Wed, 29 Jun 2022

Islamabad [Pakistan], June 23 (ANI): Following a ban on the import of luxury items, around 600 to 900 containers are stuck at Karachi ports.

The containers were stuck at the ports due to delay of vessel sailing from origin and Bill of Lading, reported Business Recorder.

Arshad Khursheed, general secretary, Karachi Custom Agents Association (KCAA) said that around 600 to 900 containers arrived in Karachi but they were unable to get clearance from customs due to the said SRO.

Karachi Custom Agents Association (KCAA) general secretary Arshad Khursheed stated that around 600-900 containers were unable to get clearance from customs after they arrived in Karachi due to the Statutory Regulatory Orders (SRO).

The existing law only permitted import consignments in which the date of bill of lading was prior to the amending order of the import policy 2022, he said, adding that it has caused accumulation of numerous containers at various ports, and it can lead to port congestion and billions of revenue loss.

On the other hand, heavy container demurrage charges were also being incurred, which had to be paid in forex, media reported citing Khursheed.

KCAA general secretary Khursheed also mentioned that the organisation has sent a letter to Pakistan's Prime Minister Shehbaz Sharif and has requested him to delay the SRO's implementation so that the traders can get their consignments cleared without facing additional financial burden.

Earlier, Pakistan had announced a ban on the import of 38 non-essential luxury items under 'emergency economic plan' amid the record fall of country's currency against the US dollar, on account of the rising import bill, and depleting foreign exchange reserves.

The ban was imposed after the country's currency plunged to the lowest ever level as the US dollar for the first time in Islamabad's history went beyond PKR 200 benchmark in open market. (ANI)

More Pakistan News

Access More

Sign up for Pakistan News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!