As you are aware, export refinance limits
sanctioned in favour of banks for the year
2017-18 are due to expire on 30-06-2018.
Under the present system, exporters are
required to submit EE-1 statement for the
year 2017-18 duly verified by our Foreign
Exchange Operations Department latest by
August 31, 2018. (Banks would therefore
not be in a position to work out revised
entitlement of limits for each exporter
under Part-II of the Scheme for the year
2018-19 in time).
2. In order to ensure that the financing
facilities are available to exporters till
finalization of their new limits under Part-II
of Scheme, it has been decided as under:
-
a) Limits sanctioned by banks to individual
exporters under Part-II of the Scheme for
the year 2017-18 will continue up to August
31, 2018, to enable exporters to avail financing
facilities under the Scheme pending preparation
of EE-1 statements, their verification by
the Foreign Exchange Operations Department,
SBP BSC and submission of the same to the
Refinance Units of the concerned office
of SBP BSC.
b) To get EE-1/EF-1 statements verified
and subsequently submit the same to concerned
SBP BSC Offices within deadline i.e. August
31, 2018, all exporters should submit EE-1/EF-1
statements duly complete in all aspects
to concerned FEOD of SBP BSC Office through
their banks well in time. The Banks
are advised to inform exporters that they
should ensure timely submission of EE-1/EF-1
statements in their own interest and avoid
delaying submission of these statements
in expectation of extension in deadline.
c) The facility under Part-II is self regulating
and exporters should be able to work out
correctly their export earnings during FY
2017-18, estimate the quantum of their entitlement
of limit for the year 2018-19 and accordingly
adjust their existing borrowings on or before
June 30, 2018 to avoid utilization of excess
facilities under the Scheme during the period
of roll over which would be subject to non
refundable fine.
3. Requests from banks for limits under
the Export Finance Scheme and Islamic Export
Refinance Scheme for the year 2018-19 should
be submitted to this department separately
up to June 25, 2018 to enable us to finalize
limits for the year 2018-19. Banks should
ensure submission of their requests for
limits within due time. Further, the existing
limits of Banks under EFS/IERS will continue
till fresh limits for FY 2018-19 are notified.
4. Banks are, therefore, advised to clearly
intimate contents of sub Para 2 (a), (b)
& (c) above to their borrowers availing
facilities under Part-II of the Scheme for
compliance.
Please acknowledge receipt.