KARACHI, Aug 24: Banks have been advised by the State Bank not to open letters of credit (L/Cs) for the import of precursor chemicals without no objection certificate (NOC) from the ministry of narcotics control.

The advice based on the decision taken by the cabinet in its meeting held on July 18, 2007, was issued on Friday.

The cabinet has directed that the NOC of the ministry of narcotics control may be obtained for import of precursor chemicals.

“Therefore, all banks are advised to ensure that L/Cs for the import of precursor chemicals, as provided in Table I & II of the UN Convention on Illicit Traffic in Narcotic Drugs and Psychotropic Substances 1988 are opened only on production of NOC issued by the ministry,” said the SBP.