ISLAMABAD: The Supreme Court of Pakistan has dismissed the application of 121 importers, seeking stay order against the encashment of bank guarantees submitted by them against provisional release of their consignments.
During the hearing, the court observed that the regulatory duty imposed on import of iron and steel products does not exceed the rates, which were set by the Government of Pakistan under multi-lateral trade agreements.
It is also important to mention here that Sindh High Court had also dismissed the petitions filed by as many as 121 iron and steel importers, challenging the regulatory duty on the import of several goods vide amendment to SRO 568(I)/2014.
These importers had submitted the bank guarantees equivalent to the regulatory duty against the provisional release of their consignments.
