FBR Urged to Stop Ball Bearings's Import at Scrap Prices

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Apr 14,2009

The Lahore Chamber of Commerce and Industry has urged the Federal Board of Revenue chairman to help stop import of Japanese ball bearings at scrap prices, which are 20 times lower than the actual prices being released through the Customs CARE cell. In a statement issued on Tuesday, LCCI President Mian Muzaffar Ali, Senior Vice President Tahir Javaid Malik and Vice President Irfan Iqbal Sheikh said despite repeated reminders to the authorities concerned about mis-declaration no action had been taken so far to stop the clearance of Japanese ball bearings. The LCCI office-bearers said there was a need to initiate an inquiry into the conduct of relevant officers to eliminate the malpractice in the Customs CARE cell. They said the clearance of ball bearings, which was still going on unchecked, was causing a loss of millions of rupees to the national exchequer on the one hand while also disturbing genuine businessmen on the other as they were unable to compete with the 慴lack sheepinvolved in the wrongdoing. The entire economy at the moment was passing through a very critical time and could not afford smuggling through official channels so there was a need to expose not only the government functionaries who were allowing import of Japanese ball bearings at scrap/job lot prices, but also the traders who were doing the business should be identified, they said.

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