SBP acknowledges that banks are facilitating import requests based on their own liquidity and risk assessment due to the present Balance of Payments (BoP) situation, and that if the BoP situation improves, banks would be in a better position to enable such import transactions.
Director SBP said that the regulator has previously provided the required instructions to banks for one-time shipping document release to reduce port congestion caused by stopped containers (i.e. demurrage-related cases). In this regard, banks have been advised to release shipping documents for goods shipped on or before January 18, 2023: I upon receipt of a SWIFT message from a bank abroad indicating that imports are on deferred payment basis for at least 180 days; or (ii) upon receipt of confirmation from suppliers’ banks.
The central bank says that by providing such orders, it recognises that the issue of stopped shipments, particularly those of solar panels, is being resolved to a considerable extent.
According to SBP, solar panels (HS code 8541.4300) carry a zero percent customs charge under existing Customs Rules; hence, the import of solar panels might be exploited by certain unscrupulous individuals to launder their illegal money overseas through over-invoicing. According to Dr. Asif Ali, some of the suppliers offering deferred payment terms are associated to Pakistani importers, or local importers have created trading firms overseas, which involve the danger of over-invoicing.
The SBP has suggested that the appropriate ministries create a list of credible suppliers from whom solar panel imports might be approved without the danger of money laundering/over-invoicing.
