in Foreign Exchange
OF RAW SUGAR
In pursuance of the decision
of ECC of the Cabinet, the Ministry of Commerce, Government
of Pakistan, Islamabad have issued instructions to allow
import of Raw Sugar of above 600 ICUMSA grade only for the
purpose of refining into white sugar at zero rate of duty.
Raw sugar of other grades will not be accepted for the purpose
of opening of L/Cs. The last date of delivery should not
be later than end March 2001. L.C. registration would be
stopped once cumulative total reaches 500,000 tons (five
hundred thousand tons).
2. Authorized dealers are advised
to establish letters of credit for import of Raw sugar for
the purpose of refining into white sugar in bulk at zero
rate duty with immediate effect at cheapest possible rate
from an eligible country under import policy strictly in
accordance with the condition of grade as specified in para
1 above. However, prior permission in both on the basis
of on-liner terms and C and F (free out) will be obtained
from the State Bank of Pakistan which shall be granted on
a first come first served basis. The L/Cs already opened
by you in this regard should also be got post approved to
regularize the transaction immediately.
3. Head Offices of Pakistani
Banks and principal offices of Foreign banks are advised
to inform the State Bank of Pakistan about the value and
quantity of Raw sugar for which L/Cs are opened with specification
of grade both on-liner terms and on C&F (free out) basis
along with the name of the importer, quantity of import
as well as country from where it is being imported on the
date of opening of such L/Cs. They should also submit a
consolidated statement as per proforma on weekly basis to
our Central Section and keep their record updated for audit
4. Please bring the above to
the notice of your constituents.
Encl. As above.