Please
refer to Para 7 (k) of LTFF Scheme which was circulated
vide MFD Circular No. 07 dated December 31, 2007 regarding
shortfall in projected export sales.
2.
In this connection it is advised that in case projections
made by the borrowers in respect of export sales are not
met, following rates of fine will be applicable:-
|
Description |
Rate
of fine |
i |
In case actual exports sales are short up-to 10%
of projected exports which has been reported by
the borrowers, to the financing bank/DFI, at the
time of availment of financing under LTFF Scheme.
|
No
fine |
ii |
In
case actual exports sales are less than 50% of
projected exports.
|
Paisa 37 per day per Rs 1000/- or part thereof,
on adjusted value of outstanding refinance under
LTFF Scheme.
|
iii |
In case actual exports sales are 50% or more than
50% of projected exports.
|
Paisa 28 per day per Rs 1000/- or part thereof,
on adjusted value of outstanding refinance under
LTFF Scheme.
|
Note: Adjusted value will be derived
by multiplying the percentage of shortfall in
export sales with outstanding amount of refinance
under the Scheme. E.g. outstanding refinance as
of 30-06-2010 is Rs 500 million and borrower exported
equivalent to US $ 2.5 million during FY 2009-10,
instead of projected exports of US$ 5 million,
the adjusted value of outstanding refinance would
be Rs 250 million [500×50%]
However, no fine shall be charged in case the
borrower achieve minimum export target prescribed
under LTFF scheme (viz. 50% of annual sales or
US$5 million, whichever is lower).
|
3.
Further, financing banks/DFIs shall continue to keep track
of borrower’s export performance; and submit the
position to the inspection teams of SBP’s Banking
Inspection Department at the time of their inspection,
if so desired.
4.
Other terms & condition of the Scheme shall remain
unchanged.