The caretaker federal government has decided to waive the newly imposed requirement of a bank guarantee equal to the value of duties and taxes imposed on imported goods.
The government has also scrapped the condition of a cashable financial guarantee.
According to media reports, the decision was taken after considering the concerns raised by stakeholders regarding the implementation of the new rules, which were introduced through SRO 1402(I)/2023 issued on October 7, 2023.
The rules had made it mandatory for importers to provide bank guarantees for goods imported under Afghan transit trade.—INP
