All
Authorized Dealers in
Foreign Exchange / Airlines /
Shipping Companies,
Dear
Sirs,
FOB
IMPORTS – PRIVATE SECTOR
Attention
of the Authorized Dealers is invited to F.E.
Circular No. 49 dated the 14th June, 1994
in terms of which the requirement of payment of import fee
has been dispensed with which has made it necessary to amend
the instructions contained in F.E. Circular No. 97 dated
the 11th June, 1991 regarding imports on FOB
basis.
2.
Accordingly, following revised instructions are issued in
suppression of F.E. Circular No. 97 of 1991:
-
The
importers desiring to make imports on FOB basis will
get the letters of credit opened / contracts for imports
on consignment basis registered through / with their
bankers provided the importers fulfil other instructions
issued by the Government of Pakistan / State Bank
of Pakistan with respect to imports.
-
The
shipping line / airlines will obviously issue Bills
of Lading / Airway Bills in connection with FOB imports
on 'Freight to Collect'
basis. As and when freight is required to be paid
in Pakistan rupees, the importers will approach the
Authorized Dealers who had opened letter of credit
/ registered the contract for import on consignment
basis alongwith a copy of Bill of Lading / Airway
Bill indicating the amount of freight payable together
with the freight invoice issued by the carrier –
where available – for issuance of a certificate
in the format attached herewith
which will bear the name / address of the issuing
Authorized Dealer and a running serial number.
-
The
importers will when pay the freight amount to the
carriers in Pakistan rupees and will also surrender
the 'certificate' referred to in the preceding
sub-para to the concerned carrier.
-
The
airlines / shipping companies and their agents will
not accept freight on FOB imports without Authorized
Dealers' Certificate mentioned in sub-para
(ii) above. The airlines / shipping companies
will invariably attach the said 'certificate' in original
alongwith the applications to be made to Senior Deputy
Director (Operation), Foreign Exchange Department,
State Bank of Pakistan, Central Directorate, Karachi,
for allowing remittance of surplus freight collections.
3.
The head offices of the Authorized Dealers are at present
required to furnish to the Ministry of Commerce, Government
of Pakistan, Islamabad, on weekly basis, a statement of
import fee collected and deposited in the Government account
in the format prescribed in Ministry of Commerce Notification
No.568(I)/93 dated the 10th July, 1993. Since
the requirement of import fee has been waived vide F.E.
Circular No. 49 dated the 14th June, 1994,
this statement need not henceforward be submitted to the
above Ministry. The Authorized Dealers shall, however, continue
to issue Annexure 'B' to F.E. Circular No. 31 of 1991 to
the importers to enable them to get the goods cleared from
the customs.
4.
Please bring the above to the notice of your constituents.