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Please refer to instructions
contained in BPRD Circular No.33 dated the 14th October, 1999
in terms of which minimum cash margin restriction was imposed
on all import letters of credit except items indicated in
the Annexure to the said circular. A 10% cash margin requirement
had been imposed on import letter of credit for import of
industrial raw materials and 20% on machinery of all kinds
and spare parts, whereas all other goods, except those indicated
in the Annexure were subject to a 35% cash margin requirement.
Subsequently
the minimum cash margin restrictions were withdrawn on Industrial
Raw Material and Machinery of all kinds and their spare parts
in full. Whereas in respect of all other goods, the minimum
cash margin restrictions were removed on CKD Kits for tractors
for assembly cum-manufacture purposes, Unserviceable vessels
used for ship breaking industry for scraping, Medical equipment,
life saving devices and various consumables used for patients,
Raw material used for printing and graphic arts industry for
printing, publishing and packaging and CKD Kits for automobiles
manufacturers.
It
has now been decided to withdraw the minimum cash margin requirement
on import letter of credit of sugar with immediate effect.
All
other instructions on the subject shall, however, remain unchanged.
Please
acknowledge receipt.
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