No Remittance involved, opening of LCs on DA can overcome problems: Faraz


    Issue of containers stuck at ports still not resolved

    President of Korangi Association of Trade and Industry (KATI) Faraz-ur-Rehman expressed concerns over the containers being stuck at the ports despite the permission of the State Bank.

    He said that the State Bank had issued a circular to release the containers of Chapter 84, 85 and 87 goods from January 2, but despite the permission, the containers have not been released to date, which is increasing the difficulties.

    President KATI said that an immediate solution to the problem should be found because if a businessman is fined 15,000 dollars for a container worth 10,000 dollars, the business will be destroyed, due to which the inflation rate in the country will rise sharply and necessary commodities will be out of reach of a poor and common man.

    Faraz-ur-Rehman said that the traders, especially the Furniture Association, sought permission from the buyers to release the containers based on the delayed payment (DA) documents, but the government is not allowing them on the same, which made the situation even worse. He said that traders cannot afford to pay fines that are double the value of the containers.

    If the government does not take immediate action, the business community will be on the brink of collapse. Keeping the goods at the ports will spoil them and Pakistan will be discredited all over the world for not being able to pay for the goods ordered.

    President KATI said that the central bank can issue LCs on No Remittance Involved in which foreign exchange especially dollars, will not go out or the government can release containers on DA so that the businessman can restore his reputation by running an already sinking business.