GOVERNMENT OF PAKISTAN
MODEL CUSTOMS COLLECTORATE OF
CUSTOM HOUSE, KARACHI.
PUBLIC NOTICE NO. 01/2015 (AW)
SUB: RELEASE OF ENCASHMENT OF PENDING SECURITIES IN BANK GUARANTEE CELL.
It has been observed that a large number of financial securities like Bank Guarantees, Pay Orders, Post Dated Cheques and Indemnity Bonds are pending in the Bank Guarantee Cell of this Collectorate. Following actions are being taken:
i.) Encashment
ii.) Where required documentation are furnished by the importers/clearing agents when financial instruments will be released. Scrutiny by the Collectorate has transpired that the importers have not fulfilled the conditions laid down in the notification under which securities were furnished and accordingly such security instruments are liable to be-encased. Despite stated position the importers/authorized clearing agents are being provided an opportunity to establish that the conditions laid down in the relevant SRO, have been fulfilled and securities are liable to be released. As a way forward, following is suggested to all concerned:
a) Review at their own, all pending financial securities deposited in this Collectorate which still have not been released. They are requested to intimate the current status regarding the fulfillment of conditions laid down in the relevant SRO.
b) In case the conditions/formalities lay down in the relevant notification under which security was deposited have already been fulfilled and intimated to concerned section, then proof of such intimation may be provided afresh to BG Cell for release of the security.
c) In case there is any change in particulars of an importer like address, bank account details, ownership etc., the same should be intimated to BG Cell immediately. BG Cell have been issuing/dispatching notices on available deposited in BG Cell, is available in their given bank accounts. In case, securities/Cheques are dishonored due to insufficient balance or any other invalid excuse, this Collectorate would intimate penal proceedings as prescribed under law.
Above information is to be furnished to this Collectorate before 31s t March, 2015 failing which all related processes including encashment of security instruments shall be initiated as per available record and without any further notice from this Collectorate. Thus, this notice may be taken as final notice from this side.
Signed by
(Muhammad Saleem)
Collector