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Import Procedure: Import Trade Control (I.T.C)

The document outlines Pakistan's import procedures and requirements. Imports into Pakistan are regulated by the Ministry of Commerce under the Imports and Exports Control Act of 1950. No imports are allowed from Israel or other banned countries. The Harmonized System (HS) code classifies traded goods for imports. Importers must ensure items are properly classified to avoid penalties. Imports can occur on FOB, CFR liner, or CFR free out terms but prior approval is required for sugar or food grain imports on CFR free out. Payments can be made through letters of credit, collection basis, or clean remittance. The Electronic Import Form (EIF) must be filed with customs.

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91 views

Import Procedure: Import Trade Control (I.T.C)

The document outlines Pakistan's import procedures and requirements. Imports into Pakistan are regulated by the Ministry of Commerce under the Imports and Exports Control Act of 1950. No imports are allowed from Israel or other banned countries. The Harmonized System (HS) code classifies traded goods for imports. Importers must ensure items are properly classified to avoid penalties. Imports can occur on FOB, CFR liner, or CFR free out terms but prior approval is required for sugar or food grain imports on CFR free out. Payments can be made through letters of credit, collection basis, or clean remittance. The Electronic Import Form (EIF) must be filed with customs.

Uploaded by

Habib
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Import Procedure

Import Trade Control (I.T.C)

Import of goods into Pakistan is regulated by the Ministry of Commerce, Government


of Pakistan, under the Imports and Exports (Control) Act, 1950 and the notifications
issued thereunder. No import is permissible from Israel or from any other country,
which may be notified by the Ministry of Commerce. Import of goods originating from
any of these countries/sources is also prohibited. Imports from India are regulated as
notified by the Ministry of Commerce, Government of Pakistan from time to time.
HS Code
The Harmonized Commodity Description and Coding System, also known as the
Harmonized System (HS) of tariff nomenclature is an internationally-standardized
system of names and numbers to classify traded products. It came into effect in 1988
and has since been developed and maintained by the World Customs Organization
(WCO) (formerly the Customs Co-operation Council), an independent
intergovernmental organization based in Brussels, Belgium, with over 200 member
countries.
Imports
Classification of Imports

Before establishing any letter of credit/registering contracts, Authorized Dealers


should take all precautions to ensure that the goods to be imported under it are
clearly classifiable under the Import Trade Control Schedules. In all cases of doubt,
reference should be made either by the Authorized Dealer or the importer direct to
the TDAP. Failure to do so may result in confiscation of goods or imposition of penalty
for violating the provisions of the I.T.C. regulations. In all such cases establishment of
letter of credit/registration of contract and/or making of remittance will also
constitute infringement of the Foreign Exchange regulations.

Terms of Imports

Subject to the provisions of this chapter, imports can be made on FOB basis, CFR liner
terms basis or CFR free out basis. However, prior permission of the State Bank shall be
obtained for import of sugar and food grains (cereals) on CFR free out basis.
Imports
Modes of payments for imports

Payment for imports may be made either through letters of credit, without
letters of credit against documents received for collection on the basis of
registration of contracts, or as clean remittance without opening of letter of
credit and without registration of contract, as described in detail in the
subsequent paragraphs.

Issuance of Electronic Import Form (EIF)

Complete details available in Chapter 13 SBP FE Manual


Steps involved in Imports
1. Buyer generate the RFQ (Request for Quotation) to supplier
2. Supplier provides quotation to buyer based on the requirement
3. Buyer evaluate the Technical specifications and commercial terms and
conditions
4. Buyer negotiate with supplier and set the terms and conditions
5. Supplier acknowledge the Buyer requirement and submit the final offer
6. Buyer places the Order to supplier
7. Supplier acknowledges the Order
8. Based on Payment Terms and Conditions Byer pay the amount.
9. If LC (Letter of Credit) is involved then Buyer opens the LC in the name of
Supplier
Steps involved in Imports
10. Supplier manufactured the product and arrange the delivery based on
the LC Terms and Conditions

11. If CFR is the terms and conditions then Supplier arrange the delivery to
the Sea Port

12. Supplier arrange the forwarder and book the vessel

13. Sea Shipment takes place to the destination

14. Commercial documents submitted to buyer

15. Once Product arrive to the Port of destination supplier forwarder arrange
its clearance from Sea Port

16. File the Goods description through EIF form

17. Pay the Custom duties, Taxes and miscellaneous port charges and get the
product possession
Commercial Documents
1. Non-negotiable Bills of Lading
2. Product Invoice
3. Packing List
4. Collection Letter
5. Shipment declaration to insurance company
6. Shipment declaration to Customer
7. Beneficiary's Certificates
Bill of Lading
Product Invoice
Packing List

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