Circulars/Notifications - Banking Policy Department  
 BPD Circular Letter No. 11
June 24, 2002  

All Banks,

Dear Sirs,

EXPORT FINACE SCHEME - LIMIT FOR 2002-2003

 

Please refer to the captioned Scheme circulated vide BCD Circular No. 29 dated the 11th October, 1977 as amended from time to time. 

2.         We have to advise as under: - 

i.          In terms of Para 2 of the Scheme, Banks are required to submit application for approval of refinance limits based on their equity. In order to avoid difficulties in providing export finance under the Scheme, it has been decided to allow continuation of limits granted to banks beyond 30th June, 2002 at the level of limits for the year 2001 – 2002 sanctioned and advised to banks. In this connection you are advised to please furnish us your requirement of limits for the year 2002-2003 under the said Scheme for the year 2002-2003 latest by the 15th July 2002. 

ii.          The limits granted to the exporters by you under Part-II of the Export Finance Scheme for the year ending 30-6-2002 on the basis of export earnings of 2000-2001 are also allowed to continue upto 31-8-2002. In the meantime the exporters may be advised to submit fresh Form EE-1 for the year ending 30-06-2002 for availment of loans for the monitoring year 2002-2003 and / or to cover loans availed /adjusted during the above extended period. It is however, clarified that the extension of limit has been allowed with a view to accommodate the immediate refinancing needs (without waiting for verification of Form EE-1 by the Exchange Policy Department) of the exporters. The banks should make every effort to have Form EE-1 of all their clients concerned are verified by the Exchange Policy Department and submit the same to the respective Offices of SBP within the prescribed period. 

iii.         As the facility under Part-II is a self-regulating, the exporters are  required to foresee their export earnings during current FY,  work out their own estimate as to the quantum of their entitlement during  next FY and  should accordingly adjust their existing borrowings on or before end June each year. The utilization of Part-II facilities during the roll over period of two months in excess of the entitlement of limit, for next FY shall attract fine at the rate provided in the Scheme, as usual.


Yours faithfully,
(Qasim Nawaz)
Joint Director

BPD Circulars/ Circular Letters issued in 2003
       
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