In Foreign Exchange,
OF CARPETS ON CREDIT BASIS
of the Authorized Dealers in invited to F.E. Circular No.157
dated the 19th December, 1991 in terms of which
export of hand-knotted carpets on DA, TR or Consignment
sales basis was not permissible. It has now been decided
by the Government to withdraw the said restriction and to
reinstate the facility of export of hand-knotted carpets
on DA, TR and consignment basis with immediate effect. Consequently,
Authorized Dealers may henceforth certify Forms
'E' for export of carpets (hand-knotted and machine
made both) from Pakistan on L/C, DP, DA, TR or Consignment
Sales basis provided the sale proceeds are realized within
the prescribed period of 4 months.
2. The export
of carpets including hand-knotted carpets on credit beyond
4 months against irrevocable usance letters of credit or
a guarantee of importers bank envisaging payment within
270 days from the date of shipment will, however, continue.
3. The above
instructions may please be noted carefully and brought to
the notice of your constituents also.