From: Syed Habib Ahmed,
Islamabad, March 15, 1997 To: The Deputy Governor SUBJECT: PRE-SHIPMENT INSPECTIION AGREEMENT WITH Please refer to the decision of the Cabinet in Case No.479/33/96, dated 09-12-1996 regarding PSI companies. Accordingly, a three months notice was issue by CBR to M/s. SGS and M/s. COTECNA on 12-12-1996 terminating their agreement with the Government of Pakistan, CBR has informed of their action taken both to the Ministry of Commerce as well as to the State Bank of Pakistan vide their letter No. 2(26)S(Val)/96, dated 15-12-1996. Since the 3 months period of notice expired on 11-03-1997, CBR has asked the Ministry (copy enclosed) to issue instructions to the State Bank of Pakistan that with the culmination of termination notice, there will be no PSI Programme w.e.f 12-03-1997 applicable to imports for Pakistan. 2. In view of the above, State Bank of Pakistan is requested to advise commercial Banks (authorized dealers of foreign exchange) which establish Letter of Credit not to put inspection clause in any letter of credit w.e.f. 12-03-1997. Similarly if any importer who has already established letter of credit seeks an amendment thereof to exclude the inspection clause, may be allowed. A notification in this regard is being issue shortly. Copy for information to:
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