ISLAMABAD: Federal Minister for Commerce Naveed Qamar on Thursday warned car dealers of strict action if prices were not reduced following the removal of regulatory duty, ARY News reported.
Talking to media, Naveed Qamar said that regulatory duty on luxury items was abolished on March 31, asking car dealers to reduce price of vehicles. He said that government will take strict action against dealers if prices were not reduced.
“Govt will take strict action against car companies if prices were not reduced despite the end of regulatory duty” Naveed Qamar warned.
Read More: FBR MAY RE-IMPOSE REGULATORY DUTY ON IMPORTED CARS, PHONES
The minister further said that the incumbent government will remove restrictions on opening Letters of Credit (LC) after sealing deal with International Monetary Fund (IMF).
It is pertinent to mention here that car companies in Pakistan have sharply increased prices in recent months, citing the rupee’s depreciation among other factors.
The government had restricted imports, including by imposing heavy regulatory duties, in a bid to control the outflow of dollars.
