PBC requests exemption for the importation of instruments and spare parts – Business

LAHORE: The Pakistan Business Council (PBC) said on Thursday that the State Bank of Pakistan (SBP) should exempt essential industries from the condition of prior central bank approval for the import of spare parts and implements.

In a letter to SBP Acting Governor Dr. Murtaza Syed on Thursday, PBC Director General Ehsan Malik said that excessive delays in obtaining clearance from the SBP’s foreign exchange department were leading to difficulties for manufacturers in operating their existing plants and machinery.

The PBC, comprising the country’s largest manufacturers and exporters, has suggested that essential industries like food, agriculture, fertilizer or pharmaceuticals or those with active export orders be exempted from complying with prior authorization for spare parts and instruments.

He also said other sectors should also be allowed to import spare parts and instruments worth $100,000 over a three-month period under the same exemption.

The letter said the authorities should also specify the period during which they would not be allowed to import the components needed for production without prior authorization and the time it would take to process such requests so that they could plan production and continue. the deployment of the workforce. .

Otherwise, he warns, the disruption in production would negatively impact tax revenues, cash flow and borrowing costs, along with the associated risk of impairment of banking sector loans.

Posted in Dawn, July 15, 2022

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