Circulars/Notifications / Infrastructure, Housing & SME Finance Department  

 IH&SMEFD Circular Letter No. 09 of 2011
May 20, 2011 

The Presidents / CEOs,
All Banks/DFIs

Dear Sirs /Madams,

Payment of 2nd Installment of Export Finance Mark-Up Rate Facility
& Mark up Rate Support for Textile Sector against Long Term Loans -
For the Period 01-03-2010 To 31-08-2010

Please refer to SMEFD Circular Nos. 03 & 04 dated March 22, 2010 regarding above referred Mark up Rate Facilities for the Textile Sector.

2. It is advised that Ministry of Textile Industry (MINTEX), Government of Pakistan has released necessary budget to make payment of 2nd installment of mark-up subsidy for the period from 01-03-2010 to 31-08-2010 under above Schemes. However, budgetary allocation is not sufficient to clear 100% claims under both Schemes for said six months period. Therefore, it has been decided in consultation with the Ministry of Textile Industry that claims of banks / DFIs may be cleared to the extent of 40% under these Schemes.

3. In view of the above, banks/DFIs are advised to calculate 2nd installment of mark-up subsidy for six months period from 01-03-2010 to 31-08-2010 under both the Schemes separately keeping in view the instructions contained in above circulars. They should make payment to the eligible exporters / borrowers to the extent of 40% of Total Subsidy for said six months period. The remaining amount of subsidy will be subject to receipt of requisite funds from the Government of Pakistan.

4. After making payments of Mark-up Rate Subsidy to the extent of 40% of Total Subsidy, the disbursing branches of banks/DFIs may seek its reimbursement from the concerned offices of the SBP-BSC on submission of duly completed claims as per claim forms attached to above circulars, up-to June 15, 2011. Each claim should invariably be accompanied with a duly attested copy of Ministry of Textile Industry’s Registration Certificate.

     Other instructions on the subject Schemes shall remain unchanged.

Yours faithfully,

Sd/

(Muhammad Ishfaq)
Senior Joint Director


       
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