Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 11

June 18, 2001  


All Banks,

Dear Sirs,

EXPORT FINANCE SCHEME

 

Please refer to the captioned scheme circulated vide BCD Circular No.29 dated the 11th October, 1977 as amended from time to time.

2.                    We have to advise as under :-

I.                     In terms of Para 2 of the Scheme, Banks are required to submit application for approval of refinance limits based on their equity. In order to avoid difficulties in providing export finance under the Scheme, it has been decided to allow the revolving refinance limits sanctioned to banks for the year 2000-2001 to continue beyond 30th June, 2001 till such time a new limit for the year 2001-2002 is sanctioned by us and advised to them. In this context you are advised to please furnish us your requirement of limit under the said Scheme for the year 2001-2002 latest by the I5th July, 2001.

II.                 The limit granted to the exporters by you under Part II of the Export Finance Scheme for the year ending 30-06-2001 on the basis of export earnings of 1999-00 is allowed to continue upto 31-08-2001. In the meantime the exporters may be advised to submit fresh Form EE-1 for the year ending 30-06-2001 for availment of loans for the monitoring year 2001-2002 and / or to cover loans availed / adjusted during the above extended period. It is however, clarified that the extension of limit has been allowed with a view to keep the cases of immediate refinancing (without waiting for verification of Form EE-1 by the Exchange Policy Department) to the minimum. The banks should make every effort to have Form EE-1 of all their clients concerned verified by the Exchange Policy Department and submit the same to the respective Offices of SBP within the prescribed period.

III.               The refinance already granted under Part-II to the exporters of bleached / unbleached cloth in terms of BSD Circular No.22 dated 19-8-2000 shall not be allowed to be rolled over beyond 30th June, 2001 hence you are required to invariably adjust all such outstanding refinance to SBP.



Yours faithfully,
(Shoaib Ahmad)
Additional Director
       
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