ISLAMABAD, July 16: The Central Board of Revenue has decided to accept guarantee only from those banks which have A plus credit rating. A customs official told Dawn on Saturday that the decision was taken in a board-in-council meeting held recently.

He said the customs department was compiling a list of scheduled banks that have A plus credit from the ministry of finance, the Securities and Exchange Commission of Pakistan and the State Bank in this regard.

According to the official, defaulting banks would be blacklisted for issuing any bank guarantee. It has also been decided to standardize the format of bank guarantee, which should be circulated to all field formations.

Similarly, the official said that an insurance guarantee would be accepted from those insurance companies which have A plus credit rating.