ISLAMABD : August 22, 2022. The ministry of Commerce has imposed 100 % penalty on held up consignments of auto CBU, mobile phones CBU and Home Appliances which had landed after June 30 or before July 31, last.
In an official memorandum the ministry of Commerce has said to release held up consignments of auto CBU, mobile phones CBU and Home appliances CBU, which landed after June 30, 2022 and or before July 31, 2022 subject to 100 % surcharge.
Other than held up consignments of auto CBU, mobile phones CBU and Home Appliances , the ministry of Commerce has imposed 25 % surcharge on all those held up consignments which landed after 30 June this year . The consignees whose consignments other than listed above had landed at ports after July 31, 2022.
The government had imposed ban on luxury items whose number was in thousands . A large number of consignments of items which the ministry of Commerce banned in the last budget had stuck up at the ports . This situation caused irreparable loss to the businesses. Many industries like auto , pharma and hundreds many others have faced shortage of their accessories and some of them had closed down their operation due to lack of spare parts and raw material used for manufacturing of their products.
Though the government had lifted ban on import of luxury items a few days ago and a formal notification has also been issued by the ministry of Commerce and open- up their import into the country basically on the pressure of Pakistan’s trading partners, but by the time loss has already made to entire industrial sector of Pakistan .
Pakistan mainly depends on import of raw materials for its industries and any attempt on the part of the government turns like a killing spree.
Miftah Ismail who as federal Finance minister was behind the move of banning import of luxury items have proved a big failure. His entire theme of supporting Pakistan’s forex reserves through ban of import of luxury items have caused irreparable loss to Pakistan’s industrial sector and businesses. Even established businesses like Toyota Indus and many others have shut down their operation due to held up of their consignments at ports since June 30 last.
Miftah Ismail has literally brought Pakistan’s businesses and industrial activities which contribute major portion in revenue generation to the knees and many of them are seriously considering to shift their businesses and industries to other countries from Pakistan.
Will any one question Mr Miftah Ismail for his failure economic strategy and work out some strategy to address throny issues erected by the Finance ministry to damage this country beyond repair.
