Attention of Authorized Dealers (ADs) is invited to Ministry of Commerce’s Public Notice No. PID(I) No. 4864/20 regarding the above subject (Annexure I).
In terms of the above Public Notice, Government of Pakistan has allowed import of 300,000 MT of raw sugar by sugar mills as per the terms and conditions mentioned therein.
Accordingly, ADs may process the requests of the sugar mills for import of raw sugar under the aforementioned Public Notice subject to the following:
Import may be allowed to Sugar mills who have been issued quota by the Ministry of Commerce under the above-mentioned Public Notice;
Import on CFR Free out basis may be allowed as an exception to the instructions given under Para 5 Chapter 13 of the FE Manual;
Advance payment up to 100% of the value of the contract/proforma invoice may be allowed, subject to compliance with other applicable foreign exchange regulations given under Chapter 13 of the FE Manual;
ADs shall submit consolidated data of LCs issued and advance payments made, against issued quotas, to Foreign Exchange Operations Department, SBP BSC, Head Office, Karachi on daily basis, by close of business same day, as per the enclosed reporting format (Annexure-II) at [email protected].
ADs shall ensure compliance with all other terms & conditions of the Public Notice issued by Ministry of Commerce and bring the above instructions to the knowledge of all their constituents for meticulous compliance.
