Dar asks FBR, SBP to ensure proof of payment for non-LC imports

ISLAMABAD : Minister for Finance Ishaq Dar directed State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to take steps to ensure that source and modalities for funding of Non-LC (Letter of Credit) imports were declared by the importers of various goods into Pakistan.

Ishaq Dar chair meeting regarding import related payments through banking channels on late Tuesday.The meeting was attended by senior officials of the Ministry of Finance, FBR and State Bank of Pakistan.

These measures have been planned with the objective to ensure that payments are made through legal banking channels. Further, these measures also aim to eradicate the menace of hundi and havala which are a major cause of illegal outflow of foreign exchange.

The Finance Minister on this occasion gave instructions that notification to this effect may be issued after completion of due process in this regard. He also appreciated the efforts of the SBP and FBR for streamlining the import related processes.

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