KARACHI: The Supreme Court of Pakistan has encouraged Pakistan Customs to take independent decisions and address the problems of importers who are not issued the Electronic Import Form (EIF) by the banks.
The court’s direction came in a petition filed by M/s Amia Energy, an importer of petroleum products. The company had filed the petition after its consignment of petroleum products was stuck at the Karachi port due to non-issuance of EIF by the banks.
The EIF is a tool used by the government to monitor the source and outflows of foreign remittances and checks the goods that are imported without foreign exchange through the State Bank of Pakistan.
Banks were not issuing EIFs to importers due to a lack of clarity in the rules and regulations. The court directed Pakistan Customs to take independent decisions and resolve the issue of non-issuance of EIFs to importers.
The court’s decision is a welcome relief for importers who have been facing problems due to non-issuance of EIFs by the banks. The decision will help to improve the ease of doing business in Pakistan and boost the country’s economy.
The court’s decision is also a reminder to the government that it needs to simplify the rules and regulations governing trade and commerce. The government needs to create an environment where businesses can thrive and contribute to the country’s economic growth.