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Pakistan Customs have floated draft amendments in the TIR Rules to facilitate and streamline traffic-in-transit to and from Pakistan under the UNECE's TIR Convention, 1975. The proposed amendments, inter alia, include -
- incorporation of 'Pakistan National Committee of International Chamber of Commerce (PNC-ICC Pakistan)' as a 'body';
- inclusion of insurance guarantee from an “A”rated insurance company in the term 'encashable guarantee';
- mandatory requirement for a TIR applicant to have sound financial standing, to be proved by bank statements and audited accounts and filed income tax returns. In case of a newly formed or converted entity to a private limited company, the applicant entity shall provide a certificate of sound financial standing, along with an undertaking to provide audited financial statements of three years subsequently;
- furnishing of a supplementary financial guarantee by the national guaranteeing association in the form of an insurance guarantee from an “A” rated insurance company for a sum of fifteen million rupees or defence saving certificates of equivalent amount in terms of clause (xxvi) of sub-rule (1) of Rule 689 of the Customs Rules, 2001, to the Director, Directorate of Transit Trade, Pakistan Customs, Karachi/
The amendments are aimed at refining the nascent TIR transit system in Pakistan, which has seen a little over 20 TIR cross-border movements so far since its inception a few years ago. The proposed amendments seek to remove the hardships in meeting the stringent TIR enrollment criteria for the aspirant logistics companies belonging to the informal or SME sectors.