Authorised
Dealers are advised that State Bank of Pakistan’s
Notification No. FE.1/98-SB dated the 8th June 1998, circulated
vide FE Circular No. 20 of 1998, has since been amended
vide Notification No. FE 3/2001-SB dated the 28th September
2001, a copy of which is attached. It will be observed
from the revised notification that exporters are now required
to repatriate the export proceeds on the due date for
payment or within six (6) months from
the date of shipment, whichever is earlier.
2. As a consequence of the above, following
amendments are made in the Foreign Exchange Manual (7th
Edition, 1992):
(a) The first sentence of para 6(a) – Chapter XII
is recast as under:
“Full export value of goods exported
from Pakistan and declared to the Customs authorities
should be received in an approved manner as embodied in
State Bank’s Notification No. FE 3/2001-SB dated
28th September 2001 on the due date for payment or within
six months from the date of shipment/despatch whichever
is earlier or within such period as may be prescribed
by the State Bank through special or general permission,
through an Authorized Dealer either in convertible foreign
currency or in US Dollar or in Pakistan Rupees from a
non-resident bank account.”
(b) The State Bank Notification appearing
in para 7(i) Chapter XII, FE Manual may be changed from
FE 1/98-SB dated the 8th June 1998 to FE 3/2001-SB dated
the 28th September 2001.
(c) The second sentence in the format of exporters’
undertaking (App-V-13) may be replaced as under:
“I/We undertake that I/We shall
deliver to the bank mentioned above the foreign exchange
proceeds resulting from the export of these goods on due
date for payment or with six months from the date of shipment/despatch,
whichever is earlier.”
(d) The State Bank Notification appearing
in the first sentence of para 2 format of Authorised Dealer’s
Certificate on Form ‘E’ may be changed from
FE 1/98-SB dated the 8th June, 1998 to FE 3/2001-SB dated
the 28th September, 2001.
3. Please bring above the change to the
notice of your constituents.
Encl.:
