World News | Pakistan imports 2,200 luxury cars despite strict foreign exchange controls: Report

Islamabad [Pakistan]Jan 24 (ANI): Although the country is subject to strict foreign exchange controls even on imports of basic consumer and industrial goods, 2,200 luxury cars are still allowed to be imported in the first six months of the current financial year, Dawn newspaper reported.

Citing official sources, Dawn said nearly 8,500 containers of various consumer and industrial goods were stacked at Pakistani ports in the first half of this year due to strict foreign exchange controls. According to customs data, more than 95% of the 8,500 containers were stranded at the port because they had not issued a letter of credit.

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According to news reports, the containers contained consumer, industrial, pharmaceutical and perishable products. However, imports of used luxury cars are being cleared quickly at the port.

Between July and December, Pakistan imported more than 160 luxury electric vehicles. The benefit Pakistan gets from importing these vehicles is close to Rs 2 billion in duties and taxes. Pakistan, however, spends hundreds of crores of rupees on the import of these vehicles. Imports of three-year-old luxury cars rose in the first six months of the financial year. Pakistan imported about 1,990 vehicles between July 2022 and December 2022, Dawn reported.

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The vehicles are only allowed to be imported by overseas Pakistanis. However, this facility was abused by the importer, who offered the passport owner around PKR 10 million in the case of an SUV. In the first half of the fiscal year, used car imports earned PKR 7 billion a year, according to Dawn Report.

Most of the vehicles were imported between July and September, while a smaller number were imported between October and December, the report quoted a senior customs official as saying. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)