100% Cash Margin on Football Bladders

100% Cash Margin on Football Bladders

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Dear Members,

Please accept my profound compliments and warm wishes.

On February 24, 2017, A notification was issued by the State Bank of Pakistan imposing 100% Cash Margin on Import of Foot Ball Bladders under PCT Chapter 9506 which is an essential raw material used in the Soccer Ball Industry.

There was no justification for including the Football Bladders in the circular as they are temporarily imported as Raw Materials in bulk quantities from abroad to reprocess and to export them back after essential value addition.

Sialkot Chamber took up the matter with the authorities including the Prime Minister, The Minister of Commerce, Minister of Finance, Parliament’s Standing Committee on Finance, the State Bank of Pakistan and other necessary forums. After months of continuous efforts, I feel pleased to share with you that the matter has finally been resolved and the above mentioned HS Code has been omitted from the requirement of 100% Cash Margin on imports. This is without a doubt a success of Sialkot Chamber of Commerce & Industry which has been achieved only with your support and trust. This is also indicative of the dedication of this Chamber to protect interests of its members and to fight for them. Here, I would personally like to thank Mr. Ahsan Naeem (Vision Technologies), Mr. Majid Raza Bhutta (Fircos Shoes) and Mr. Khawaja Muhammad Asif, Honorable Federal Minister for Foreign Affairs for their key roles in getting the matter resolved.

I assure you that we would continue to strive for other key issues of the Industry with same dedication and zeal. The Copy of BPRD Circular Letter No. 33 of 2017 is enclosed for your review.

 

Profound Regards,

 

Zahid Latif Malik

President

The Sialkot Chamber of Commerce & Industry

 

State Bank of Pakistan BPRD Circular Letter No 33 of 2017.pdf