The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

Realization of Export Proceeds

Attention of Authorized Dealers (ADs) is invited to FE Circular No. 01 dated February 13, 2023, which sets out the instructions relating to delayed realization of export proceeds by exporters.

2. In view of the representation received from various stakeholders, it has been decided that exporters who are able to bring their delayed export proceeds to Pakistan by April 30, 2023 will not face any deductions and their export proceeds will be converted into PKR and released to them in a normal fashion. Accordingly, the amounts withheld by the ADs in pursuance of the above mentioned instructions will also be released to the exporters. It has also been decided to further amend the instructions conveyed vide above mentioned circular and accordingly paragraph 33A, Chapter 12 of FE Manual has been revised, as under:
   
   “33A Delayed Realization of Export Proceeds

i. In cases where export proceeds (fully or partially) are realized after the prescribed period (as stipulated in Para 6 of this Chapter), the AD shall convert the export proceeds at the prevailing market exchange rate, credit the same into the exporters’ account and subsequently adopt the following procedure:

a. The AD shall mark a lien on the amount of export proceeds realized by the exporter, as mentioned below:

b. A consolidated statement regarding all such liens by the AD will be submitted by Head/Principal Offices of the ADs to the Director, Foreign Exchange Operations Department (FEOD), SBP-BSC on weekly basis as per prescribed format