KARACHI:  Collector MCC Appraisement West Dr. Owais Agha Jawwad has initiated a recovery campaign to realize 1.0 percent surcharge imposed on oil well drilling companies on revalidation of time of their bank guarantees.

In this regard a team headed by Additional Collector Bank Guarantee Azhar Merchant and comprising Deputy Collector Adnan Rafiq, Principal Appraiser Kalhoro and Appraising Officer Shahid Ibrahim Dasti was formed to scrutinize the bank guarantees and realize the due revenue.

Subsequently, 12 oil well drilling companies were blocked in the system, which resulted in recovery of over Rs30 million from three companies.

Recently, SRO 610(i)/2015 imposed 1.0 percent surcharge on C&F value of the imported goods against the corporate guarantee being secured for release of the consignment under SRO 678(I)/2004.

Since the secured bank guarantees pertaining to the consignments imported by various oil well drilling companies and released against corporate guarantees under SRO 678(I)/2004.

The SRO 678(I)/2004 provides the imported goods are either required to be re-exported within 2 years time, failing which the corporate guarantees are ripe for encashment, however re-validation of time of guarantees may be extended upon 1.0 percent surcharge of C&F values as per SRO 610(I)/2015.