All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
EXPORT
OF GOLD JEWELRY AND PRECIOUS / SEMI-PRECIOUS STONES &
IMPORT FACILITY AGAINST EXPORT PERFORMANCE
The
procedure for export of indigenous precious and semi-precious
stones (both in rough and finished form) and gold jewelry
from Pakistan to foreign countries has been revised vide
Export Promotion Bureau’s Notification No.SRO No.131(KE)-96
published in the Gazette of Pakistan (Extra Ordinary) on
the 17th December, 1996. The effect of the Notification
is that henceforward, exporters would not require any approval
from the State Bank of Pakistan for getting the Forms
'E' for export on self consignment basis or otherwise
Certified by the Authorized Dealer. The Forms
'E' will now be certified by the Authorized Dealer on
production of approval of the Export Promotion Bureau on
Annexures; A, D, J and K to the said Notification.
2.
Accordingly, the instructions contained in our F.E. Circular
No.89 dated the 26th September, 1990 stand cancelled and
following instructions are issue for the guidance of the
Authorized Dealers and general public:-
a.
While certifying Forms
'E', the Authorized Dealers will ensure that the exporter
is not only registered with the Export Promotion Bureau
as importer/exporter but also holds registration from the
Export Promotion Bureau as an Authorized Exporter of gold
jewelry vide Para 7 Part-I of the above Notification.
b.
All Authorized Dealers are advised to strictly follow the
revised procedure as per Export Promotion Bureau’s
aforesaid Notification.
c.
The Authorized Dealer will accept Custom’s Certificate
in Annexure ‘M’ to the said Notification in
evidence of realization of export proceeds ion the shape
of import of pure gold in lieu of Bill of Entry. However,
the exporter will continue to submit Bill of Entry in respect
of unsold jewelry brought back. The Authorized Dealer will
ensure that export proceeds whether in the shape of foreign
exchange or gold are repatriated in 4 months from the date
of export / dispatch of the consignment and in case of default
the particulars of such cases are reported to the State
Bank of Pakistan as per procedure already outlined in Para
18, Chapter
XII of the Foreign Exchange Manual.
d.
The requests of the exports for extension in realisation
of export proceeds shall continue to be forwarded by the
Authorised Dealers to the respective area offices of the
State Bank of Pakistan. In cases where export proceeds are
to be realised partly in foreign exchange and partly in
the shape of 24 karat gold,relative triplicate forms
'E'' invoice and original Customs Certificates on Annexure
'M' and Bill of Entry for jewelry brought back,if any,will
be submitted to the export section, Foreign Exchange department
of State Bank of Pakistan under a covering letter after
the exporter has realised full export proceeds.Realisation
of the part proceeds of the value in cash will be reported
by the authorised Dealers on schedule
A-2/O-2 supported by 'E'
form not attached voucher"
e.
For statistical and Foreign Exchange Dept.(SBP) purposes
the value of consignment in the invoice as well as in the
'E'
form,will be shown as under :-
Value
of Consignment Rs. XYZ
Gold contents including wastage value at international rate
for ________ grams 42 karat fine gold Rs.__________
Value
addition Rs. _____________
Total :- Rs. _____________
(equal to XYZ)
Less :
Gold value,
(expert being on
Entrustment
scheme if
applicable) : _______________
Net value to be repatriated :
a. 24 karat fine gold ____________ grams
b.
Foreign Exchange Rs. ______________
3.
Attention is also invited to the table given in para 3 of
F.E Circular No.12 dated the 27th May,1997 regarding imports
on usance basis.The word "tax" appearing in column
No. 9 of the said table may be amended to read as "interest".