Imported cars not banned in 2018

Most of the car manufacturing companies are manufactured the local vehicles but various international companies are introduced their cars in Pakistan. The government has issued the SRO and the authorities tried to clamp down for the misusing of used car import schemes. This SRO was introduced to curtail the import of used cars in Pakistan due to which the trade deficit was on the higher side.

The commerce secretary said during November that taking to E7, the government was not making effort to stop the importing of the used cars. He said that the government wanted to discourage the unnecessary imports to curtail the growing trade deficit. The government is trying to stop the import of cars in order to strengthen the rules and the only genuine overseas Pakistanis bring their vehicles in the country. Their schemes were developed to meet the demand of Pakistanis, who are living in foreign countries.

The government has introduced the new rules that the new and used cars to be imported under personal baggage o r gift o r as TR scheme. They have to pay the taxes and duty to the foreign exchange made by owners o r their local recipients in Pakistan, which will be supported by bank encashment certificate to show the conversion of foreign remittance to the local currency. It is reported that Pakistan has imported about 56,000 cars in 2015-16 and 65,000 during 2016-17. The government has imposed the strict import policy to decrease trade deficit during current year ending on 30 June 2018.

The commerce secretary further added that people will notice the change in used car imports, which will be started next year. The analysts said that the new SRO told upon the used car market and it will not stop the import of the cars but the new SRO will create difficulty for import of cars in the country.