KARACHI: Customs Enforcement – Ports has advised shipping agents to adhere strictly to the official interbank exchange rate and to refrain overcharging as these actions are in direct violation of the Customs Rules, 2001.
Collector Umar Shafiq Warned that the violation thereof can lead to suspension/revocation of license in addition to punitive actions.
It was brought to the attention of the licensing authority that certain shipping agents are not applying the official interbank exchange rate but are instead using a higher exchange rate of their own choice while calculating various shipping line charges.
This practice tantamount to ‘over charging’ launder the relevant rules and needs to be discontinued henceforth, Customs observed.
The rate of exchange at which any foreign currency is to be converted into Pakistan Currency has to be official rate of exchange in force.
It may be mentioned here that Collector Umar Shafiq and Deputy Collector Faizan have been streamlining things at the ports facilitating trade and plugging leakages.
Customs has also tightened controls on the misuse of baggage facility for overseas Pakistanis.