All Banks,
Dear
Sirs,
EXPORT FINANCE SCHEME–DISCONTINUATION
OF ‘ED’ STATEMENT.
Please
refer to Para 7 of BCD Circular No.29 dated 11th October,
1977, read with BCD Circulars No.42 and 40 dated 26th December,
1984 and 16th November, 1985, respectively, in terms of
which banks are required to submit quarterly statements
on form ‘ED’ to the concerned offices of SBP
BSC (Bank) relating to refinance provided under Part-I of
the captioned scheme.
With a view to rationalize the reports submitted by the
banks to our SBP BSC (Bank) offices, it has been decided
to discontinue submission of the ‘ED’ statement
by the banks to the offices of our subsidiary as from the
quarter pertaining to September 2004 and onward. However,
banks are advised to develop a proper Management Information
System (MIS) regarding export finance cases against which
refinance facilities have been obtained by them under both
parts of the scheme to ensure that no duplicate financing
is availed by them against one firm export order/export
letter of credit under the scheme. Till the development
of such an MIS, the banks should maintain a register containing
columns as that of ‘ED’ statement, from where
SBP inspectors may obtain the data for inspection of cases
of EFS. Their failure to maintain the said register at the
level of each branch, which obtained refinance from the
office of SBP BSC (Bank), would attract punitive action
under the Banking Companies Ordinance, 1962 against the
delinquent officers found responsible for not maintaining
this register.
Please acknowledge receipt.