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Government in Pakistan imposes ban on luxury goods' imports

Jun 3, 2022 Pakistan
Government in Pakistan imposes ban on luxury goods' imports
The Federal government of Pakistan has decided to impose a ban on the import of luxury goods. The measure is being announced as a preventive step to obviate the threatening default and contribute to control the escalating hike in the dollar against rupee
Reacting to the announcement, the Pakistan Footwear Manufacturers Association (PFMA) has congratulated the Federal government’s initiative. In a statement, Mr Zahid Hussain, Chairman of the Association, underlined that the measure "would help save the precious foreign exchange besides arresting hike in dollar price". The ban on the import of footwear would gear up local manufacturing, and it will also generate more employment in the country, the sectorial body believes.

The PFMA expects that shipments en route and their LCs (Letter of Credit), which have been opened according to the bank record before the 19th of May, may be given a one-time exemption from this ban so that they are cleared on the ports without any delay.


Source: tradechronicle.com


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