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| All Authorised Dealers in Foreign Exchange Dear Sirs, IMPORT OF RAW SUGAR In pursuance of the decision of ECC of the Cabinet, the Ministry of Commerce, Government of Pakistan, Islamabad have issued instructions to allow import of Raw Sugar of above 600 ICUMSA grade only for the purpose of refining into white sugar at zero rate of duty. Raw sugar of other grades will not be accepted for the purpose of opening of L/Cs. The last date of delivery should not be later than end March 2001. L.C. registration would be stopped once cumulative total reaches 500,000 tons (five hundred thousand tons). 2. Authorized dealers are advised to establish letters of credit for import of Raw sugar for the purpose of refining into white sugar in bulk at zero rate duty with immediate effect at cheapest possible rate from an eligible country under import policy strictly in accordance with the condition of grade as specified in para 1 above. However, prior permission in both on the basis of on-liner terms and C and F (free out) will be obtained from the State Bank of Pakistan which shall be granted on a first come first served basis. The L/Cs already opened by you in this regard should also be got post approved to regularize the transaction immediately. 3. Head Offices of Pakistani Banks and principal offices of Foreign banks are advised to inform the State Bank of Pakistan about the value and quantity of Raw sugar for which L/Cs are opened with specification of grade both on-liner terms and on C&F (free out) basis along with the name of the importer, quantity of import as well as country from where it is being imported on the date of opening of such L/Cs. They should also submit a consolidated statement as per proforma on weekly basis to our Central Section and keep their record updated for audit purpose also. 4. Please bring the above to the notice of your constituents. Encl. As above. |
Yours sincerely,
M. R. MEHKARI
Director