Gazette issued banning import goods reversed! | Breaking News

The Finance Ministry has amended a gazette notification issued in August, in order to allow imports of a number of items including perfumes, limestone, GI pipes and all plastic items, bathroomware and accessories.

Imports are also allowed for essential raw materials or intermediate goods that are not required for products manufactured locally with at least 20% local value addition and that cannot be adequately sourced locally.

In addition, this new amendment has allowed the importation of certain capital goods required for local industries, goods that cannot be procured locally for the fishing industry and vehicles and spare parts required by international manufacturing companies abroad. The import of goods essential for the public sector or essential for government projects is also allowed.

Earlier, the Finance Ministry issued an extraordinary gazette notice to ban the importation of items belonging to over 30 categories from August 23.

The ministry has made the latest revision effective from September 9.

The latest extraordinary gazette issued by the Finance Minister said that goods ordered or shipped before August 23 will be allowed to get cleared until September 30, 2022.

Clearance of these goods is permitted on presentation of documents issued by a licensed bank subject to a letter of credit initiated on or before August 23 or an advance payment of at least 10 per cent of the total amount as per the revised Special Import Permits and Payments Regulations.

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