KARACHI: The Federal Board of Revenue (FBR) is considering banning import of plain cloth from Dubai after the end of fiscal year 2015-16, it is learnt here.
Sources informed Customs Today that the FBR Headquarters has received several recommendations from different sectors that the import of cloth from Dubai should be banned, as the Dubai was not the producer of cloth and it imported a huge quantity of cloth from India and re-export it to Pakistan.
The sources further informed Customs Today that the FBR was also planning to introduce letter of credit (LoC) and banking channel in case of the direct import of cloth from the new fiscal year i.e.2016-17.
It is pertinent to mention here that 75 percent yarn is being imported from different countries to Pakistan.
The sources further said that the FBR would also take all the stakeholders into confidence before taking a decision in this regard after the end of the current fiscal year.
