Govt Imposes a Complete Ban on Imported Cars

Momina

20 May 2022

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Govt Imposes a Complete Ban on Imported Cars

The Government of Pakistan has announced to stop importing the luxurious items to keep the Pakistan’s economy stable. The government has also banned the import of cars in Pakistan in this regard.

According to details, the spokesperson of the government and the leader of the ruling party, Pakistan Muslim League Nawaz (PMLN), Maryam Aurangzeb have said this while talking to media.

According to Maryam Aurangzeb, the government is coming up with a plan to save the economy from collapsing and banned the import of luxurious items. She urged the masses to sacrifice their desire to help the government to play a part to stand with government in this crucial economic situation of the country.

The spokesperson further said that, government will be able to save up to $500 million in a month and $6 billion in a year after a ban on the import of luxurious items including vehicles. She said that the local currency is continuously depreciating due to heavy burden of the imported luxury vehicles.

Analysts worry that Pakistan’s economy is currently on a collision course, which spells disaster for multiple industries.

According to economical experts and analysts, the economy of the Pakistan is near to collapsing due to which a huge industrial crisis could be arising.

According to Dr. Akmal Hussain, a renowned economist, Completely Built-Up CBU vehicle import alone during 2020-21 was $1.53 billion which amounts to an 80 percent increase in import expenditures on cars over the previous fiscal year.

The new government also claims that the imports of Completely Knocked Down (CKD) kits of cars and mobile phones have also been added to the import bill. Hence, the ministry of finance has recommended a 100 percent increase in the regulatory duty (RD) on cars with over 1300cc engine displacement.

The government has decided to minimize the CKD imports to curb with the whole situation. Due to this scenario the local auto industry and consumer power is badly affected.

Stay tuned with Gari.PK for more updates, news and articles from local and international auto sector. You can also check the motorbike prices in Pakistan and Car Prices Pakistan for all used cars and new cars in the market.

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