The Federal Board of Revenue (FBR) has decided to relax the criteria for companies intended to provide GSM or GPRS or Satellite Communication services for monitoring and tracking of containers and vehicles carrying cargoes throughout the journey.
The FBR has issued draft amendments in the Tracking and Monitoring of Cargo Rules, 2012 here on Thursday.
According to the rules, the FBR has released a detailed procedure for the grant of a licence to the company to be engaged in tracking and monitoring of various types of cargo throughout the journey from the port of entry to the port of exit or from one warehouse to another, on a real-time basis.
The FBR has laid down detailed criteria for the companies who wanted to carry out tracking and monitoring of cargo including transit cargo, transhipment cargo and transportation of petroleum products to Afghanistan.
The FBR has specified many conditions for the companies who wanted to obtain a licence for such monitoring and tracking of cargo. One of the main conditions is the financial soundness of the company which has been relaxed and relevant amount has been reduced.
Under the criteria for grant of licence to the applicant, the company shall be in a financial position to undertake the project-minimum turnover of Rs 350 million and financial worth of Rs 200 million. After the relaxation of the condition, it shall be in a financial position to undertake the project-minimum turnover of Rs. 175 million and financial worth of Rs. 100 million.
