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Imports-Exports Bill lands in NA

ISLAMABAD: Imports and Exports (Control) (Amendment) Act, 2010 (Imports-Exports Bill) to further amend the imports and exports Control Act, 1950 was laid in the National Assembly on Tuesday. The bill was moved by Nisar Tanveer in the House.
New subsection which is added in the bill says, “A product, which is a deficit product in Pakistan and imported at the cost of foreign exchange, will only be further exported to the third country at a cost equal or above the price being charged from consumers in Pakistan.”
According to the statement and objects of the bill, national exchequer has to bear undue burden of billion of rupees every year due to extending different waiver on export of various products to Afghanistan.
Diesel is a deficit product in Pakistan and is imported at the cost of foreign exchange. It does not make economic sense to export a deficit commodity on cheaper rate.
Petroleum products, which are exported to Afghanistan, are being sold back in the country after receiving waivers from the government. It is need of the hour to add above mentioned subsection in the act to safeguard foreign exchange and interest of Pakistani consumers. The Speaker sent the bill to the committee concerned. -APP


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