The Union of Small and Medium Enterprises (UNISAME) appreciated the decision of the finance ministry to disallow export trade in rupee with Afghanistan and urged the finance ministry to also disallow imports payments facility for Afghanistan traders from Pakistan . President UNISAME said the ministry and State Bank of Pakistan (SBP) have taken the right decision in demanding export bills payments from Afghanistan in foreign currency rather than rupees as it was proving burdensome on Pakistanís reserves. Likewise he said it would be proper to impose restrictions on Afghan traders who for their imports are buying foreign currency from Pakistan open market and transferring funds to pay their import bills. Import letter of credits are being established in favour of overseas exporters from Pakistan and dollars are being purchased from open market for payments to foreign exporters from different channels. Undisclosed money is utilized for payments of imports and this is causing heavy demand for dollars. Thaver urged the ministry of finance to restrict imports with official disclosed book money and instruct the banks and the custom authorities to verify the money invested in imports. Merchants are importing many items which are manufactured in Pakistan and it is unfortunate that there is no protection for local industry. Foodstuffs, clothing, footwear, stationery and surprisingly even bakery items are imported without any restrictions and moreover they are being heavily under invoiced and most of the payment is made to overseas shippers through dollars purchased in the open market and remitted through different channels. Thaver said it is high time the SBP looks into this matter and instructs banks to ensure that the transactions are bonafide with declared money.
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Venezuela Death Toll Reaches 28
- Russia Holds Large Military Drills in South
- Calumet Photo Files for Bankruptcy
- Navarro Celebrates 2 Years of Vida Mia
- Herbalife Puts Off Meeting for Icahn Talks
- Ukraine Loan Delayed While Congress Goes on Vacation
- Ukraine Moves Closer to Joining E.U.
- Federal Gov't Deficit Continues to Decline