Amid the continuous depreciation of the rupee and an unsettling monetary crisis, the federal authorities on Wednesday determined to impose a ban on the import of non-critical and luxury gadgets, said.
According to assets, Prime Minister Shehbaz Sharif has imposed a ban on the import of non-crucial items that are not used by the commonplace man. The selection is stated to be important to manipulate the greenback flight.
The assets said that the high minister has banned the import of luxury automobiles and different non-crucial items, such as cosmetics, for which instructions have also been issued.
They similarly introduced that the decision turned into taken by means of the most beneficial because of the widening trade deficit and, after keeping a consultative assembly together with his coalition companions, it was decided that the government will take hard selections to stabilize the economy.
The US dollar has witnessed a document surge for the duration of the beyond few weeks and turned into being traded nowadays at over Rs200 in the open marketplace, signaling a loss of self-assurance for the various investors inside the financial markets.
Which items will get expensive?
Meanwhile, in line with sources in the Federal Board of Revenue (FBR), a suggestion to increase responsibility on the following objects has been submitted:
- Regulatory duty on machinery will be up by 10% and home appliances by 50%
- Power generation machinery regulations to go up by 30%
- Steel products regulatory duty to go up by 10%
- Duty on cars above 1,000cc to be up by 100% and 30% ACD
- Regulatory duty on ceramics to be up by 40%
- Duty on mobile phones to rise within a range of Rs6,000 to Rs44,000 per unit