Please refer to the captioned scheme circulated vide BCD Circular
No.29 dated the 11th October, 1977 as amended from time to time.
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 the
revolving refinance limits sanctioned to banks for the year
1999-2000 to continue beyond 30th June, 2000 till such time
a new limit for the year 2000-2001 is sanctioned by us and
advised to them.
II.
The limit granted to the exporters by you under Part II of
the Export Finance Scheme for the year ending 30-06-2000 on
the basis of export earnings of 1998-99 is allowed to continue
upto 31-08-2000. In the meantime the exporters may be advised
to submit fresh Form EE-I for the year ending 30-06-2000 for
the loans availed/adjusted during the extended period and/or
availment of loans for monitoring year 2000-2001 to cover
such availment of refinance. It may however, be clarified
that the extension of the limit has been allowed with a view
to keep the cases of immediate refinancing (without waiting
for verification of Form EE-I by the Foreign Exchange Department)
to the minimum. The banks should make every effort to have
Form EE-I of all their clients concerned verified by the Foreign
Exchange Department and submit the same to the respective
Offices of SBP within the aforesaid extended period.
III.
You are also advised to please furnish us your requirement
of limit for the year 2000-2001 latest by the 15th July, 2000
alongwith the information as per enclosed proforma.
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