LAHORE:The Lahore Chamber of Commerce and Industry (LCCI) Monday expressed its concern over the issue of approval of import documents under Chapter 84-85 and urged the federal finance minister, governor State Bank of Pakistan and federal commerce minister to take serious note of the problem.
A proper mechanism should be devised in order to make chapter 84-85 business friendly, said LCCI office-bearers including President Kashif Anwar, Senior Vice President Chaudhry Zafar Mahmood and Vice President Adnan Khalid Butt.
They told the media here that many of the LCCI member companies had contacted them regarding difficulties they face with imports as a result of the State Bank of Pakistan’s recently issued EDP Circulars No. 09 and No. 11, which demand prior approval from the Foreign Exchange Operations Department (FEOD) before initiating transactions for imported goods (Chapter 84 and 85).
They said that as a result, there was a long delay in the release of shipping documents from the commercial banks, leading to delays in the processing of cargo at the port, for which importers had to pay exorbitant demurrage and detention charges, which add to their landed cost.
The LCCI office-bearers said that the shipping lines were charging container rent, which ranged from US$80 to US$150 per day, including holidays, if a cargo was not released within the 7 or 14 free days, as per arrangement.