AAll
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
EXPORT
AGAINST ADVANCE PAYMENTS
It is advised
that the existing para
23 Chapter
XII of the Foreign Exchange Manual (7th Edition,
1992) may be substituted by the following:-
"Advance remittances
against Exports:
In case
of advance remittance received for goods to be exported
from Pakistan, Authorized Dealers should obtain a Certificate
in duplicate from the beneficiary on the Advance Payment
Voucher (App.
V-18) declaring the particulars of the intended
export before disabusing the amount to him. Both copies
of the Advance Payment Voucher shall be authenticated
by the Authorized Dealer. Original Advance Payment Voucher
will be surrendered to State Bank of Pakistan through
Schedule
A-2 while the duplicate shall be returned to the
exporter for production at the time of certification
of Form
'E'. The Authorized Dealer which has disbursed the
amount, shall ensure that Form
'E' is certified for export strictly in accordance
with the declaration made in the Advance Payment Voucher
within a period not exceeding one year of receipt of
advance payment and particulars of Form(s)
'E' viz. Dated of Certification, value for which
Form
'E' certified and progressive unutilized balance
(where more than one Form
'E' are certified) shall be endorsed on the original
Proceeds Realization Certificate which alongwith duplicate
Advance Payment Voucher / Bank of Pakistan under a covering
letter. In cases where more than one shipments have
to take place, photo copies of Proceeds Realization
Certificate / Advance Payment Voucher taken after endorsements
as aforesaid shall be surrendered with the relative
triplicate Form
'E' and the original Proceeds Realization Certificate
/ duplicate Advance Payment Voucher in original shall
be surrendered alongwith the last Form
'E'."
2. The above may please be
brought to the notice of your constituents.
