Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 17 of 2005
December 29, 2005 

The Head/ Principal Offices of all
Authorized Dealers in Foreign Exchange

 

Dear Sirs/Madam

COLLECTION OF VOLUNTARY CONTRIBUTION FOR
EARTHQUAKE RELIEF THROUGH E-FORMS

After detailed deliberations/discussions with the stakeholders including EPB and FPCCI, it has been decided to initiate a voluntary scheme for contribution to the noble cause of helping the earthquake victims of Northern areas of Pakistan and Azad Kashmir. The salient features of the scheme are as under: -
1. Effective from 2nd January 2006 and upto and including 31st December 2006, an Earthquake relief contribution of Rs. 180/- (approx. equivalent to US$3 converted at the notional exchange rate of US$ 1=Rs. 60) would be collected by the Authorized Dealers out of the export proceeds received by them against each E-Form, at the time of realization of the export proceeds.
2. In case of advance payments received against intended exports, an Earthquake relief contribution of Rs. 180/- (equivalent to US$3) would be collected by Authorized Dealers at the time of certification of E-Form/shipment.
3. In case of partial realization against an E-Form, Rs. 180/- (equivalent to US$3) will be deducted at the time of realization of the first tranche.
4. In case of one consolidated payment against two or more E-Forms, Rs. 180/- (equivalent to US$3) will be deducted against each E-Form.
5. The Authorized Dealer who receives the export proceeds may deduct earthquake relief contribution of Rs. 180/- (equivalent to US$3) after converting the export proceeds in local currency. The amount so collected by the Authorized Dealer should be transferred / deposited with SBP within three working days after the end of each month. A monthly statement showing the amount so collected/deposited and the number of E-Forms against which the said amount has been collected will be submitted by the Authorized Dealer to the Exchange Policy Department, State Bank of Pakistan, Karachi as per enclosed format.
6. This deduction will be voluntary. Any exporter, who does not wish to contribute, may exercise the option in writing to his banker in this regard. The option can be exercised by the exporter at any time during the year. The same will be applicable on export proceeds realized after the date of exercising option.
7. Authorized Dealers will maintain with them all relevant record/ data for onsite inspection by the SBP’s Inspectors.
Please bring the same to the notice of all your constituents.


Encl: as above

 

Yours faithfully,

Sd/-
(Azhar Kureshi)
Director

       
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