KARACHI: All the importers who have deposited securities against provisional assessment are given final opportunity to prove that they had fulfilled the relevant conditions/formalities and deposited securities are not encashable.
The Collectorate in a Public Notice noted that Collectorate had to take decisions, therefore the relevant information should be furnished by May 15, 2015.
MCC Appraisement West observed that number of securities was still pending in the Bank Guarantee Cell of MCC Appraisement (West). This pendency / non release of securities after the stipulated time period implies that the importers have not fulfilled the conditions laid down in the notification under which security was obtained which has become liable to encashment.
In order to avoid any hardship to the importers through outright encashment of securities, a public notice was earlier issued. However, response has not been encouraging.
Despite cited non-responsiveness, instead of proceeding for encashment of security, a last and final opportunity is being afforded to prove that the conditions laid down in the relevant SRO have been fulfilled and security is not encashable.
In this regard, all importers and their authorized clearing agents are advised in their own interest for the following:
(a) Review at their own all pending securities deposited with the Bank Guarantee Cell of the Collectorate which still have not been released. They are requested to intimate the current status regarding the fulfillment of conditions laid down in the relevant SRO of each security to the BG cell so that release or encashment of security instrument is decided.
(b) In case the conditions/formalities laid down in the SRO notification under which security was deposited have already been fulfilled and intimated to concerned section, then proof of such intimation may be provided afresh to BG Cell so that securities may be released.
(c) In case there is any change in particulars of an importer like address, bank account details, ownership etc, the same should be intimated to BG Cell immediately. BG Cell is issuing/dispatching notices on available addresses and in case of return or non-delivery of notices, the security instruments shall be encashed without further notice.
(d) Ensure that sufficient amount, not less than the amount of security instruments deposited in BG Cell, is available in their given bank accounts. In case, securities/cheques are returned due to in sufficient valance or any other reason, this Collectorate would initiate penal proceedings as provided under law of the land.