| |
|
 |
| For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
|
040623
STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT
BPD Circular Letter No. 23 of 2004
June 23, 2004
All Banks.
Dear Sirs,
EXPORT FINANCE SCHEME - EXTENSION OF LIMIT OF 2003-04
As you are aware that the export refinance limits
sanctioned in favour of banks for the year 2003-2004, are due to expire on
30-06-2004. You are also aware that under the present system the exporters are
required to submit the EE statement for the year 2003-04 duly verified by our
Foreign Exchange Operations Department of concerned SBP, BSC, (Bank) latest by
August 31, 2004. Thus the banks shall not be in a position to work out fresh
entitlement for each exporter to avail facilities under Part-II of the EFS for
the year 2004-05. In order to ensure that the financing facilities are available
to the exporters under Export Finance Scheme till finalization of new limits for
the banks and new entitlement of the limits for each exporter under Part-II, it
has been decided as under:-
a) Banks shall continue to avail refinance from offices of SBP, BSC, (Bank)
against overall revolving limits sanctioned in banks’ favour for 2003-04, till
finalization of new limits for 2004-05.
b) Limits sanctioned by banks to individual
exporters under Part-II of EFS for 2003-04 shall continue upto August 31, 2004,
to enable the exporters to avail financing facilities under the Scheme pending
preparation of EE-1 statements, their verification by the Foreign Exchange
Operations Department, SBP, BSC, (Bank) and submission of the same to the
Refinance Units of the concerned office of SBP BSC (Bank).
c) The facility under Part-II is self regulating, the exporters shall continue
to foresee their export earnings during 2003-04, work out their own estimate as
to the quantum of their entitlement for the 2004-05 and should accordingly
adjust their existing borrowings on or before end June 2004 to avoid utilization
of excess facilities under EFS during the period of roll over which would be
subject to fine. Each bank shall be under obligation to explain this requirement
to its constituent exporters who have been availing Part-II facilities from it.
d) The requests for fresh limit for the year 2004-05 by each bank is required to
be submitted to us latest by the 15th July, 2004.
Please acknowledge receipt.
Yours faithfully
Sd/-
(Mohammad Kamran Shehzad)
Director
|
|
|
|
|
|
| Home | About Us | Contact | Information Resources |