December 2, 2021
1 min read

Pak to temporarily ban imported cars

With the approval of a temporary ban on the import of CBU, the government wanted to curtail its import bill to the tune of over $3 billion on annual basis…reports Asian Lite News

The Pakistan government has decided in principle to impose a temporary ban on the import of completely built unit (CBU) of vehicles (imported cars) for the next six months (Jan-June 2022) as well as jacking up regulatory duty (RDs) and additional customs duty (ACD) on 10 to 12 other luxury items in order to curtail yawning current account deficit, The News reported.

With the approval of a temporary ban on the import of CBU, the government wanted to curtail its import bill to the tune of over $3 billion on annual basis, the report said.

Pakistan’s current account deficit (CAD) had touched $5.1 billion in the first four months (July-October) period of the current fiscal year (FY2021-22) against $2.3 billion, approved by the parliament and the National Economic Council (NEC) during the last budget 2021-22 for the whole fiscal year.

Now the government seems worrying that with the existing pace, the CAD might cross the $15 billion mark for the current fiscal year. The economic managers continued discussions with key stakeholders including ministries/divisions here on Tuesday with the objectives to consider measures for curtailing the CAD, the report said.

Initially, it was learnt that the Prime Minister’s Office issued instructions to slap a ban on 10 luxury items, but ministries/divisions opposed the move and argued that there might be severe backlash from the World Trade Organisation (WTO) and some bilateral trading partners.

In case, the government moves ahead with jacking up RDs and ACDs on remaining luxury items at the import stages such as cosmetics, pet foods, tyres, diapers and some other items, the import bill is going to be reduced, the report added.

ALSO READ: Hague Conference demands apology from Pakistan for 1971 war crimes

Previous Story

Rajasthan bags investment commitments of over Rs 78,700 crore

Next Story

Is Beijing turning its back on Pakistan?

Latest from -Top News

‘Kill and Dump’ Haunts Balochistan Again

The latest killings have reignited accusations of extrajudicial executions and the use of counterterrorism laws to cover up custodial deaths in Balochistan….reports Asian Lite News Concerns have deepened across Balochistan following the

‘ASEAN Expands, But Keeps Its Soul’

Malaysian Foreign Minister Mohamad Hasan urged ASEAN to uphold its unity and strategic resolve amid intensifying geopolitical tensions and mounting external pressures…reports Asian Lite News Consensus and inclusivity will remain the cornerstones

Bangladesh bends to beat Trump’s blow

Dhaka seeks compromise as Trump’s 35% tariff looms large over key exports; Washington urges worker protections, factory relocation to US…reports Asian Lite News Bangladesh has opened the second round of critical trade

China seethes as US lands F-35s in PH

As US F-35 jets land in the Philippines for the first time, Manila cements its frontline role in Washington’s power play against rising China….reports Asian Lite News The Philippines is rapidly cementing
Go toTop

Don't Miss

Pakistan’s inflation climbs to 24.9% in July

In a bid to control surging inflation in the country,

Medicine shortage hits government hospitals in Quetta

In Quetta’s government hospitals, a year’s worth of unrepaired CT