In order to curb illegal and duplicate payments of imports by unscrupulous elements all imports in the country should be made compulsorily through Electronic Import Form (EIF), said Director Exchange policy department State Bank of Pakistan Fazal Mehmood said here Friday.
Addressing a interactive session on Electronic Import Form (EIF) organized by Rawalpindi Chamber of Commerce and Industry (RCCI), he said SBP has great respect for importers and exporters being key stakeholder in bringing foreign exchange in the country.
He said dynamics of economy have changed and SBP’s prime objective was to document the real time data of imports & exports through automation of import form.
Raja Amer Iqbal, President RCCI in his welcome address said that Chamber’s prime responsibility was to facilitate traders to address key issues related to EIF.
He appreciated the Bank’s role for bringing awareness through interactive sessions and working towards the documentation of the economy.
Under national action plan (NAP) it was necessary to abide by the international laws related to Know Your Customer (KYC), Anti Money laundering (AML), he added.
He said EIF will help to curb multiple payments against single consignment, fake and forge form and will improve forecasting /assessment of imports data.—APP