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KCCI advises SBP to postpone abolition of Open Account Facility to Sept 30

KCCI advises SBP to postpone abolition of Open Account Facility to Sept 30

KARACHI: In order to safeguard the interest of business community, President Karachi Chamber of Commerce & Industry (KCCI) Muffasar Atta Malik has advised the State Bank of Pakistan (SBP) to postpone the last date for abolition of ‘Open Account Facility’ for Importers from August 10, 2018 to September 30, 2018.

In a letter issued to Governor SBP Tariq Bajwa, President KCCI stated that while seeking KCCI’s assistance, many member firms informed that their consignments remain stuck up due to restrictions imposed by State Bank’s FE Circular No. 07 of 2018 dated July 20, 2018 in which the Central Bank notified to abolish open account facility for importers.

He pointed out that the State Bank introduced the open account facility in 2017 under which the condition of submission of actual shipping and transport documents with the authorized dealer by the importers was abolished which facilitated the importers, but now this facility had been abolished without a valid reason which has triggered anxiety and is likely to intensify hardships for importers who will have to submit the actual shipping and transport documents, besides other payments.

He hoped that keeping in view the overall scenario, the State Bank would extend this facility till September 30, 2018, enabling the importers to get their stuck up consignments cleared on previous terms and conditions.