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a) Export Finance on all types of Yarn has been withdrawn with immediate effect.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.

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