KARACHI: The import of motor cars has been declined by 44 percent in January 2018 due to restrictions imposed by the government under Import Policy Order (IPO)- 2016.
The import of motor cars recorded at Rs2.8 billion during January 2018 as compared with Rs5 billion in the same month of last year. It was also came down by 41 percent when compared with moth of December 2017, according to data released by Pakistan Bureau of Statistics (PBD).
The government imposed restriction in October 2017 of producing bank certificate showing foreign remittances used for payment of duty and taxes for customs clearance of motor cars brought into Pakistan under gift scheme and personal baggage schemes. This restriction was further expanded to transfer of residence scheme in December 2017.
This restriction has been lifted through a notification issued by ministry of commerce on February 23, 2018, which will improve the clearance as around 10,000 cars are stuck up at ports after the restriction.
The import of motor cars during July – January 2017/2018, however, registered 42.4 percent growth to Rs32.17 billion when compared with Rs22.58 billion in the corresponding period of the last fiscal year.
