The Federal Board of Revenue (FBR) has implemented modifications to the Customs Act 2001, imposing stricter regulations for transit trade between Pakistan and Afghanistan, as reported by a private news agency.
In accordance with the FBR's notification, a financial security requirement has been introduced for goods involved in Pakistan-Afghanistan transit trade. These new conditions will apply to importers, customs agents, brokers, and transport operators.
Under the revised rules, authorized bank guarantees will be required to provide financial security for the transit operations. These guarantees will have a minimum validity of one year and can be easily cashed within Pakistani borders. Importantly, the bank guarantee will encompass taxes and duties applicable to both vehicles and goods being transported in transit.
FBR officials have clarified that the primary objective of these new conditions is to ensure financial security for Pakistan-Afghanistan transit operations.
A computerized customs system will be employed to monitor the transportation of goods to Afghanistan. This system will streamline the tracking and management of transit cargo, promoting transparency and reducing the risk of illicit trade activities.
According to the notification, a minimum of 25 percent of transit goods will undergo scanning procedures after declaration. Additionally, a risk management system will be utilized to inspect at least 10 percent of the total consignments.
Once clearance is obtained through the customs computerized system, the goods will proceed to their respective terminals for delivery and sealing.
