Insurance firms warned against non-compliance of Afghan transit trade conditions

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Monday warned insurance companies against circumventing the requirements and fee condition with respect to guarantees on Afghan transit goods.

“FBR has observed that some insurance companies are not properly complying with the requirements and fee condition with respect to guarantees on Afghan Transit Goods,” he tweeted.

“Such entities are warned to correct their mechanism and immediately correct their system,” he added.

FBR has observed that some insurance companies are not properly complying with the requirements and fee condition with respect to guarantees on Afghan Transit Goods. Such entities are warned to correct their mechanism and immediately correct their system.

— Syed Shabbar Zaidi (@ShabarZaidi) October 14, 2019

Earlier, on Sept 18, Prime Minister Imran Khan had formally inaugurated the opening of the Torkham border crossing for 24 hours.

The premier, accompanied by Foreign Minister Shah Mehmood Qureshi and Khyber Pakhtunkhwa Chief Minister Mahmood Khan, inaugurated the Integrated Transit Trade Management System. He got a briefing on the border terminal.

Addressing a press conference on the occasion, Prime Minister Imran said the round-the-clock opening of the border crossing would facilitate trade in the region.

Trade with Afghanistan had jumped by 50 per cent during the trial of the 24/7 border opening alone, he added.