Freight forwarders: FBR notifies licensing rules
Director IOCO Imran Sajjad Bukhari has started implementation of the new rules. So far conditions for a licence is concerned, the licensing authority may on fulfilling all conditions under rule 1209, grant a non-transferable licence for a period initially for two years which shall be renewable after every two years subject to the condition that the licence shall not be transferable or sub-let and no licensee shall bring about a change in the composition of the company, proprietorship or firm.
In addition, change of status of firm from proprietorship to partnership to company shall be allowed on submission of partnership deed duly attested by notary public on successful passing of interview or test or both by the new proprietor or partner to be conducted by the licensing authority or any officer authorized in this behalf.
Retirement of partner shall be allowed on submission of an additional undertaking that the existing partner may take the responsibility of all previous and future acts of the company and shall be responsible for payment of any outstanding government dues accrued on the company before and after retirement of the partner.
Dissolution of partnership shall be allowed on submission of dissolution deed and an under taking that the person continuing the firm shall be responsible for the payment of all or any outstanding government dues accrued in the name and title of the firm.
Change of status of firm from proprietorship/partnership to limited company or changes of directorship in case of a company shall only be allowed if duty approved by the Securities and Exchange Commission of Pakistan.
In case of death of an individual licensee, the licence may be reissued to his legal heir if he fulfils the requisite criteria under the taw.
The new licensee shall execute a fresh bond for the purpose, however, the licensing Authority may allow the transfer of the security deposit held in the name of the deceased licensee to the name of new licensee subject to adjustment of the liabilities attached to such deposit provided that subject to such additional conditions as the licensing authority may impose the licence may be renewed for a period of five years, if it has remained valid for the last 10 years and no criminal proceedings have been initiated or pending against the licensee.
In case the licence is lost or damaged, a duplicate copy thereof may be issued on a written request by the licensee, duly supported by the documentary evidence regarding loss or damage and on payment of fee of five thousand rupees. Until now, it may be noted that the sector operated without formal regulatory oversight, despite its critical importance to trade and logistics.
Copyright Business Recorder, 2025
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