KARACHI: Reliance Petrochem Industries has imported the first consignment from Saudi Arabia in Pakistani Rupees, which would pave the way for further imports in local currency thus relieving pressure from the dwindling forex reserves.

“We imported First Consignment of industrial raw material from Saudi Arabia in Pak Rupees through Soneri Bank Limited and now going to route our all imports of inputs in PKR,” an official said.

Reliance Petrochem Industries Pvt Limited Karachi imported First Consignment of basic raw material Petrochemical (meant for exports) from Saudi Arabia in Pak Rupees under Para-8 of chapter-13 and chapter-8 of FE Manual of State Bank of Pakistan through Soneri Bank Limited Main branch Karachi.

An official said given the prevailing situation in the country, the authorities must waive the requirement of I-Form, and importers should not be forced to disclose the source of payment against imports.

The official said removing the condition of I-Form for all industries particularly export-oriented industries is the need of hour. Currently, under-invoicing is not the issue, but unavailability of foreign exchange.

It may be mentioned here that importers have already made deferred arrangements for their imports.