ANNOUNCEMENT 29 Aug 2018
Pakistan has allowed certain products to be imported on an open account basis and has also allowed advance payments facility for the same.
NUMBER OF INTERVENTIONS
EPD Circular Letter No. 13
On 29 August 2018, the State Bank of Pakistan through Exchange Policy Department's Circular Letter No. 13 allowed the imports on Open Account basis for certain goods and also allowed banks to extend advance payment up to USD 10,000 per invoice against the imports of these goods. The list of goods includes life-saving or essential medicines and devices, spare parts or components of aircraft, lab equipment and instruments imported by educational institutions for personal use, and newspapers, books, periodicals, magazines, etc.
Imports on open account basis were restricted to industrial or manufacturing related goods only on 20 July 2018 while some restrictions on advance payments were imposed on 14 July 2018 (see related State Acts).