Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
State Bank of Pakistan (SBP), Pakistan’s central bank, initiated a curb on imports in order to control foreign currency outflow due to Pakistan’s depleting foreign currency reserve situation.
PAKISTAN: A trade services specialist has informed DCW that the State Bank of Pakistan (SBP), Pakistan’s central bank, initiated a curb on imports in order to control foreign currency outflow due to Pakistan’s depleting foreign currency reserve situation.
As of July 2022, banks in Pakistan are required to seek prior permission from SBP for all import payments above USD 100,000 and before entering into transactions for certain imports by LC, collection, or open account. Items include: Boilers, machinery, mechanical appliances, and parts thereof; electrical machinery, equipment, and parts thereof; and motor vehicles.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
