ISLAMABAD: A high-level meeting chaired by Finance Minister Senator Ishaq Dar, after weigh up pros and cons, has decided to shift payments against trade between Pakistan and Afghanistan to dollar from Pak Rupee with effect from March 17, 2014.
The meeting was held to review scenario of trade between Pakistan and Afghanistan and efforts being made to boost it.
On the occasion, it was decided to allow a two months period to exporters to serve their existing contracts.
The participants were informed that Pakistan export to Afghanistan amounted to $2.3 billion during 2012-13 which included trade undertaken in Pak Rupee, making up about 50 percent of the total exports.
It is to be noted that the decision has been taken in view of the fact that normal banking channels are now available for trade transactions between the two countries.
During the meeting, the KCCI President apprised the Finance Minister of difficulties confronted by exporters in utilizing the route of Ghulam Khan which is restricted for the export of Cement.
He also stressed the need for allowing exports of other items through this route as well.
On the occasion, the Commerce Ministry and the FBR supported the suggestion and the Finance Minister decided to allow export of all other items from Ghulam Khan. The minster expressed his hope that this step would help bring in development in the areas and would stimulate growth of exports to Afghanistan.
The decision is expected to help earn foreign exchange to the tune of $ one billion besides benefitting the business community and people of Khyber Pakhtunkhwa greatly.
Meanwhile, the Finance Minister reviewed the limit for carrying currency notes during travelling aboard during a meeting with the representatives of the State Bank of Pakistan.
On the occasion, the SBP governor raised the issue that the present limit of $10,000 for each person per trip was being misused and it was decided that the limit should be reduced to $5,000 to check this tendency.
Each child up to 12 years will be entitled to 50% allowance while an infant will be permitted to 25%. During the meeting Ishaq Dar emphasized that the limit of $5,000 or equivalent per person per trip was applicable to passengers who were carrying currency notes.
Finance Secretary Dr Waqar Masood, Commerce Secretary Qasim Muhammad Niaz, FBR Chairman Tariq Bajwa, Adviser to Finance Rana Asad Amin, SBP Governor Yaseen Anwar and Khyber Pakhtunkhwa Chamber of Commerce President Zahid Ullah Shinwari attended the meeting.
