The Presidents/ CEOs,

All Banks.

Dear Sirs /Madam,

EXPORT FINANCE SCHEME-EXTENSION OF LIMIT

As you are aware, export refinance limits sanctioned in favor of banks for the year 2007-08 are due to expire on 30-06-2008.

Under the present system, exporters are required to submit EE-1 statement for the year 2007-08 duly verified by our Foreign Exchange Operations Department latest by August 31, 2008.

Banks would therefore not be in a position to work out revised entitlement of limits for each exporter for availment under Part-II of the Scheme for the year 2008-09.

In order to ensure that the financing facilities are available to exporters till finalization of their new limits under Part-II of Scheme, it has been decided as under: -

1. Limits sanctioned by banks to individual exporters under Part-II of EFS for 2007-08 is allowed to continue upto August 31, 2008 as usual, to enable the exporters to avail financing facilities under the Scheme pending preparation of EE-1 statements, their verification by the Foreign Exchange Operations Department, SBP, BSC, (Bank) and submission of the same to the Refinance Units of the concerned office of SBP-BSC (Bank).
2. The limits of banks as on 30-6-2008 under EFS including Islamic Export Refinance Scheme (IERS) is allowed to continue till fixation of new limits for FY 2008-09.

Please acknowledge receipt.