SBP amends guidelines for freight forwarders

KARACHI: The State Bank of Pakistan (SBP) on Wednesday amended its guidelines for freight forwarders, which some exporters claim, give rise to the theft of export consignments.

Now name of the actual owner of the goods will appear in trade documents along with that of freight forwarder, transferring goods from the producer to the buyer, a circular issued by the central bank said.

“The master bill of lading, issued in name of the freight forwarders will now carry the name of exporters and details of the export consignment,” it said. Earlier, the shipping line was responsible for issuing the master bill of lading in the name of the freight forwarder.

Besides, the trade documents, including the house bill of lading, will be sent to the bank of the buyer by the exportersí bank, leaving no chance of any misappropriation, a senior central bank official said.

The State Bank made amendments in the guidelines, following hue and cry by the textile exporters over incidents of theft by the freight forwarders.

The freight forwarders are responsible for delivering goods from the factory to the buyerís chosen destination in a foreign country.

The Pakistani exporters have failed to realise the changes occurred in the way of doing international business.

Global buyers such as Wal-Mart, Nike, Gap and Levi Strauss want direct agreement with the freight forwarders, who, according to them, provide value-added services.


Source The News