Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 33
October 14, 1999  

All Banks

Dear Sirs,

MINIMUM MARGIN RESTRICTION ON IMPORT LETTERS OF CREDIT

In excercise of powers vested in the State Bank of Pakistan under the Banking Companies Ordinance, 1962, and in supersession of all previous instructions on the subject, it has been decided that, with immediate effect, all import letters of credit, except for the items mentioned in the Annexure hereto, shall be subject to the following minimum cash margin requirements:-

Industrial Raw Material                                 10%
Machinery of all kinds and their spare parts 20%
All other goods                                             35%

Please acknowledge receipt.

Encl: One


Yours faithfully,
(Shoaib Ahmad)
Additional Director

ANNEXURE TO BPRD CICULAR
NO. 33 DATED 14TH OCTOBER, 1999

IMPORT ITEMS WHICH WILL NOT BE
SUBJECT TO MINIMUM CASH MARGIN

  1. Crude Petroleum.
  2. Petroleum Products.
  3. Edible Oils all sorts.
  4. Pharmaceuticals and Raw Material thereof.
  5. Pesticides etc./Insecticides/Fertilizers.
  6. Seeds and plants for sowing.
  7. Items imported against various schemes of temporary
    Import for exports e.g. NDND Scheme, Manufacturers
    In Bond Scheme etc.
  8. Imports by the Federal and Provincial Governments and their attached departments against specific cash all allocation.
  9. Imports under Commodity loans/credits/aid, whether in the public or private sectors.
  1. Import against suppliers credit/loan registered with the State Bank of Pakistan/Economic Affairs Division.
  2. Wheat.

       
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