Circulars/Notifications - Banking Policy Department  
 BPD Circular No. 23
August 31, 2002  

All Banks

Dear Sirs/Madam,

 

EXPORT FINANCE SCHEME- NON PERFORMANCE BY THE EXPORTERS – PROCEDURE FOR REFUND OF FINE

 

Please refer to the captioned Scheme circulated vide BPRD Circular No.44 of 1998 and BSD Circular No.35 dated 28th September, 2001 along with subsequent modifications made therein from time to time.

 

2.   We have to advise that presently fines are imposed on the exporters for non-performance on account of their failure to produce evidences of shipment under Part I and performance reports under Part II within the prescribed dead lines. However, after imposition of fine, a considerable number of representations are made to SBP for refund of fine which are not supported by the requisite and necessary documents / evidences.  This result in delay in processing of cases.  

 

3.   In order to streamline processing of the cases involving refund of fines recovered under EFS as also to make the system more transparent, this department has prescribed a procedure which has been attached to this Circular.  The banks are advised to properly circulate the same amongst their branches dealing with the Export Finance Scheme / cases, besides providing a copy of the same to their clients for information and necessary action at their end.  The said procedure will come into effect as from 1st July 2002.      

 

4.   Other instructions on the subject shall remain unchanged.

 

Please acknowledge receipt.


Encls: ( 5 page)

Yours faithfully,
(Muhammad Kamran Shehzad)
Director

BPD Circulars/ Circular Letters issued in 2003
       
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