The State Bank of Pakistan (SBP) has allowed authorized dealers for advance payment up to $25,000 for import of raw materials and spare parts in order to facilitate the industrial sector.
During the first month of 2020, the SBP allowed the import advance payment up to $10,000, per invoice was allowed to manufacturing concerns and commercial importers for import of raw materials, spare parts and machinery.
To further facilitate the manufacturing and industrial sectors, the SBP has modified instructions regarding advance payment against imports.
Only authorised dealers are allowed to effect advance payment up to $25,000, or equivalent in other currencies.
SBP has directed authorised dealers to bring the above instructions to the knowledge of all their constituents and confirm scrupulous compliance of the above and other relevant instructions on the subject. While, all other instructions will remain unchanged.