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STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI
BSD Circular No. 47
December 21, 2001
All Banks
Dear Sirs,
Relaxations to the exporters of leather garments & leather products under Export Finance Scheme
Under the existing instructions
on the Export Finance Scheme, finance is available to exporters across the board for 180
days. Since the exporters of Leather Garments are facing problems of cancellation of
orders / LCs and delay in repatriation of export proceeds, after the 11th
September incidence this year, it has been decided to relax the provisions of the Export
Finance Scheme in respect of leather garments and leather products as under:-
a) Where export finance has been availed under Part-I of the Export Finance Scheme upto 30th
September, 2001 and the exporter have been unable to make the shipment of the above
commodity within 180 days of availment of loans a further period of 90 days has been
allowed for effecting shipments. In other words, any exporter who had availed loan for
export of the above commodity prior to 30th September, 2001 and has shipped
goods with delay, a maximum period of 90 days will be available for which fine for delayed
shipment will not be levied. Exporters will however be obliged to liquidate the
finance/refinance within a period of 180 days.
b) The exporters of leather garments and leather products availing facility under Part-II
shall be required to show matching performance for the year 2001-2002 equal to at least
1.5 times instead of 2.0 times prescribed for all other eligible commodities under the
Scheme.
2. Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.
Yours faithfully,
Sd/-
( Shoaib Ahmad )
Senior Joint Director
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