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Govt ended the Condition of International Bank Account Number (IBAN) for Car Import

The federal government has removed a major hurdle in the import of car for overseas Pakistanis. According to a notification by the Ministry of Commerce, the government has ended the condition of International Bank Account Number (IBAN). Now the OSPs can import a car under gift scheme, transfer of residence and personal baggage, without giving IBAN number for the import.

Car Import and IBAN Number: 

Earlier the government made it essential to mention IBAN on remittance certificate by OSPs. This new SRO made car import more difficult for OSPs. According to reports, the imported cars remained stuck at the port for months after this order. 

Later, the Customs Department mentioned a loophole in the new SRO. In a letter on September 10, 2020, Customs wrote to FBR that only 77 countries are using the IBAN system. “Whereas many countries including USA, China, Japan, Canada, Australia etc. are not using this system,” the letter read.

The Customs requested FBR to issue policy guideline for clearance of vehicles where duty/taxes are coming from non-IBAN countries.

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