State Bank urges traders to import through Electronic Import Form

RAWALPINDI, Pakistan: The Director Exchange Policy Department State Bank of Pakistan (SBP) Fazal Mehmood has said that all imports in the Country should be made compulsorily through Electronic Import Form (EIF) in order to curb illegal and duplicate payments of imports by unscrupulous elements.

While addressing an interactive session on EIF organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) in Rawalpindi on Friday, he said that the SBP has great respect for importers and exporters being key stakeholder in bringing foreign exchange in the country.

Fazal Mehmood said that dynamics of economy have changed and SBP’s prime objective was to document the real time data of imports & exports through automation of import form.

Earlier in his welcome address, the President RCCI Raja Amer Iqbal said that Chamber’s prime responsibility was to facilitate traders to address key issues related to EIF.

The President RCCI appreciated the Bank’s role for bringing awareness through interactive sessions and working towards the documentation of the economy.

Under national action plan (NAP) it was necessary to abide by the international laws related to Know Your Customer (KYC), Anti Money laundering (AML), he added.

Raja Amer Iqbal said that EIF will help to curb multiple payments against single consignment, fake and forge form and will improve forecasting /assessment of imports data.

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