Achi news desk-
- Ministry of Commerce revises Import Policy 2022.
- The Government allows the import of cars with up to 2,000 km mileage.
- Earlier, only cars with 500 km on them could be imported.
RAWALPINDI: The Ministry of Commerce on Thursday amended the Import Policy 2022 to relax the restriction imposed on the import of used and unregistered cars.
As per the details, the government has allowed the import of used cars with a mileage of 2,000 kilometers instead of the previous policy which only allowed the import of cars with up to 500 kilometers on them.
Under the revised import policy, cars with mileage of up to 2,000 kilometers will be considered “new”, the ministry notification read.
It is relevant to know that imports have a significant impact on the country’s economy as the payments are mainly made in dollars which in turn affects the country’s forex reserves.
Previous governments, including the caretaker establishment as well as the Pakistan Muslim League (PML-N)-led Pakistan Democratic Movement (PDM) coalition government, had in fact imposed strict restrictions on car imports in their bid to protect the depletion forex reserves.
Earlier this year in February, the State Bank of Pakistan (SBP) relaxed the regulations for advance payments of imports allowing the authorized dealers to make full advance payments without prior approval.
Previously, The newsciting the data published by the Pakistan Automobile Manufacturers Association (PAMA), reported a 30% increase in car sales for the month of January compared to the same period in 2023.
According to the PAMA, as many as 7,802 passenger cars were sold in January this year compared to 6,021 units last year.
However, car sales were still down 49% in the first seven months of the financial year with 38,464 units sold compared to 74,933 during the same period in FY23.
