Please refer to BSD Circular No. 18 dated 30th June, 2000 on
the above subject.
2.
Since issuance of the above instructions, a number of complaints
have been received in State Bank pointing out anomalies in
grant of refinance for the commodities mentioned therein.
In order to mitigate the genuine hardships of the Exporters,
it has been decided to withdraw the above mentioned Circular
No.18 dated 30-06-2000 with immediate effect and re-issue
the instructions. The revised instructions are as under:-
a)
Export Finance on all types of Yarn has been withdrawn with
immediate effect. However, the refinance facility against
loans already allowed under Part I by State Bank shall be
available till their respective maturities or repatriation,
whichever is earlier. The exporters who have availed refinance
under Part II of the Scheme, may hold refinance upto 31-12-2000
and submit export performance in the prescribed EF-1 Statement
duly verified by the Exchange Policy Department in respect
of the half year to the respective Office of the State bank
on or before 31-1-2001.
b)
The facility of export finance in respect of types of cloth
whether bleached or un-bleached shall be allowed to the exporters
at 10% for a period not exceeding 180 days as covered under
the Scheme. As such, there will be no distinction between
bleached or un-bleached (grey) fabrics. Banks shall, however,
be entitled to obtain refinance from State Bank of Pakistan
against export of these items at 8% on fulfillment of all
the prescribed conditions of the Scheme. This facility will
be available until June 30, 2001 only.
c)
All other categories of cloth/fabrics, such as dyed and printed
cloth/fabrics shall be admissible for grant of export finance
at 8% under the provisions of the Scheme as amended from time
to time.
3. All other terms and conditions of the Scheme shall remain
unchanged.
Please acknowledge receipt.
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