Traders Welcome Removal of Cash Margin Requirement
The Lahore Chamber of Commerce and Industry (LCCI) has expressed its approval of the State Bank of Pakistan’s (SBP) recent decision to eliminate the cash margin requirement (CMR) for goods import.
LCCI’s President, Kashif Anwar, along with Senior Vice President Zafar Mahmood and Vice President Adnan Khalid, issued a statement highlighting the shortage of raw materials, machinery, and other inputs caused by import minimization measures, affecting all industries.
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They believed that the condition of 100 percent cash margin was causing a blockage of funds, but the removal of this requirement would have a positive impact on the situation. They expressed optimism that the ease of doing business in Pakistan would improve, as a large number of companies were experiencing a shortage of raw materials due to the imposition of cash margin restrictions.
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The LCCI officials praised the State Bank of Pakistan’s wise decision to remove the cash margin restriction, and called on the government to eliminate regulatory duty, customs duty, and additional customs duty on essential raw materials.
They also called for the resolution of pending refunds and multiple audits, as well as a reduction in the rate of withholding tax for businesses. It is worth noting that the central bank will remove the existing CMR on imported items from March 31, 2023.
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