The State Bank of Pakistan (SBP), allowed import of crude oil and petroleum products on CIF (Cost, Insurance and Freight) basis for two months, in a bid to ease import of major fuel products for meeting the country’s requirements.
“In view of the prevailing situation and critical importance of crude oil and petroleum products for the country, it has been decided to allow import of Crude Oil/ Petroleum Products on CIF basis for a period of sixty (60) days from the date of issuance of this circular letter,” a circular letter issued by the SBP’s Exchange Policy Department (EPD) stated.
The Para 5 of chapter 13 of the Foreign Exchange Manual specifies permissible Incoterms for import of goods into Pakistan.
According to the para, imports could be made on FOB, FCA, FAS, CFR and CPT basis while prior permission of the central bank was required for import of goods on other incoterms.
The EPD, through the circular letter, informed all authorized dealers in foreign exchange about the recent development and advised them to sensitize all their constituents about the change and ensure meticulous compliance of the relevant regulations.
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