KARACHI: The Ministry of Commerce has clarified that the restrictions under SRO 598(I)/2022 will not apply to imports, where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(1)/2022 dated 19.05.2022.
In order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit (CAD) during the first 10 month of the current FY-22, import of certain luxury and non-essential items has been prohibited, vide SRO 598(I)12022 dated 19th May, 2022.
To address the concerns of certain business quarters with regard to the implementation of the said SRO, it is clarified that the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(1)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.
Hence, imported goods for which B/L or irrevocable L/C was established prior to 191h May, 2022 shall not be subject to the prohibitions contained in the said SRO.