In view of representations made by a number of stakeholders, the State Bank of Pakistan (SBP) has decided that the restrictions earlier imposed on advance payment against imports shall not apply on letters of credit (containing clause regarding advance payment) established on or before July 14, 2018. The Central Bank had revised the instructions relating to advance payment facility allowed to importers through Authorized Dealers and had also restricted the import on open account basis to manufacturing and industrial users for import of spare parts/raw materials only. Further, the conditions regarding issuance of shipping documents on or before July 20, 2018 and filing of Goods Declaration with Pakistan Customs by August 10, 2018 shall not apply in cases where consignments had gated-in/entered the ports of shipment on or before July 20, 2018, according to a statement issued by the SBP on Tuesday. The restriction imposed on advance payment against imports shall not apply on letters of credit, containing clause regarding advance payment, established on or before the date of issuance of above instructions i.e. July 14, 2018. The conditions regarding issuance of shipping documents on or before July 20, 2018 and filing of Goods Declaration with Pakistan Customs by August 10, 2018 shall not apply in cases where consignments had gated-in/entered the ports of shipment on or before the date of issuance of above instructions i.e. July 20, 2018. To this effect, the Authorized Dealers shall obtain satisfactory documentary evidence from the importers. The Authorized Dealers shall maintain the record of all above transactions and produce the same to SBP inspection teams, as and when required. All other instructions on the subject shall remain unchanged. Authorized Dealers are advised to ensure meticulous compliance of the above instructions. Published in Daily Times, August 14th 2018.