But if the orders to open the LCs and release the containers are not issued, the importers will lose billions of rupees (Photo: File).
Karachi: The government’s policy of minimal reliance on imports and non-availability of dollars coupled with banks’ non-opening of LCs resulted in piles of containers loaded with imported spices at Karachi’s ports.
According to Express News, due to non-opening of LCs, lifetime savings of importers have been put at stake. According to a conservative estimate, around 200 containers of spices are currently awaiting clearance at the ports. If the government does not immediately issue orders to open LCs and release containers, the importers will lose billions of rupees.
On the other hand, due to the fact that the containers of spices were not cleared at the ports of Karachi, smuggling reached its peak and by taking full advantage of this situation, large-scale smuggling of spices continues and the smuggled spices are sold in markets across the country, including Karachi. Being supplied without fear.
Honest importers who pay billions of rupees in taxes due to smuggling are facing serious financial losses while the national exchequer is also suffering huge loss in terms of revenue.
Smuggled spices are being supplied fearlessly to markets across the country, including Karachi, mostly under the guise of Afghan transit trade without paying any taxes.
Smuggled spices are brought to Bandar Abbas port in Iran, from there to Taftan, Afghanistan and from there to Pakistan through other routes including Chaman, Wana border, which are unloaded in Karachi and other cities of the country, and then the profiteers sell the spices. Taking advantage of the shortage, they are selling it in the market at arbitrary prices, the entire burden of which is falling on the public.
Traders have said that by immediately releasing containers of spices, supply to the public at reasonable prices can be ensured, otherwise the spices will be out of reach of the public during Ramadan.
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