Smartphones valuing $7.19 million have been imported illegally without opening the letters of credit (LCs) or utilising the banking channel, an official report discloses.
The report of the Federal Board of Revenue (FBR) reveals that despite an unannounced ban on the import of mobile phones and their accessories by the State Bank of Pakistan (SBP), 52 Goods Declarations (GDs) worth $8.65m related to the import of mobile phones had been cleared between December 2022 and February 2023.
These mobile phones have been imported in Completely Build Up (CBU) condition. Only $1.46m was paid legally out of Pakistan through the banking channel, whereas $7.19m flowed out of Pakistan illegally.
However, the FBR hasn't mentioned the mode of payments made to the suppliers in Dubai for the import of mobile phones.
According to the Pakistan Telecommunication Authority (PTA), manufacturers imported more than 190,000 mobile phones in CBU condition under a facility allowed to them.
Despite restrictions set by the banking sector on imports, mobile phones are still reportedly being imported by some companies under their manufacturing licence.
The import of smartphones soared especially after at least 30 manufacturing units in Pakistan halted manufacturing, citing import restrictions.
