Circulars/Notifications / Infrastructure, Housing & SME Finance Department  


 SMEFD Circular No. 04 of 2009
February 14, 2009 

The Presidents/ CEOs,
All Banks.,

Dear Sirs / Madam,

Extension in Period under Part-I of Export Finance Scheme (EFS)

          State Bank of Pakistan (SBP) has received representations from trade bodies/exporters and other stakeholders to extend the period of refinance facilities under Part-I of the Scheme from 180 days to 270 days.

2. Accordingly, it has been decided to extend the period under Part-I of the Export Finance Scheme upto 270 days. 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 rollover for an additional period of 90 days, provided shipment has been made by the exporters within a period of 180 days after 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 all eligible commodities, except where export proceeds have been realized earlier by the exporters.

3. For this purpose the exporter/bank desiring rollover 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 concerned SBP BSC Office shall allow roll over of refinance for a period of 90 days against the already submitted loan documents.

4. Keeping in view the prime objective of promoting exports, it has been decided to increase export performance requirements as follows: The exporters will get finance upto 85% of the value of firm export order/contract/letter of credit and will be required to make shipments equivalent to 117% against refinance availed for 270 days from the export of eligible commodities under Part-I (pre-shipment). Similarly, in case of post shipment, exporters will be eligible to avail 85% refinance against the respective shipment.

5. In case an exporter prefers to remain in the old system, he can avail export refinance facility for a maximum period of 180 days under existing terms and conditions.

6. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.

 

Yours faithfully,

(Mansoor H. Siddiqui)
Director


       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
SBP Welfare Trust
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.