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100% cash margin imposed on import of mobile phones, vehicles, other consumer items

KARACHI: State Bank of Pakistan (SBP) has imposed 100% cash margin requirement on import of certain consumer items including mobile phones and motor vehicles. This regulatory measure would, interalia, discourage the import of these items and would have nominal impact on the general public, a SBP release said. SBP imposed the cash margin in exercise of powers entrusted to it under Banking Companies Ordinance, 1962. The SBP statement said the requirement of 100% cash margin has been prescribed on items such as motor…

UAE lifts 8-year-old ban on import of poultry products from Pakistan

ISLAMABAD: United Arab Emirates (UAE) has lifted 8-year-old ban on import of poultry products from Pakistan, Ministry of Commerce announced on Tuesday. “The UAE has granted permission to import day old chicks and hatching eggs from the companies which are certified for export ministry and possessing health certificates, permission to import poultry meat and its products from the slaughterhouses that are certified for export by the UAE per procedures followed in this regard and health certificate,” said the statement…

Pakistan puts cotton imports from India on hold as tensions mount

KARACHI/MUMBAI: Pakistan has suspended cotton imports from its top supplier, India, saying shipments failed to fulfil phyto-sanitary certification, threatening the $822 million-a-year trade, government and industry officials said. Traders say rising hostility between the neighbours might have prompted Pakistan to restrict imports. The decision will help other cotton suppliers such as Brazil and the United States to increase exports to Pakistan. "We had received some complaints regarding insects, pests, in cotton…