Circulars/Notifications - Banking Policy Department  
 BPD Circular No. 28
October 14, 2002  

All Banks

Dear Sirs, 

EXPORT FINANCE SCHEME- RELAXATION TO EXPORTERS.

 

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.



Yours faithfully,
(Muhammad Kamran Shehzad)
Director

BPD Circulars/ Circular Letters issued in 2003
       
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