Federal Government Lifts Import Ban On Luxury Goods

Federal Government Lifts Import Ban On Luxury Goods
The federal government has decided to lift a ban it imposed in May on the import of 'non-essential and luxury items', while also increasing dealers’ commission on the sale of petroleum products by up to 70%.

The decisions were taken on Thursday during a meeting of the Economic Coordination Committee (ECC) of the cabinet, which was presided over by Finance Minister Miftah Ismail, according to a report by Dawn.

During the meeting, the ban on imported products, excluding completed built units (CBUs) of automobiles, mobile phones and home appliances, was lifted.

It was revealed that the ban had helped cut the import bill down by 70% from $399.4 million to $123.9 million between May 20 and July 19.

The ECC decided that all held-up consignments that were no longer banned, which arrived at the ports after July 1 should be cleared and allowed to enter, provided a payment of a 25% surcharge is made.

Also approved by the committee were tenders for 200,000 tonnes of wheat at $408 per tonne as well as $11.6 million goodwill compensation for the Chinese casualties last year at the Dasu hydropower project.

The commission of dealers of petroleum products was also increased at an unprecedented rate. The commission on the sale of high-speed diesel (HSD) was increased by 70%, from Rs 4.13 at present, to Rs 7 per litre. Similarly the commission on the sale of petrol was increased by 43% to Rs 7 instead of Rs 4.90 per litre at present.