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| FD Circular Letter No. 03 of 2023 |
April 20, 2023 |
The Chief Executives / Presidents
Authorized Dealers in Foreign Exchange.
Dear Sir(s)/Madam,
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| Transfer of Export Development Surcharge (EDS) through RTGS and reporting thereof through DAP |
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The State Bank of Pakistan (SBP) in terms of Revenue Division, Government of Pakistan notification dated January 4, 2003, had prescribed mode and manner of deduction of EDS and its deposit at the National Bank of Pakistan (NBP) vide EPD Circular Letter No. 2 dated January 22, 2003. |
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In partial modification of aforesaid procedure, following revised instructions are issued:
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- Effective from May 10, 2023, banks shall transfer the consolidated amount of EDS deductions directly to the SBP through RTGS rather than depositing the same at NBP. Banks branches deducting EDS shall transfer the amount to their main RTGS branch on daily basis.
- The main RTGS branch shall arrange to transfer the consolidated amount of EDS on T+1 basis (T being deduction date) to SBP through RTGS for onward credit to Export Development Fund (EDF) in account titled as: G12305-Export Development Fund RTGS, Number: 021992999990394 Mnemonic: FGEDFRTG.
- Concurrently, banks shall report the details of individual exporters through SBP’s Data Acquisition Portal (DAP) as per CSV file format annexed as “A”. Banks shall specifically mention their unique reference number both in DAP filing as well as in Bank Credit Advice (BCA) filed with Customs authorities for reconciliation and reference purposes. The aggregate amount of individual transactions shall invariably match the amount transferred through RTGS. Any instance of misreporting will be dealt with in accordance with penal provisions of Banking Companies Ordinance, 1962 and penalty scale issued thereof by the SBP.
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Banks are advised to ensure meticulous compliance of aforesaid instructions. The undue retention of Government funds by the banks will attract penalty as costs of funds at the penal rate of 1.5 times of the SBP’s Ceiling Rates of retention dates. |
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All other instructions on the subject shall, however, remain unchanged.
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Yours faithfully,
Sd/-
(Qader Bakhsh)
Director
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