Please
refer to BPD Circular No. 24 dated the 11th September,
2002 on the captioned subject in terms of which relaxations
were allowed to the exporters under provisions of the Export
Finance Scheme.
2.
Some of the exporters Associations have approached
the State Bank and have requested for similar relaxations
in their cases on the grounds that their export business have
also suffered in the aftermath of September 11, 2001 incident.
The matter has been examined and it has been decided
to allow relaxations to the exporters of Hosiery / Knitwear,
Rice and Hand Knotted Carpets under Part II of the above Scheme
as under: -
a)
The performance requirement in respect of the above
commodities viz. i)
Hosiery / Knitwear, ii) Rice and iii) Carpets for the monitoring
year 2001-2002 has been reduced from 2 times to 1.5 times.
In case fine for shortfall in meeting requirement of 2 times
has already been recovered from affected exporters of the
above commodities, and if their performance for the monitoring
year 2001-02 is covered within 1.5 times, the SBP office concerned
shall allow refund of fine, if any, upon a request from such
exporter routed through their banker.
b)
The entitlement of limit for the year 2002-03 has also
been enhanced from 50% to 67% i.e. 2/3rd of the
exports proceeds realized during the monitoring year 2001-2002
from the export of the respective products only.
Such exporters shall not be entitled to the extra period
of 21 days upto 21-7-2002 for performance under Part II of
the Scheme as already allowed in terms of BPD Circular No.24
dated 11th September, 2002.
c)
The exporters of the above commodities, desiring to
avail the enhanced limit, shall however, remain liable to
show twice the performance against the borrowings for the
next monitoring year i.e. 2002-03 as required under the Scheme.
3.
The request
for waiver of fine, on account of delayed shipment in excess
of the period already given in terms of BPD Circular referred
to above or for the short shipment in the respective
refinance loan under Part-I, shall continue to be considered
on the basis of criteria spelt out vide BPD Circular No.23
dated August 31, 2002.
Please
acknowledge receipt.
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