SBP Withdraw Import Restrictions from Monday

Tue Dec 27 2022
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Staff Report

KARACHI: The State Bank of Pakistan (SBP) decided to withdraw import restrictions with effect from January 2, 2023, according to the notification issued by the Central Bank.

The request for import transactions already submitted to SBP-BSC about HS Code Chapters 84, 85, and certain items of Chapter 87 HS Codes stand returned to the (Authorized Dealers) ADs for appropriate disposal at their end.

Earlier on May 20, 2022, ADs were required to seek prior permission from Foreign Exchange Operations Department SBP-BSC before initiating any import transaction about HS Code Chapters 84, 85, and certain items of Chapter 87, which was further modified on July 5, 2022.

Import sectors

Essential imports include items related to crucial sectors such as food (edible oil, wheat, etc.) and pharmaceutical (life-saving, raw material/ essential medicines, surgical instruments including stents, etc.).

Energy imports include imports related to the petroleum group (gas and oil) and coal (for power projects based upon merit order of the Energy Ministry).

Imports by export-oriented industries include imports, especially of raw materials, input goods, and spare parts, by the export-oriented industries.

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