KARACHI – The State Bank of Pakistan (SBP) has imposed 100pc cash margin on imports of mobile phones, vehicles, cosmetics and other home appliance.
According to the statement issued by the SBP that the authorities have been directed in this regard to take action on all the mentioned products that are being imported to the country.
This authority of levying taxes by the SBP is enshrined in Banking Company Ordinance (BCO) 1962 and it can take any measure in the interest of the state economy and for the welfare of the people.
However, the imposition 100 percent margin on the specific commodities will target luxurious lifestyle rather than the poor.
The SBP have also explained that the current regulatory measure will discourage the import of luxurious products while having negligible effects on the general public.
Those products on which the SBP of Pakistan has imposed taxes include: motor cars (CKDS and CBUS), mobile phones, cigarette, jewelries, cosmetics, personal care, electronic and home appliances and arsenals.