KARACHI: In a significant development, the Supreme Court of Pakistan has urged Pakistan Customs to take independent actions in resolving issues faced by importers who encounter difficulties in obtaining Electronic Import Forms (EIFs) from banks.
The court’s directive was in response to a petition filed by M/s Amia Energy, an importer specializing in petroleum products. The company sought legal intervention after its consignment of petroleum products was stranded at the Karachi port due to the banks’ failure to issue the necessary EIFs.
The EIF serves as a vital tool employed by the government to monitor foreign remittances, trace their origins, and scrutinize goods being imported without foreign exchange clearance through the State Bank of Pakistan.
Importers were encountering challenges as banks hesitated to issue EIFs due to a lack of clarity surrounding the associated rules and regulations. To address this issue, the Supreme Court has mandated that Pakistan Customs take decisive action and resolve the non-issuance of EIFs to importers.
The court’s decision brings much-needed relief to importers who have struggled with the banks’ failure to issue EIFs. This positive outcome is expected to enhance the ease of doing business within Pakistan, subsequently bolstering the nation’s overall economy.
Furthermore, the court’s decision acts as a reminder to the government to streamline trade and commerce regulations. Simplifying these rules will create an enabling environment for businesses to flourish and contribute significantly to the country’s economic growth.
