World News | Pakistan Imports 2200 Luxury Vehicles Despite Strict Foreign Exchange Control: Report
Get latest articles and stories on World at LatestLY. The piling of containers carrying different consumer and industrial products touched almost 8,500 in the first half of this year at ports in Pakistan.
Islamabad [Pakistan], January 24 (ANI): Pakistan has permitted the import of 2200 luxury vehicles in the first six months of the current fiscal year, despite the country being trapped in strict foreign exchange control even for imports of essential consumer items and industrial goods, Dawn reported.
Due to the strict foreign exchange control, the piling of containers containing different consumer and industrial products touched almost 8,500 in the first half of this year at ports in Pakistan, Dawn cited an official source. According to customs data, more than 95 per cent of 8500 containers have been held up at ports due to the non-opening of letters of credit (LCs).
As per the news report, these containers had consumer goods, industrial goods, pharmaceuticals and perishable products. However, imports of used luxury cars are being swiftly cleared at ports.
Over 160 luxury electric vehicles were imported in Pakistan in July-December. The benefit that Pakistan got from the import of these vehicles was in the form of duty and taxes which neared Rs 2 billion. However, Pakistan spent hundreds of billions of rupees on the import of these vehicles. The import of three years old luxury vehicles witnessed a rise in the first six months of the current fiscal year. Around 1,990 vehicles were imported in Pakistan between July and December 2022, according to the Dawn.
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The import of these vehicles is permitted only for overseas Pakistanis. However, the facility is being misused by importers who give around Pakistani Rupees (PKR) 10 million in the case of SUVs to passport owners.The revenue collection on the import of used vehicles stood at PKR 7 billion during the first half of the current fiscal year, as per the Dawn report.
Citing a senior customs official, the report said that most of these vehicles were imported between July-September while imports of a small number of vehicles were seen between October-December. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)