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Dar hails FBR, SBP efforts for streamlining payment process of imports

Dar hails FBR, SBP efforts for streamlining payment process of imports

ISLAMABAD: Finance Minister Ishaq Dar here on Tuesday appreciated the efforts of the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) for streamlining the import related payments through banking channels.

The minister chaired a meeting, which was attended by senior officials of the Ministry of Finance, FBR and SBP.

It was agreed that SBP and FBR would take steps to ensure that source and modalities for funding of non-LC imports are declared by the importers of various goods into Pakistan.

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 on this occasion gave instructions that notification to this effect may be issued after completion of due process in this regard.