KARACHI: The Directorate General of Transit Trade has decided to introduce revolving guarantee in place of bank guarantee/ insurance guarantee in case of Afghan Transit Trade cargo, it is learnt here.
Sources informed Customs Today that the decision to introduce revolving guarantee instead of insurance guarantee has been taken in the recent meeting held at the Directorate General of Transit Trade.
According to the sources, all stakeholders agreed upon on the proposal put forward by the customs authorities in order to facilitate the trade and importers through introducing the revolving guarantee.
Elaborating the system of revolving guarantee, the sources informed this scribe that the importer of Afghan Transit Trade does not need to deposit insurance amount on every consignment, although, he needs to deposit a sum of amount as Revolving Guarantee for an entire year.
“In this way, the importer can safe premium charged by the insurance companies on every consignment and also can easily continue his import with any impediment”, sources added.
The sources further said that the Pakistan Customs is doing paper work to finalise the document pertaining to the revolving guarantee after making consensus of all stakeholders including afghan authorities.
Responding to a query, the authorities concerned said that after completing the documentation in this regard, the Customs authorities will send the relevant information to the Directorate of Reforms and Automation for further proceedings.
