KARACHI, Dec 17: All the locally owned Pakistan companies working as agents of foreign shipping companies, airline companies, cargo consolidators or courier service companies will now seek no objection certificates, registration or renewal directly from their respective regulatory authority which could be either be Director General Ports and Shipping, Civil Aviation Authority or Director General Post Office.

A circular issued by the State Bank of Pakistan on Tuesday exempted all such locally owned Pakistani companies from getting registration with the Board of Investment.

The State Bank has amended the chapter XIV of Foreign exchange manual and accordingly, all cargo consolidators and forwarders, who are approved members of FIATA and registered with respective regulatory authority, may accept freight in Pakistani rupees without prior approval of the State Bank only in respect of Pakistani export cargo on C and F and CIF basis. It is necessary that the consignment is being dispatched against advance payment of an irrevocable letter of credit which contains a provision of issuance of documents of title under cargo consolidation system. A copy of manifest of cargo consolidators together with relative non-negotiable copies of House Bill of Lading or House Airway Bill “E” Form certificate where freight is paid in foreign exchange.