Under
the existing instructions on the export finance scheme, finance is available to exporters across the board for 180
days. Since carpets
and rugs, specially “hand knotted” and “man made” require
more time for their manufacturing as compared to other products
they require financing for a longer duration.
Moreover, exporters of carpets and rugs are facing
serious difficulties in realization of export proceeds.
2.
Keeping in view this aspect, it
has been decided to relax the provisions of the Export
Finance Scheme where export finance has been, or will be,
availed under Part-I of the Export Finance Scheme by them.
Henceforth a total period of
upto 270 days (both
pre-shipment and post shipment) for availing of finance will
be admissible for export of carpets and rugs.
3.
In case of fresh finances granted by banks to exporters,
the facility will be available for 270 days to the above exporters,
however, banks will have to adjust the finance within a maximum
period of 180 days, and allow refinance for an additional
period of 90 days, provided shipment has been made by the
exporters within a period of 180 days after the withdrawal
of the finance. In case of export finance already availed
of by exporters under Part-I of the Export Finance Scheme,
banks may allow an additional
period upto 90
days for repayment of export finance availed of for export
of carpets and rugs only, except where export proceeds have
been realized earlier by the exporters.
4.
For this purpose the exporter / bank desiring roll
over of the facility shall be under obligation to submit Annexure
“D”, as prescribed under the scheme within a maximum
period of 180 days of availing of the finance giving therein
the particulars of shipment.
The SBP Office concerned shall allow roll over of refinance
for a period of 90 days against the already submitted loan
documents.
5.
Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.
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