Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 31
August 13, 1999  

All Banks

Dear Sirs,

EXPORT FINANCE SCHEME

 

Attention of the banks is invited to the revised procedure of the Export Finance Scheme circulated vide BPRD Circular No. 44 dated December 17, 1998 requiring commercial banks to provide finance to the indirect Exports (IDE) who supply focal inputs to the Direct Exports for further processing, provided the Direct Export has established an Inland Letter of Credit (ILC). In favour of such Indirect Exporters.

2.  In view the introduction of Standardized Purchase Order (SPO) issued vide BPRD Circular No. 24 dated June 28, 1999, the words "or Standardized Purchase Order (SPO)" may be added after the words "Inland Letter of Credit (ILC)" wherever, appearing in BPRD Circular No. 44 of December, 1998.

3.  The effect of his will be that Direct Exporter will have the option either to establish an Inland Letter of Credit (ILC) in favour of the Indirect Export / issue a Standardized Purchase Order (SPO) or make payment through cheques. The Indirect Exporter will however, be able to access the Export Finance Scheme only if an Inland Letter of Credit (ILC) is established or Standardized Purchase Order (SPO) is issued by the Direct Exporter.

            Please acknowledge receipt.


Yours faithfully,
(Mansur-ur-Rehman Khan)
Director

       
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