Federal Government plans to introduce a new scheme for import of used cars and made some Quantitative Restrictions (QR’S) under this only commercial importer allowed to import used cars.
According to the media news, Dr.Abdul Hafeez Sheikh the adviser of Prime Minister will held a meeting today in which they discuss all the matters related to import of used cars, under the current policy imposed by the government on import of used cars only overseas Pakistani, transfer of residence and under the gift baggage scheme only these can import used car. But the commercial importers misused the above conditions and import cars on the overseas Pakistani passport and only 5% real overseas Pakistani use their passport to import cars for personal use.
The government restricts the import of used cars to promote the local automobile industry and to control the import of used cars and this scheme working very good and the import of used cars down as compared to the previous. But many of the dealers used overseas Pakistanis passport, government introduce a clear transaction mechanism on the import of used cars.
According to the new policy introduce by the federal government the import of used and new car will be allowed under this condition; all the vehicles import by overseas Pakistani, gift baggage and transfer of residence all the duty and taxes shall be paid in foreign exchange arranged by the local receipt or a national of Pakistan who is support by a bank encashment certificate which covert the foreign currency to local currency and it is compulsory that the remittances shall originate the account of Pakistani national sending the vehicle from abroad and payment received in his account in condition if the account doesn’t exist, he can be received in the account of his any family member.
Under this mechanism, the commercial dealers can import cars in certain Quantitative Restrictions (QR’s). it very helps full for the dealers to run their business.