RAWALPINDI: On Thursday, the Ministry of Commerce modified Import Policy 2022 to loosen the prohibition on the importation of pre-owned and unregistered vehicles.
According to the specifics, the government has permitted the entry of used automobiles with 2,000 kilometers on them, as compared to the former policy that permitted the import of cars with a maximum mileage of 500 kilometers.
Cars with up to 2,000 kilometers on them will be deemed “new” under the revised import regulation, according to the ministry’s announcement.
It is important to understand that imports have a big effect on the economy of the nation because most payments are made in dollars, which has an effect on the nation’s foreign exchange reserves.
In an effort to protect the diminishing foreign exchange reserves, previous administrations—including the caretaker government and the coalition led by the Pakistan Democratic Movement (PDM) and the Pakistan Muslim League-Nawaz (PML-N)—in fact implemented strict restrictions on auto imports.
The State Bank of Pakistan (SBP) relaxed the rules governing import advance payments in February of this year, enabling authorized traders to make full advance payments without first obtaining permission.
Previously, The News reported a 30% rise in car sales for the month of January compared to the same period in 2023, citing figures from the Pakistan Automotive Manufacturers Association (PAMA).
According to the PAMA, sales of passenger cars reached 7,802 in January of this year, up from 6,021 in the previous year.
