ISLAMABAD: Director General Customs Intelligence and Investigation Imtiaz Ahmed Khan has proposed a new clause (qb) in Section 2 of the Customs Act,1969 in budget 2016-17. This clause is related to international road transport and risk management.
According to sources in the Federal Board of Revenue (FBR), the director general sees risk management as one of the most important activities of the Customs automation system. Since risk management is not defined in law, therefore, Risk Management Unit remains hesitant to take any meaningful decision to mitigate the risks. Section 2 of the Customs Act, 1969 is suggested to be amended.
The definition is proposed to be inserted after clause (qa) of section 2 of the Customs Act, 1969. Amendment in section 2 clause (qb ) proposed that “risk management “ means the systematic identification of risk as, low, medium or high by the Directorate General of Risk Management and implementation of all measures necessary for limiting exposure to risk.
This includes activities such as collecting data and information, analyzing and assessing risk, prescribing and taking action and regular monitoring and review of the process and its outcomes, based on international and national sources and strategies.
