Islamabad: Prime Minister Muhammad Shehbaz Sharif has ordered for 3-year third-party audit of customs bonded warehouses.

A review meeting on matters of Federal Board of Revenue (FBR) was held under the PM Shehbaz Sharif Tuesday. During the meeting he directed to conduct independent 3-year third-party audit of customs bonded warehouses.

PM said there is no room for any irregularity in customs bonded warehouses.

He directed that stern action under law be initiated against the persons found involved in any irregularity and illegal activity.

Briefing was given in the meeting with reference to customs bonded warehouses and in-land Revenue Enforcement.

It was told in the meeting that monitoring of petroleum products related cargo in customs bonded warehouses is linked to We-BOC system.

It was told that bonded trade constitutes 16. 5 percent of overall imports of the country. Under the directives of PM, physical stock verification of customs bonded warehouses will be got done.

It was also told in the meeting that steps are being taken to ensure licensing and security of customs bonded warehouses. Valuation testing of customs bonded warehouses will be conducted.

It was further told in the briefing that necessary steps are being launched to eliminate irregularities in customs bonded warehouses .

The meeting was attended by law minister Azam Nazir Tarar, minister of Economic affairs Ahad Khan Cheema, minister for climate change Musaddaq Malik , Finance minister Muhammad Aurangzeb, information minister Atta Ullah Tarar, minister for petroleum division Ali Pervaiz Malik, minister for information technology and telecom Shaza Fatima, Advisor to PM Haroon Akhtar, governor state bank of Pakistan and senior officials.