ISLAMABAD, March 18: The Central Board of Revenue has waived two per cent penal surcharge on over-storing of imports consignments lying in the government warehouses.

The waiver of penal surcharge will be available on those imported goods stored in the warehouses from March 15 to 30.

According to an official announcement the penal surcharge was levied on goods stored at the government warehouses uncleared beyond one year, which were charged at two per cent penal surcharge per month after arrival in the country.

The decision was aimed at brisk clearance and creating space at the warehouses, which were choking due to over-storing.

The waiver of penal surcharge was also aimed at meeting the revenue shortfall occurring presently.