The Head/Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sir/Madam,
6%
RESEARCH AND DEVELOPMENT SUPPORT
TO THE GARMENTS INDUSTRY
Attention of the Authorized Dealers is invited to FE Circular
# 06 dated June 18, 2005 on the above subject.
In terms of Para 3 (i & ii) of the above Circular, exporters
are required to lodge their claims of R&D support with
Field Offices of SBP-Banking Services Corporation through
their respective Authorized Dealers. Authorized Dealers
are required to scrutinize the application carefully and
submit the same under their certification to the Field Offices
of SBP-Banking Services Corporation.
It has, however, been observed that in most of the cases,
adequate attention is not given by the Authorized Dealers
to ensure proper scrutiny of material aspects of 6% R&D
support claims before submitting these at SBP-BSC Offices.
Further, Authorized Dealers do not approach Field Offices
for receiving back the rejected/ discrepant cases for rectification
and subsequent resubmission inspite of repeated telephonic
reminders from SBP-BSC Officials.
The above state of affairs has been viewed seriously as
this has not only resulted in delays in payments to the
exporters, but also accumulation of unpaid claims at SBP-BSC
Offices. It has, therefore, been decided that henceforth,
penal action will be taken against the Authorized Dealers
who fail to carry out the expected minimum evaluation and
scrutiny of R&D cases. Authorized Dealers forwarding
R&D Applications containing material discrepancies,
due to lack of proper scrutiny at their end shall be penalized
on per case basis.
Authorized Dealers are advised to bring the above to the
notice of their constituents.