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010426
The Gazette of Pakistan
ISLAMABAD, SATURDAY, APRIL 28, 2001
PART II
Statutory Notifications (S.R.O.)
GOVERNMENT OF PAKISTAN
MINISTRY OF COMMERCE
ORDER
Islamabad, the 26th April, 2001
S.R.O. 249(1)/2001.-- WHEREAS it is
expedient to provide for Abolition of Export Credits Guarantee Scheme and for matters
ancillary thereto;
NOW, THEREFORE, in exercise of the powers conferred by section 6 of the Pakistan Insurance
Corporation (Re-organization) Ordinance, 2000 (XXXVI of 2000), read with section 3
thereof, the Federal Government is pleased to make the following Order, namely:-
THE EXPORT CREDITS GUARANTEE SCHEME (ABOLITION) ORDER, 2001
1. Short title and commencement.-- This Order may be called the Export Credits Guarantee
Scheme (Abolition) Order, 2001.
(2) It shall come into force at once.
2. Abolition of Export Credits Guarantee Scheme.-- (1) The Export Credits Guarantee Scheme
is hereby abolished.
(2) On the commencement of this Order,--
(a) the balance funds available with the Managing Company shall stand transferred to the
Finance Division, Government of Pakistan by depositing the same with the State Bank of
Pakistan for credit to Federal Government account, title and account number of which shall
be intimated to the Managing Company by Ministry of Commerce;
(b) investment held in the name of Export Credits Guarantee Scheme in-
(i) Defence Saving Certificates;
(ii) Regular Income Certificates of National Savings;
(iii) N.I.T Units;
(iv) COTs of Bankers Equity Limited; and
(v) Short Term Deposit with NBP, shall stand transferred to the Federal Government:
(c) all ECGS offices and entire staff working at ECGS Wing of the Managing Company where
shall stand transferred to the Managing Company with immediate effect to be placed by the
Establishment Department of the Managing Company;
(d) the Managing Company shall get all the accounts maintained by them in ECGS Wing to be
audited as on 31st December, 2000;
(e) the Federal Government through the Finance Division or any other institution or
organization to whom the ECGS may ultimately be transferred or ordered to be managed shall
settle all premium deposits of the exporters held by the Managing Company and also settle
the dues of Exporters payable by the ECGS;
(f) all cases and litigation in any Court including of the High Court, shall be handed by
the Finance Division or, any institution or organization to whom the Federal Government
through the Finance Department may entrust all or any of the affairs of the scheme; and
(g) all furniture, office equipment, vehicles or any other property relating to the ECGS
shall be placed at the disposal of the Ministry Finance and the Ministry of Finance may
dispose of the same on their own in accordance with the law and the equitable manner.
3. Repeal.-- (1) The Export Credit Scheme Rules, 1962, are hereby repealed.
(2) Notwithstanding the repeal of the Rules specified in sub-paragraph (1) anything done,
action taken, power exercised, decision made under the said Rules, immediately before the
commencement of this Order, shall be deemed to have been validly done, taken, exercised
and made and shall have had effect accordingly.
Sd/-
(SHAFIQUR REHMAN)
Section Officer
