• Download the Constitution of Pakistan
  • Advertise
Sunday, June 15, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Automobiles

Ministry of Industries Increases Penalty on Delayed Car Deliveries

by News Publishing
April 8, 2022
in Automobiles, Business
Reading Time: 2 mins read
0
Ministry of Industries Increases Penalty on Delayed Car Deliveries
Share on FacebookShare on TwitterLinkedinWhatsapp

The penalty rate for automakers’ on delayed car deliveries has been doubled by the Ministry of Industries and Production (MoIP). The rate has been raised from KIBOR+2 percent to KIBOR+3 percent, according to an official source.

Several manufacturers and dealerships have failed to deliver automobiles on schedule, according to the Ministry of Industries and Production. Car firms must deliver automobiles to consumers within 60 days of reserving, according to the Automotive Policy.

Customers must be compensated if a company fails to do so. They must also produce proof of that compensation every two years to the Engineering Development Board (EDB).

Complaints about compensation have also been handled by EDB. According to the source, if a manufacturer fails to compensate, MoIP has the authority to revoke its manufacturing certificate. According to the source, all manufacturers have paid their penalties for late deliveries on time so far, to comply with the legislation.

The government has also taken the following steps to protect consumers:

  • Taxes of Rs. 50,000, Rs. 100,000, and Rs. 200,000 have been imposed by the government on automobiles based on their engine displacement at the time of registration. If you acquire a new automobile and sell it to someone else in an unregistered state within 60 days of receiving it, you’ll have to pay the tax.
  • At the time of booking, carmakers are only allowed to charge 20% of the entire invoice amount. They’ll only get the rest of the money after the delivery.
  • The government has approved the creation of a high-powered committee, chaired by the Secretary of the Interior, whose main mission will be to guarantee that the aforementioned articles are implemented.

EDB, the Ministry of Commerce, the Federal Board of Revenue (FBR), the Competition Commission of Pakistan (CCP), the Ministry of Science and Technology (MoST), the State Bank of Pakistan (SBP), the Pakistan Automotive Manufacturers Association (PAMA), and the Pakistan Association of Automotive Parts and Accessories Manufacturers will all be representative on the committee (PAAPAM).

Tags: Delayed Car DeliverieslatestMinistry of Industries
News Publishing

News Publishing

Related Posts

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

by Haris Ali
June 13, 2025
0

On June 13, 2025, the Sindh government unveiled the Budget 2025-26, announcing a series of financial relief initiatives for its...

Passenger Car Sales Surge Over 32% in Eleven Months

Passenger Car Sales Surge Over 32% in Eleven Months

by Haris Ali
June 13, 2025
0

In Pakistan, passenger car sales have increased by more than 32 percent, reaching 94,388 units in the first eleven months...

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

by Haris Ali
June 13, 2025
0

Pakistan and the United Arab Emirates (UAE) reaffirmed their commitment to close coordination and cooperation in pursuit of regional peace...

10% Salary Bump, More Pension: Govt Unveils Employee Relief Package

10% Salary Bump, More Pension: Govt Unveils Employee Relief Package

by News Publishing
June 11, 2025
0

The federal cabinet approved a 10% pay raise for federal employees and a 7% pension boost for pensioners during its...

Govt to unveil Rs17.6tr FY26 budget in National Assembly today

Govt to unveil Rs17.6tr FY26 budget in National Assembly today

by News Publishing
June 10, 2025
0

Federal Minister for Finance Muhammad Aurangzeb is scheduled to present the federal budget for the fiscal year 2025–26 in the...

Pakistan likely to unveil Rs17.68 trillion budget 2025-26 on June 10

Pakistan likely to unveil Rs17.68 trillion budget 2025-26 on June 10

by News Publishing
June 4, 2025
0

The Government of Pakistan is expected to present the federal budget for the fiscal year 2025-26 on June 10, with...

Next Post
Pakistan welcomes Chinese cooperation for realignment of Karakoram Highway

Pakistan welcomes Chinese cooperation for realignment of Karakoram Highway

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters