to the
State Bank of Pakistan with immediate effect.
2.
Consequent upon the above decision the following amendments
may be made in Chapter XIII of the Exchange Control Manual
(sixth Edition, 1987):-
I i Paragraph 27(a)
The
words "Exchange Control Copy of Bill of Entry"
appearing in last two lines of the paragraph may be replaced
by the words "Triplicate Customs Copy of Bill of
Entry".
- Paragraph
27(b)
The
words "Exchange Control Copy of the Customs bill
of entry" appearing in lines 8 & 9 of the paragraph
may be substituted by the words "Triplicate Customs
copy of Bill of Entry".
- Paragraph
31
Full
stop be inserted after word "Pakistan" in the
sixth line and remaining words of the sentence be deleted.
- Paragraph
39
The
words "The Exchange Control copies of the Customs
bills of entry for consumption" appearing in lines
6 and 7 of the paragraph may be replaced by the words
"Triplicate Customs copies of the bills of entry".
- Paragraph
40(c)
The
last sentence "Authorized Dealers ______________________
prescribed drill" may be deleted.
- Paragraph
41
The
words "for submission of Exchange Control Copy of
Bill of Entry to the Authorized Dealer" may be replaced
by the words "under the Foreign Exchange Regulation
Act, 1947".
- Paragraph
42
Last
two sentences "The duplicate _____________________
their record" may be deleted.
- Paragraph
44
The
words "are required to submit the relative Exchange
Control Copy of the Customs Bills of Entry or certified
invoices within 4 months from the date of remittance"
may be replaced with the words "shall not use the
foreign exchange so acquired other than for that purpose".
- Paragraph
45
This
paragraph may be deleted and subsequent paragraphs be
re-numbered accordingly.
- Paragraph
47(a)
The
existing para may be substituted by the following:-
"In the event of total or partial loss of goods,
it will be the responsibility of the importers to recover
claim from insurance company/shipping company/supplier,
as the case may be.
II
i App-V-25 (Volume II)
The
words "Exchange Control Copy of the Bill of Entry"
wherever appearing in the undertaking prescribed in this
Appendix may be substituted with the words "Triplicate
Customs Copy of the Bill of Entry".
- App.V-26
(Volume II)
The
declaration of the importer appearing at Sr.No.3 of the
‘I’ Form be substituted with the following:-
"I/We undertake that the remittance being made shall
be utilized for the above import and I/we shall clear
the goods for consumption in Pakistan within four months
from the date of this application".
- App.
V-27 & 28 (Volume II)
The
formats prescribed in these appendices may be deleted.
III
i F.E. Circular No.56 dated 15-6-1992
The
instructions contained in this circular may be deemed
to have been withdrawn.
3.
The above instructions may be brought to the notice of your
constituents who may also carefully note that this relaxation
is without prejudice to the provision of Sub-Section (3)
of Section 4 of the Foreign Exchange Regulation Act, 1947
and any violation thereof will attract penal action under
the aforesaid Act.