SBP Allows Advance Payments for Import of Goods

SBP Allows Advance Payments for Import of Goods

Islamabad: The State Bank of Pakistan (SBP) has introduced several changes in the trade regulations allowing advancements for the import of goods. It will also be applicable to the remittances for the said purpose.
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According to the sources, the newly introduced policy has been conveyed to the concerned Banks. It has been clarified that after the implementation of this policy, traders don’t need formal approval from the State Bank of Pakistan. Now, dealers can simply implement the import advance payments directly. The payments could be submitted with regard to irrecoverable letters of credit or invoices, up to the full value of the letter of credit or invoices.

This development is highly appreciated by the traders and dealers involved in the import business. This measure provides importers a much-needed leniency to offer advance payment for imports. However, it is also advised to the importers to acquire Dollars only from the pertinent Banks as per existing policies.
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