Please
refer to the BPRD Circular No.10 dated April 03, 1996 wherein
the procedure for obtaining refinance facility under the above
Scheme had been notified. In this connection it has been observed
that subsequent changes have been made in the procedure due
to which the instructions contained in the above circular
have become redundant. The amended /revised procedure has
been substituted as under: -
2.
State Bank of Pakistan will continue extending the
facility of refinance as available under the Export Finance
Scheme for the exports of Gold Jewellery (embedded with or
without precious / semi-precious stones) on self consignment
basis subject to adherence with the conditions as laid
down under F.E. Circular No.13 dated 28th May,
1997as well as the procedure of export of the commodity mentioned
vide Ministry of Commerce Notification No.SRO/266(I)/2001
dated 7th May, 2001.
3.
The provision of finance / refinance and monitoring
of the performance applicable in the case of export of gold
jewellery would be as under: -
i)
The Bank may provide finance under Part-I of the Scheme
to the exporters for export of gold jewellery embedded with
or without precious / semi-precious stones on self consignment
basis and on a case to case basis on production of Firm Export
Order / L.C. and may claim refinance from the Office of State
Bank against submission of the prescribed documents.
ii)
The date of shipment will be the date on which shipment
is allowed by the Customs.
iii)
The exporters will be required to repatriate proceeds
into Pakistan by importing gold and remitting remaining value
on account of gems and making charges through banking channel
in accordance with procedure prescribed in the said Notification.
The exporters will also be required to appropriate the proceeds
immediately towards the export finance allowed by the bank.
For this purpose the date of realization given in the
PRC and the date of import of gold as per Bill of Entry and
Custom’s receipt of gold will be taken into account. As prescribed under the Scheme, the bank will be required to
pass on the amount repaid by the exporters / received against
the relevant contract to the State Bank within three working
days of its receipt/repayment.
4. The Exporters / Bank
will submit shipping and the performance documents against
finance availed under the Scheme to concerned office of State
Bank. These documents
will be as under: -
I.
Documents required for processing loan application
a)
Copy of EPB approval.(on Annexure-E)
b)
Firm order/Contract/L.C.
c)
Undertaking
d)
D. P. Note
II.
Documents required for monitoring performance
(a)
The following shipping documents will be required to be submitted
by the exporter to the banks within 30 days from the expiry
of loan: -
i)
Copy of Invoice duly attested/authenticated by Bank.
ii)
Copy of duplicate ‘E’ form duly certified/authenticated
by Bank/Custom authorities.
iii)
Copy of Shipping Bill indicating certification of shipment
allowed by Custom Authority (in lieu of Airway bill), details
of gold jewellery, exporters particulars, consignee’s name,
the name of the person carrying the consignment alongwith
his Passport No. duly authenticated by the Customs.
iv)
Copy of EPB’s relevant Annexure showing exports
v)
Copies of bill of entry and receipt of gold by Customs
duly authenticated by
the bank
vi)
Copy of Export Promotion Bureau’s approval.
vii)
Attested copy of EPRC as and when received.
(b) The exporter /banks will be required to be submitted
to the office of SBP the documents evidencing
Realization/ Repatriation of export proceed.
i.
EPRC in respect of value addition within 30 days of
the realization of exports proceeds.
ii.
Copy of the Bill of Entry.
(c) The quantity & amount of gold exported /allowed
to be repatriated, the value addition on different heads as
well as wastage etc as per details given in “ Annexure E”
will be accounted for, for the purpose of export performance.
The value addition should be repatriated as per E Form concerned.
5.
All other terms and conditions of the Scheme will remain
unchanged. Fines as prescribed under the Scheme for non-shipment,
delayed shipment and delayed repayment etc; shall be charged
/ recovered as per provisions of the Scheme. The export of
gold jewellery through normal E form procedure against Contract/L.C.
will continue to be governed under BSD Circular No.35 dated
28-9-2001.
Please acknowledge receipt.
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