F.P. Report
KARACHI: State Bank of Pakistan has allowed the Authorized Dealers to effect advance payments up to US D 10,000/- per invoice on behalf of importers cum exporters for import of raw materials, accessories and spares.
The decision has been taken with a view to proliferate export and generate economic activity through the industrial units intending to import spares and raw material for export of finished goods. It merits mentioning here that earlier, SBP had restricted the advance payment facility in July 2018 which was previously allowed to importers through Authorized Dealers.
The Authorized Dealers have been advised by the SBP to the above effect through EPD Circular Letter No. 1 dated January 1, 2019.
