There are good numbers of commodities which are on the open general license. A large number of commodities other than placed on the open general license are imported by obtaining import license from the import trade controller. When an import license is sanctioned to a trader the foreign exchange is automatically released on the production of relevant documents. The import licenses issued by the import trade controller are required to be registered with the State Bank of Pakistan. Import license is issued in sets of two; one copy is marked for exchange control purposes and second is for custom purpose. The bank will open a letter of credit only if the buyer of goods has an import license. The authorized dealer in foreign exchange will release the foreign exchange formalities.
C & F basis: when goods are imported on C & F basis the cost of freight are included in the price of goods.
C.I.F: The letters C.I.F stand for cost, insurance and freight. In case the goods are exported on C.I.F basis it includes cost, insurance and freight.
C.I.F & C.I: These letters stand for cost, insurance and freight and commission and interest. When the goods are shipped on C.I.F and C.I basis it means the price quoted includes the cost, insurance, freight plus commission and interest.
C & F basis: when goods are imported on C & F basis the cost of freight are included in the price of goods.
C.I.F: The letters C.I.F stand for cost, insurance and freight. In case the goods are exported on C.I.F basis it includes cost, insurance and freight.
C.I.F & C.I: These letters stand for cost, insurance and freight and commission and interest. When the goods are shipped on C.I.F and C.I basis it means the price quoted includes the cost, insurance, freight plus commission and interest.
