Circulars/Notifications / Infrastructure, Housing & SME Finance Department  


 SMEFD Circular Letter No. 01 of 2009
February 27, 2009 

The Presidents / CEOs,
All Banks/DFIs

Dear Sirs / Madam,

Grace Period in Payment of Principal Outstanding
under LTF-EOP, Debt Swap Facility and LTFF

 

Please refer to SMEFD Circular No. 01 dated January 22, 2009 on the captioned subject.

2. In order to provide further relief to the exporters under LTF-EOP, Debt Swap and LTFF Scheme it has been decided as under:-


i. Banks / DFIs can also consider requests of those borrowers who wanted to avail grace period facility against installment(s) falling due on December 31, 2008, for a maximum period of one year. In case such borrowers have already repaid such installment(s) on 31-12-2008, they can allow re-imbursement of the same. Accordingly they can approach concerned office of SBP-BSC (Bank) for re-imbursement of such installment along-with proof for reimbursement made to the borrower, if any.

It may, however, be ensured that grace period under above arrangements shall not be allowed for a period exceeding one year. Therefore, in case a borrower avail grace period facility in respect of installment falling due on 31-12-2008 he shall be liable to repay the same on 31-12-2009.


ii. Banks/DFIs may also consider the requests of those borrowers for grace period whose loans have been rescheduled / restructured after 30th June 2008. .

3. All other instructions, on the subject, shall remain same.

Yours faithfully,

Sd/-

(Mansoor H. Siddiqui)
Director


       
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