The
Head/ Principal Offices of all Authorized Dealers in Foreign
Exchange
and Shipping Companies/ Airlines/Agents/ Freight Forwarders
Dear
Sir / Madam,
Remittance
of Freight Charges by Freight Forwarder/ Consolidators
As declared under the Trade Policy 2005-06, freight forwarders
were allowed remittance of locally collected freight charges
to their principals abroad. However, such remittances would
require SBP’s prior approval. In order to further
facilitate the industry, it has been decided to allow Authorized
Dealers to affect such remittances directly on behalf of
concerned freight forwarder/consolidators.
Authorised
Dealers are, therefore, being allowed to remit on a monthly
basis, the surplus freight by the Freight Forwarder/ Consolidators,
after verification of documentary evidence in support
of the remittance. In order to mitigate inherent risks
and establish genuineness of the transactions, Authorised
Dealer will require verification through the following
documents at the time of allowing monthly remittances:
a) Clients letter, indicating purpose of remittance, particulars
of the beneficiary and beneficiary’s bank
b) Agency Agreement with counterpart abroad (Annually)
c) NTN and PIFFA Membership Certificates (Annually)
d) Certificate from a practicing Chartered Accountancy
firm to the effect that the amount of remittance applied
for has been verified with reference to authenticated
copies of prepaid Master Airway Bill / Master Bill of
Lading with the related House Airway Bill / House Bill
of Lading, cargo manifests and billed invoices from counterparts
abroad, and had been found correct.
e) M - Form
f) Statement of Freight Collected and/or Payable Abroad
Against Shipments Made During the Month (Annexure –
I
g) Statement of Freight Payable against Imports on Consolidated
Basis by Air/ Sea during the month (Annexure - II)
h) Monthly Statement of Air/Sea Cargo Consolidation (Annexure
- III)
Authorised
Dealers will report all such transactions to Foreign Exchange
Operation Department (FEOD), SBP-Banking Services Corporation,
Karachi with copies of supporting documents obtained from
the Freight Forwarders/Consolidators by the 15th of the
following month. They will also retain copies of all such
supporting documents at their remitting branches for SBP
inspection as and when required or called for.
It
is further advised that the Shipping Companies/Air lines
or their authorized agents may issue Master Bill of Lading
(MBL) /Master Airway Bills (MAWB) in the name of the Freight
Forwarders (as shippers) only if the same conforms to
the following:
1.
Name of the Freight Forwarders/ Consolidators is mentioned
followed by the wording “for and on behalf of beneficial
ownership of the actual exporters” along with their
names, related House Bill of Ladings/Airway Bills’
numbers and dates. The above information may either be
provided on the face of the MBL/MAWB or as an attachment
with the notation on the MBL/ MAWB as per the “attachment
which constitutes an integral part of the MBL/MAWB”.
2.
A clause must appear on the original transport document
to the effect that the covered cargo will only be released
/delivered to Freight Forwarders/agent at the port of
discharge on presentation of a bank endorsed original
House Bill of Lading. (Accordingly, HBLs/ HAWBs may only
be drawn to the order of an Authorized Dealer.)
3.
Under no circumstances, the freight forwarders/consolidator/their
agents or agents of shipping Company/ airline may surrender
MBL/MAWB to the carrier/ agent in Pa kistan and must instead
be presented alongwith related HBLs/ HAWBs to the carrier
by the Overseas Freight Forwarder/Agents at the destination/port
of discharge.
Authorized
Dealers and all concerned may be guided accordingly and
ensure meticulous compliance thereof.
Encl
as above.