KARACHI, March 5: The Federal Board of Revenue (FBR) has withdrawn condition of bank’s endorsement ‘good for payment’ on post-dated cheques for the consignments being released for the purpose of re-export, official sources said.
In the last collectors’ conference it was decided that all the post-dated cheques will have to have bank endorsement of ‘good for payment’. However, trade and industry took the matter very seriously as it could block their huge funds to no advantage of the FBR but only to improve financial health of banks.
According to the directive, the requirement of bank endorsement on post-dated cheques is meant for the cheques submitted as security for provisional assessment under section 81 of the Customs Act, 1969 only, the sources said.
