Imports Chapter 13 - Control Act and Payment Methods
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Questions and Answers

According to the passage, which mode of payment is allowed for imports into Pakistan?

  • Registered Contract
  • Cash on delivery
  • Traveler's check
  • Letter of credit (correct)

    • What is the condition for allowing Ex-works (EXW) imports according to the passage?

  • Insurance from the supplier's warehouse is arranged by the applicant
  • Remittance against import shall be made against presentation of shipping documents at the applicant's bank counter
  • Neither a nor b
  • Both a and b (correct)

    • For import of goods on incoterms other than those mentioned in the paragraph, what is required?

  • No additional requirement
  • Approval from the Ministry of Commerce
  • Payment through a registered contract
  • Prior permission of the Foreign Exchange Operations Department, SBP (BSC) Bank (correct)

    • What is the purpose of the Electronic Import Form (EIF) in WeBOC mentioned in the passage?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT a mode of payment for imports into Pakistan mentioned in the passage?

    <p>Telegraphic transfer</p> Signup and view all the answers

    What is the purpose of the regulatory instructions mentioned in the passage regarding modes of payment for imports?

    <p>To monitor and control the foreign exchange used for imports</p> Signup and view all the answers

    Which of the following is NOT a permitted type of letter of credit for imports?

    <p>Revolving letter of credit</p> Signup and view all the answers

    What is the purpose of the Imports and Exports (Control) Act, 1950 mentioned in the text?

    <p>To control the import and export of goods</p> Signup and view all the answers

    Which of the following is a mode of payment for imports?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of the Electronic Import Form (EIF) in WeBOC mentioned in the text?

    <p>To facilitate the import process through the Pakistan Single Window (PSW)</p> Signup and view all the answers

    Which of the following is a term of imports?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT mentioned in the text as a mode of payment for imports?

    <p>Remittance in excess of the amount of letter of credit</p> Signup and view all the answers

    What type of Letter of Credit is not permitted according to the given text?

    <p>Both (a) and (c)</p> Signup and view all the answers

    What should an Authorized Dealer do if they receive an application for opening a clean or transferable Letter of Credit?

    <p>Refer the application to FEOD, SBP (BSC), Karachi with full particulars</p> Signup and view all the answers

    Under what circumstances is it not permissible to issue a Letter of Credit or register a contract for import of goods into Pakistan?

    <p>All of the above</p> Signup and view all the answers

    What is the first step in making import payments on the basis of registration of a contract without opening a Letter of Credit?

    <p>The importer submits a copy of the contract/purchase order/proforma invoice/indent to the Authorized Dealer for registration</p> Signup and view all the answers

    What document is required for an Authorized Dealer to verify the increased quantity of goods in a consignment?

    <p>Both (a) and (c)</p> Signup and view all the answers

    According to the given text, which of the following statements is true regarding imports into Pakistan?

    <p>Imports are prohibited if the exporter is subject to UN Sanctions</p> Signup and view all the answers

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