The
Presidents/ CEOs,
All Banks.
Dear
Sirs/ Madam,
RELAXATIONS
TO EXPORTERS UNDER
THE EXPORT FINANCE SCHEME
State
Bank of Pakistan has received representations from chambers
/ exporters that heavy load shedding has adversely affected
their production and as a result some of the exporters could
not ship export consignments in time or realize export proceeds
within FY 2007 - 08.
2.
In order to address the problems faced by the exporters
it has been decided to provide the following relief in respect
of refinance availed by exporters under both Parts of Export
Finance Scheme for the FY 2007- 08:-
i)
The exporter, who availed pre-shipment finance during 2007-08
and could not ship the goods within a maximum period of
180 days, a grace period of 15 days, has been allowed. In
other words there shall be no fine for delayed shipment
if qualified shipment(s) is /are made within 195 days from
the availment of loan.
ii)
An additional period of one month has been allowed for the
exporters having shortfall in required performance under
Part-II for the monitoring year 2007-08. Accordingly, they
may include entries showing realization of export proceeds
during July, 2008 in their EF-1 statement for the year 2007-08.
iii)
The exporter having met the performance requirements of
the Scheme shall submit EF-1 statement for the purpose of
verification to FEOD during July-August, 2008 as usual.
3.
The above extension does not affect existing period of loan
and all finances/refinances shall continue to be adjusted
at the expiry of 180 days under both Parts of the Scheme,
as per normal procedure.
4. Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.
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