ISLAMABAD: Federal Finance Minister Ishaq Dar has directed the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to take steps to ensure that source and modalities for funding of Non-LC (Letter of Credit) imports are declared by the importers of various goods into Pakistan.
Ishaq Dar issued the directive, while chairing a meeting regarding import-related payments through banking channels. The meeting was attended by senior officials of the Ministry of Finance, FBR and SBP.
These measures have been planned with the objective to ensure that payments are made through legal banking channels. Further, these measures also aim to eradicate the menace of hundi and havala which are a major cause of illegal outflow of foreign exchange.
The finance minister said that notification to this effect may be issued after completion of due process in this regard. He also appreciated the efforts of the SBP and FBR for streamlining the import related processes.
