Circulars/Notifications / Infrastructure, Housing & SME Finance Department  

 SMEFD Circular Letter No. 01 of 2011
January 15, 2011 

The Presidents/CEOs,
All Banks / DFIs

Dear Sirs/Madams,

Fiscal Relief to Rehabilitate the Economic Life in Khyber Pakhtunkhwa, FATA and PATA –
Payment of mark-up rate subsidy on business loans for the period from 01-07-2010 to 31-12-2010 -Textile Sector

Please refer to SMEFD Circular No. 11 dated July 01, 2010 read with SMEFD Circular Letter No. 13 dated August 31, 2010 on the captioned subject.

2. As you are aware that pursuant to release of necessary budgetary allocation by the Ministry of Finance, SBP had already reimbursed 1st installment of mark up rate differential for six months ending on 30th June 2010 in respect of beneficiaries of Textile Sector and Other Eligible Sectors under above Fiscal Relief Package of the Government of Pakistan. Now Ministry of Finance has advised to release 2nd installment of said subsidy for the period from 01-07-2010 to 31-12-2010 to the beneficiaries of Textile Sector.

3. As per the modus operandi of the Scheme the rate of mark up differential for 2nd installment, for six months ending on 31st December 2010, has been worked out at 5.32% [viz. Average of 6 months KIBOR of 30-06-2010 & 30-09-2010 (12.37+13.27÷2=12.82 less 7.50]. Accordingly, banks/DFIs may calculate the amount of mark up differential on outstanding loans of Textile Sector, on the basis of said rate and keeping in view the terms & conditions contained in above Scheme and submit duly completed claims at SBP-BSC (Bank), Peshawar for reimbursement for the period 01-07-2010 to 31-12-2010 as per claim form attached to SMEFD Circular Letter No. 13/2010, latest by February 15, 2011.

4. Instructions regarding reimbursement of mark up differential in respect of the beneficiaries of Other Eligible Sectors, for the period 01-07-2010 to 31-12-2010, shall be issued separately on receipt of necessary instructions / budgetary allocation from the Ministry of Finance.

  Other instructions on the subject shall remain unchanged.

Yours faithfully,

Sd/=

(Mansoor H. Siddiqui)
Director


       
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