Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No.11
May 23, 2000  

All Banks,

Dear Sirs

Export Finance Scheme

As per existing instructions, exporters under Part II of the Export Finance Scheme are required to export eligible commodities and realize proceeds there-against equivalent to at least twice the amount of refinance obtained by them during July-June period each year. However, under the provisions of the Scheme notified vide ICD Circular No. 8 dated the 19th April, 1994, any contract/export order/letter of credit partially utilized for export of goods under Part I of the Scheme cannot be utilized for showing performance under Part II for the balance amount. As such even if an exporter has made shipments in excess of his requirements under one part, the balance amount cannot be used in other part of the Scheme. This has often resulted in hardship to exporters in meeting the performance requirement under Part II of the Scheme. Thus, the exporters are exposed to fines unnecessarily notwithstanding their export performance. This situation has arisen due to reckoning of the export performance through contracts/export orders /letters of credit.

2. With a view to mitigate the genuine difficulties of the exporters it has been decided that monitoring of the performance shall be based on specific E Form numbers instead of on the basis of contract/export order/letter of credit as hitherto fore. Accordingly, the exporter shall be allowed to report in the EF-1 Statement performance regarding shipments made under contract/export order/letter of credit which has been or may be partly utilized in Part I of the Scheme. As such, a contract/export order/letter of credit may be fully utilized in reporting shipments in either parts of the Scheme. This will be subject to the condition that no single E Form will be utilized in both parts.


3. The above instructions pertaining to Part II shall be effective for the monitoring year ended on 30th June, 1999 and onwards. Any fine charged due to exclusion of such entries from EF-1 Statement of an exporter for the period 1998-99, shall be refunded by the concerned office of the State bank within 15 days from the receipt of requests for refund from the exporters through its banker, if otherwise in order.


4. We have accordingly amended format of EF-1 Statement. A revised format is enclosed which may be used for reporting performance as from the monitoring year ending 30th June, 2000.

Please acknowledge receipt.

Yours faithfully,
(Kazi Abdul Muktadir)
Director
Encl: (1)

PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART-II OF THE EXPORT FINANCE SCHEME FOR THE MONITORING PERIOD
(Downloadable in MS-Word Format)


       
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