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011227
STATE BANK OF PAKISTAN, BANKING SUPERVISION DEPARTMENT, CENTRAL DIRECTORATE KARACHI
BSD
Circular No. 49
27th December,
2001
All Banks
Please refer to BSD Circular No. 35 dated the 28th September 2001 on the captioned subject.
2. In order to provide a
clear understanding to banks while granting facilities under Export Finance Scheme to the
exporters, it has been decided to define the term ‘export overdue’ as under :-
“Overdue Export Proceeds are those where an exporter is unable to repatriate the export proceeds within
180 days from the date of shipment or within such periods as may be determined for the
purpose by the State Bank for a particular sector, as notified from time to time, or on
due date of the bill whichever is earlier.”
The banks are therefore advised to ensure that the exporters who have overdue export bills
against any finance availed by them under the Scheme should not ordinarily be eligible to
avail the facility of concessionary export finance. However, in case the export proceeds
have not been repatriated for reasons beyond the control of the exporters, the bank
concerned may allow the facility after recording in writing the reasons for the same.
3. Accordingly, following additions are made
in the prescribed Form “B” and “D” of the captioned Scheme :-
a) Form
“B” Viz. Application / Undertaking
Please add as Para 13: -
“I/We, M/s. ___________certify that no export bills except those mentioned below are
overdue for repatriation, the details of which are as under: -
| Sr.No. | E.Form No. | Shipment Date | Amount (Fcy) | Banks |
I/We further certify that the export proceeds on the above
mentioned bills have not
been repatriated for the following reasons which are beyond my / our control.
-------------------------------------
-------------------------------------.”
b) Form “D” viz. Refinance Claim Form.
Please add serial No.19 with under noted items :-
Amount of overdue bills
Reasons for allowing EFS despite overdue bills.
Please acknowledge receipt
Yours faithfully,
( Shoaib Ahmad )
Senior Joint Director
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