2,800 Containers Stranded at Port Qasim for Various Reasons, Senate Panel Told

Federal Board of Revenue (FBR) Chairman Asim Ahmad Friday told the Senate Standing Committee on Finance that 2,800 containers are stuck at Port Qasim for various reasons.

The meeting, chaired by Senator Saleem Mandviwalla, was apprised by the FBR that most of the containers were stuck because the letters of credit (LCs) couldn’t be opened, while some were struck due to the import ban.

Discussing details of containers stuck at Port Qasim due to Customs, the committee stressed the need for all backlogs to be cleared at the earliest. It was asserted that a more humane attitude towards demurrages must be held so that traders are facilitated. The committee was assured that Customs has already given a 40 percent waiver in demurrage charges that is sure to facilitate the clearance process.

The State Bank of Pakistan (SBP) governor told the committee that over 500 containers have been cleared.

Discussing the point of public importance raised by Senator Fida Muhammad regarding the opening of LCs at appreciated rates and the issues faced by traders in this regard, the committee was of the view that strict notice must be taken against banks that fall in this category.

The SBP governor told the committee that the matter of additional charges by banks on various LCs is being investigated and action would be taken as per the law.

Senator Kamil Ali Agha asked if those who have been overcharged would be given their money back. He said that such measures should be taken so that banks do not make overcharging a habit. The Minister of State said that such fines would be imposed on the banks and that they would not be able to do such things moving forward.

The SBP governor told the committee that 80 percent of LCs do not require the SBP’s permission. He said that LCs worth $100,000 will be opened this month.