All Banks/DFIs/ Investment Banks/ Leasing Companies/Modarbas.
Dear
Sirs/Madam,
Scheme
for Financing Locally Manufactured Machinery
Modifications thereof
Please refer to the
captioned scheme circulated vide BPD Circular No. 25 dated
24th July 2004.
2. As you are aware, under the scheme all Participating
Financial Institutions (PFIs) are required to apply for
the annual limit on July-June basis during May each year.
As the scheme was circulated on 24th July 2004, the prospective
PFIs meeting the criteria laid down in the scheme and desirous
to participate may apply for seeking their eligibility for
providing facilities under the scheme, besides intimating
us the quantum of their requests for limit for disbursement
to their prospective borrowers during 2004-2005. These requests
should reach Banking Policy Department latest by 10th September
2004.
3. Further in order to ensure consistency of the modalities
of the scheme, the clause “6 d” & “9
(c)” of the scheme may be substituted with the following:
-
6 (d): The State Bank shall recover
the refinance provided by it to each PFI on its due date
if not paid by the PFI from its account maintained with
the concerned office of the SBP BSC (Bank).
9 (c): PFIs shall be allowed a maximum spread of 2% p.a
on the refinance.